Fred Alger Management LLC Has $270.36 Million Stock Position in Visa Inc. (NYSE:V)

Fred Alger Management LLC cut its position in Visa Inc. (NYSE:V) by 15.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 983,315 shares of the credit-card processor’s stock after selling 185,300 shares during the quarter. Visa makes up about 1.3% of Fred Alger Management LLC’s holdings, making the stock its 14th biggest position. Fred Alger Management LLC’s holdings in Visa were worth $270,362,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Peterson Financial Group Inc. acquired a new stake in shares of Visa in the third quarter worth $26,000. POM Investment Strategies LLC increased its holdings in shares of Visa by 970.0% during the 2nd quarter. POM Investment Strategies LLC now owns 107 shares of the credit-card processor’s stock worth $28,000 after purchasing an additional 97 shares during the period. Reston Wealth Management LLC bought a new position in shares of Visa during the 3rd quarter worth about $31,000. TruNorth Capital Management LLC raised its position in shares of Visa by 211.9% during the second quarter. TruNorth Capital Management LLC now owns 131 shares of the credit-card processor’s stock valued at $34,000 after buying an additional 89 shares during the last quarter. Finally, Abich Financial Wealth Management LLC lifted its stake in shares of Visa by 52.9% in the first quarter. Abich Financial Wealth Management LLC now owns 133 shares of the credit-card processor’s stock valued at $37,000 after buying an additional 46 shares during the period. Institutional investors own 82.15% of the company’s stock.

Analyst Upgrades and Downgrades

V has been the subject of a number of research reports. Morgan Stanley raised their price objective on Visa from $322.00 to $326.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Jefferies Financial Group increased their price objective on shares of Visa from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Compass Point began coverage on shares of Visa in a research report on Wednesday, September 4th. They set a “buy” rating and a $319.00 target price on the stock. Bank of America raised their price target on shares of Visa from $279.00 to $308.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 17th. Finally, TD Cowen upped their price objective on Visa from $318.00 to $325.00 and gave the company a “buy” rating in a research note 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 MarketBeat.com, Visa currently has a consensus rating of “Moderate Buy” and a consensus price target of $321.74.

Insider Activity at Visa

In related 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. This trade represents a 94.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul D. Fabara sold 2,171 shares of Visa stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $307.97, for a total transaction of $668,602.87. Following the completion of the sale, the insider now owns 17,894 shares in the company, valued at $5,510,815.18. This trade represents a 10.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is owned by insiders.

Visa Stock Up 0.9 %

NYSE:V opened at $314.70 on Friday. The stock’s fifty day simple moving average is $291.48 and its 200-day simple moving average is $278.31. The firm has a market capitalization of $586.25 billion, a P/E ratio of 32.34, a P/E/G ratio of 2.11 and a beta of 0.95. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.55. Visa Inc. has a 12-month low of $251.61 and a 12-month high of $316.37.

Visa (NYSE:V) last released its quarterly earnings data on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share for the quarter, topping the consensus estimate of $2.58 by $0.13. Visa had a net margin of 54.96% and a return on equity of 53.16%. The business had revenue of $9.62 billion for the quarter, compared to analyst estimates of $9.49 billion. During the same quarter last year, the firm earned $2.33 EPS. Visa’s quarterly revenue was up 11.7% compared to the same quarter last year. Equities research analysts expect that Visa Inc. will post 11.19 earnings per share for the current year.

Visa Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.75%. The ex-dividend date of this dividend is Tuesday, November 12th. This is a boost from Visa’s previous quarterly dividend of $0.52. Visa’s payout ratio is 24.25%.

Visa Company Profile

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.