Visa (NYSE:V) Stock Price Up 0.2% on Earnings Beat

Shares of Visa Inc. (NYSE:V) shot up 0.2% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $284.78 and last traded at $284.77. 1,345,059 shares were traded during mid-day trading, a decline of 81% from the average session volume of 7,031,929 shares. The stock had previously closed at $284.19.

The credit-card processor reported $2.71 earnings per share for the quarter, beating the consensus estimate of $2.58 by $0.13. The company had revenue of $9.62 billion during the quarter, compared to the consensus estimate of $9.49 billion. Visa had a net margin of 54.72% and a return on equity of 51.94%. Visa’s revenue was up 11.7% compared to the same quarter last year. During the same period last year, the firm earned $2.33 earnings per share.

Visa Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.81%. The ex-dividend date is Tuesday, November 12th. This is an increase from Visa’s previous quarterly dividend of $0.52. Visa’s payout ratio is currently 23.24%.

Analyst Ratings Changes

A number of research firms recently commented on V. StockNews.com raised Visa from a “hold” rating to a “buy” rating in a report on Friday, August 9th. Compass Point began coverage on shares of Visa in a report on Wednesday, September 4th. They issued a “buy” rating and a $319.00 price objective on the stock. Morgan Stanley increased their price objective on shares of Visa from $322.00 to $326.00 and gave the stock an “overweight” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Visa from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Piper Sandler increased their price target on Visa from $319.00 to $322.00 and gave the stock an “overweight” rating in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $320.07.

Insider Activity

In other news, CEO Ryan Mcinerney sold 8,620 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $276.37, for a total value of $2,382,309.40. Following the completion of the transaction, the chief executive officer now owns 538 shares of the company’s stock, valued at approximately $148,687.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Visa

A number of hedge funds and other institutional investors have recently modified their holdings of the company. POM Investment Strategies LLC boosted its holdings in Visa by 970.0% in the second quarter. POM Investment Strategies LLC now owns 107 shares of the credit-card processor’s stock valued at $28,000 after purchasing an additional 97 shares in the last quarter. Reston Wealth Management LLC acquired a new position in shares of Visa in the 3rd quarter valued at $31,000. TruNorth Capital Management LLC grew its position in shares of Visa by 211.9% in the 2nd 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. Bbjs Financial Advisors LLC acquired a new stake in Visa during the 2nd quarter worth $35,000. Finally, CarsonAllaria Wealth Management Ltd. purchased a new stake in Visa in the second quarter valued at $35,000. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Visa Stock Up 0.5 %

The firm’s 50 day simple moving average is $280.09 and its 200-day simple moving average is $273.38. The company has a market cap of $533.17 billion, a price-to-earnings ratio of 32.82, a P/E/G ratio of 1.95 and a beta of 0.96. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.

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.