Spinnaker Investment Group LLC Increases Stake in Visa Inc. (NYSE:V)

by · The Cerbat Gem

Spinnaker Investment Group LLC boosted its stake in shares of Visa Inc. (NYSE:V – Free Report) by 7.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 995 shares of the credit-card processor’s stock after purchasing an additional 68 shares during the period. Spinnaker Investment Group LLC’s holdings in Visa were worth $274,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of V. Accredited Investors Inc. grew its stake in Visa by 9.1% during the 3rd quarter. Accredited Investors Inc. now owns 6,397 shares of the credit-card processor’s stock valued at $1,759,000 after purchasing an additional 534 shares during the last quarter. Schneider Downs Wealth Management Advisors LP lifted its holdings in shares of Visa by 75.4% during the third quarter. Schneider Downs Wealth Management Advisors LP now owns 3,101 shares of the credit-card processor’s stock worth $853,000 after purchasing an additional 1,333 shares during the period. Kinsale Capital Group Inc. boosted its position in Visa by 17.2% in the third quarter. Kinsale Capital Group Inc. now owns 26,801 shares of the credit-card processor’s stock valued at $7,369,000 after buying an additional 3,936 shares during the last quarter. River Street Advisors LLC acquired a new position in Visa in the 3rd quarter worth approximately $129,000. Finally, Turtle Creek Wealth Advisors LLC boosted its position in Visa by 4.3% in the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 16,891 shares of the credit-card processor’s stock worth $4,644,000 after purchasing an additional 700 shares in the last quarter. Institutional investors and hedge funds own 82.15% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Mizuho lifted their price target on Visa from $279.00 to $292.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. increased their target price on shares of Visa from $290.00 to $320.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Compass Point initiated coverage on shares of Visa in a report on Wednesday, September 4th. They issued a “buy” rating and a $319.00 price objective for the company. Keefe, Bruyette & Woods raised Visa from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, September 24th. Finally, Jefferies Financial Group lifted their price target on shares of Visa from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $321.74.

View Our Latest Research Report on V

Insiders Place Their Bets

In other Visa news, CEO Ryan Mcinerney sold 8,620 shares of Visa stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $276.37, for a total value of $2,382,309.40. Following the sale, the chief executive officer now owns 538 shares of the company’s stock, valued at approximately $148,687.06. The trade was a 94.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is owned by insiders.

Visa Price Performance

Shares of NYSE V opened at $309.64 on Friday. The firm has a market capitalization of $564.26 billion, a PE ratio of 31.82, a price-to-earnings-growth ratio of 2.07 and a beta of 0.95. Visa Inc. has a fifty-two week low of $245.60 and a fifty-two week high of $312.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.37 and a current ratio of 1.28. The stock’s 50-day simple moving average is $287.04 and its 200-day simple moving average is $275.95.

Visa (NYSE:V – Get Free Report) last posted its earnings results on Tuesday, October 29th. The credit-card processor reported $2.71 EPS for the quarter, topping analysts’ consensus estimates of $2.58 by $0.13. Visa had a return on equity of 53.16% and a net margin of 54.96%. The business had revenue of $9.62 billion for the quarter, compared to analysts’ expectations of $9.49 billion. During the same quarter in the previous year, the firm earned $2.33 earnings per share. The business’s revenue was up 11.7% compared to the same quarter last year. As a group, equities research analysts forecast that Visa Inc. will post 11.19 EPS for the current fiscal year.

Visa Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.76%. This is a boost from Visa’s previous quarterly dividend of $0.52. The ex-dividend date is Tuesday, November 12th. Visa’s dividend payout ratio is presently 24.25%.

About Visa

(Free Report)

Visa Inc operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a solution that facilitates the delivery of funds to eligible cards, deposit accounts, and digital wallets; Visa B2B Connect, a multilateral business-to-business cross-border payments network; Visa Cross-Border Solution, a cross-border consumer payments solution; and Visa DPS that provides a range of value-added services, including fraud mitigation, dispute management, data analytics, campaign management, a suite of digital solutions, and contact center services.

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