Sit Investment Associates Inc. Decreases Stake in Visa Inc. (V)
Sit Investment Associates Inc. reduced its stake in Visa Inc. (NYSE:V) by 36.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 402,680 shares of the credit-card processor’s stock after selling 235,625 shares during the period. Sit Investment Associates Inc.’s holdings in Visa were worth $29,867,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the company. Virginia Retirement System purchased a new position in Visa during the first quarter worth $50,068,000. Terra Nova Asset Management LLC purchased a new position in Visa during the first quarter worth $754,000. Badgley Phelps & Bell Inc. boosted its position in Visa by 0.9% in the first quarter. Badgley Phelps & Bell Inc. now owns 192,442 shares of the credit-card processor’s stock worth $14,718,000 after buying an additional 1,707 shares during the period. Compton Capital Management Inc. RI boosted its position in Visa by 6.0% in the first quarter. Compton Capital Management Inc. RI now owns 13,285 shares of the credit-card processor’s stock worth $1,016,000 after buying an additional 750 shares during the period. Finally, Hyman Charles D purchased a new position in Visa during the first quarter worth $623,000. Institutional investors own 80.06% of the company’s stock.
Shares of Visa Inc. (NYSE:V) traded down 0.36% on Monday, reaching $82.15. The company’s stock had a trading volume of 8,473,733 shares. Visa Inc. has a 1-year low of $66.12 and a 1-year high of $83.79. The company has a 50 day moving average of $82.33 and a 200 day moving average of $79.45. The stock has a market capitalization of $193.87 billion, a P/E ratio of 34.91 and a beta of 0.95.
Visa (NYSE:V) last issued its quarterly earnings data on Thursday, July 21st. The credit-card processor reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.03. Visa had a return on equity of 22.36% and a net margin of 38.72%. The company earned $3.63 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Equities research analysts expect that Visa Inc. will post $2.79 earnings per share for the current fiscal year.
A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $99.00 price objective on shares of Visa in a research report on Friday. Robert W. Baird reiterated an “outperform” rating and set a $95.00 price objective on shares of Visa in a research report on Tuesday, October 4th. Zacks Investment Research upgraded shares of Visa from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a report on Tuesday, October 4th. Pacific Crest set a $92.00 price target on shares of Visa and gave the stock a “buy” rating in a report on Wednesday, September 14th. Finally, Barclays PLC upped their price target on shares of Visa from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, September 12th. Four analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $88.94.
Visa Inc is a payments technology company. The Company is engaged in operating a processing network, VisaNet, which facilitates authorization, clearing and settlement of payment transactions across the world. The Company provides its services to consumers, businesses, financial institutions and governments in more than 200 countries and territories for electronic payments.
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