PNC Financial Services Group Inc. Sells 106,780 Shares of Visa Inc. $V

PNC Financial Services Group Inc. decreased its holdings in Visa Inc. (NYSE:V) by 3.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,760,408 shares of the credit-card processor’s stock after selling 106,780 shares during the quarter. PNC Financial Services Group Inc. owned about 0.15% of Visa worth $834,306,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the stock. Brighton Jones LLC boosted its position in Visa by 50.1% in the 4th quarter. Brighton Jones LLC now owns 20,635 shares of the credit-card processor’s stock worth $6,522,000 after purchasing an additional 6,883 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in Visa by 68.9% during the 4th quarter. Revolve Wealth Partners LLC now owns 11,811 shares of the credit-card processor’s stock worth $3,733,000 after purchasing an additional 4,817 shares during the last quarter. Nicholas Hoffman & Company LLC. grew its stake in Visa by 4.6% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 10,941 shares of the credit-card processor’s stock valued at $3,834,000 after acquiring an additional 477 shares in the last quarter. Matrix Asset Advisors Inc. NY increased its holdings in shares of Visa by 16.9% in the second quarter. Matrix Asset Advisors Inc. NY now owns 1,133 shares of the credit-card processor’s stock valued at $402,000 after purchasing an additional 164 shares during the last quarter. Finally, Schnieders Capital Management LLC. boosted its position in shares of Visa by 13.8% during the 2nd quarter. Schnieders Capital Management LLC. now owns 18,367 shares of the credit-card processor’s stock valued at $6,521,000 after acquiring an additional 2,230 shares during the last quarter. Institutional investors and hedge funds own 82.15% of the company’s stock.

Analyst Ratings Changes

V has been the subject of several analyst reports. Citigroup lowered their price objective on Visa from $450.00 to $400.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Barclays began coverage on shares of Visa in a report on Tuesday, July 7th. They issued an “overweight” rating and a $420.00 price objective for the company. Piper Sandler started coverage on Visa in a report on Monday, June 29th. They set an “overweight” rating and a $394.00 price target on the stock. Evercore set a $350.00 price objective on shares of Visa in a report on Wednesday, April 29th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $387.00 target price (up from $375.00) on shares of Visa in a research report on Wednesday, July 15th. Eight equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $398.36.

Visa Stock Performance

NYSE:V opened at $355.94 on Wednesday. Visa Inc. has a 1-year low of $293.89 and a 1-year high of $365.14. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.09 and a quick ratio of 1.09. The firm’s fifty day moving average price is $335.74 and its 200 day moving average price is $325.08. The firm has a market cap of $638.47 billion, a price-to-earnings ratio of 31.00, a price-to-earnings-growth ratio of 1.92 and a beta of 0.75.

Visa (NYSE:V) last announced its quarterly earnings data on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share for the quarter, beating analysts’ consensus estimates of $3.10 by $0.21. The company had revenue of $11.23 billion for the quarter, compared to analyst estimates of $10.75 billion. Visa had a return on equity of 65.00% and a net margin of 51.68%.The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.76 EPS. On average, sell-side analysts expect that Visa Inc. will post 13.13 EPS for the current year.

Visa Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Tuesday, May 12th. Visa’s dividend payout ratio (DPR) is currently 23.34%.

Visa declared that its board has initiated a share buyback plan on Tuesday, April 28th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the credit-card processor to purchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Visa

In other news, CFO Chris Suh sold 10,639 shares of Visa stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $324.81, for a total transaction of $3,455,653.59. Following the completion of the transaction, the chief financial officer owned 9,872 shares of the company’s stock, valued at $3,206,524.32. The trade was a 51.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ryan Mcinerney sold 31,455 shares of Visa stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $340.14, for a total transaction of $10,699,103.70. Following the transaction, the chief executive officer owned 15,174 shares of the company’s stock, valued at approximately $5,161,284.36. The trade was a 67.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 75,581 shares of company stock valued at $25,627,975. Corporate insiders own 0.12% of the company’s stock.

About Visa

Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world’s largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa’s network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.

Visa’s product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.