Patten Group Inc. Increases Position in Visa Inc. (NYSE:V)

Patten Group Inc. lifted its stake in shares of Visa Inc. (NYSE:V) by 0.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 41,324 shares of the credit-card processor’s stock after buying an additional 361 shares during the quarter. Visa comprises approximately 2.6% of Patten Group Inc.’s investment portfolio, making the stock its 5th largest holding. Patten Group Inc.’s holdings in Visa were worth $10,846,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. GUNN & Co INVESTMENT MANAGEMENT INC. boosted its holdings in Visa by 1,215.7% in the fourth quarter. GUNN & Co INVESTMENT MANAGEMENT INC. now owns 168,786 shares of the credit-card processor’s stock worth $43,943,000 after acquiring an additional 155,957 shares in the last quarter. Roffman Miller Associates Inc. PA lifted its holdings in shares of Visa by 0.9% in the 4th quarter. Roffman Miller Associates Inc. PA now owns 119,296 shares of the credit-card processor’s stock worth $31,059,000 after purchasing an additional 1,048 shares in the last quarter. Cross Staff Investments Inc grew its position in Visa by 4.6% in the 4th quarter. Cross Staff Investments Inc now owns 5,868 shares of the credit-card processor’s stock valued at $1,528,000 after purchasing an additional 258 shares during the period. Syon Capital LLC raised its holdings in Visa by 23.2% during the fourth quarter. Syon Capital LLC now owns 16,486 shares of the credit-card processor’s stock worth $4,292,000 after buying an additional 3,103 shares during the last quarter. Finally, Stevens Capital Management LP acquired a new position in shares of Visa during the fourth quarter valued at about $10,863,000. Institutional investors own 82.15% of the company’s stock.

Visa Stock Performance

NYSE:V traded up $1.75 during trading hours on Monday, reaching $269.19. The stock had a trading volume of 1,937,215 shares, compared to its average volume of 7,146,331. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. The stock has a 50 day simple moving average of $265.93 and a 200 day simple moving average of $273.23. Visa Inc. has a 12-month low of $227.78 and a 12-month high of $290.96. The stock has a market cap of $492.33 billion, a P/E ratio of 30.17, a price-to-earnings-growth ratio of 1.89 and a beta of 0.95.

Visa (NYSE:V) last released its earnings results on Tuesday, July 23rd. The credit-card processor reported $2.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.42. Visa had a return on equity of 51.94% and a net margin of 54.72%. The business had revenue of $8.90 billion during the quarter, compared to the consensus estimate of $8.92 billion. During the same period last year, the business posted $2.16 earnings per share. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. On average, research analysts forecast that Visa Inc. will post 9.91 EPS for the current fiscal year.

Visa Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend is Friday, August 9th. Visa’s payout ratio is currently 23.24%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Piper Sandler decreased their target price on shares of Visa from $322.00 to $319.00 and set an “overweight” rating for the company in a research report on Wednesday, July 24th. William Blair upgraded Visa to a “strong-buy” rating in a report on Tuesday, July 23rd. Macquarie restated an “outperform” rating and issued a $300.00 target price on shares of Visa in a report on Wednesday, July 24th. JPMorgan Chase & Co. raised their target price on Visa from $290.00 to $320.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Finally, Bank of America restated a “neutral” rating and issued a $297.00 target price (down previously from $305.00) on shares of Visa in a report on Wednesday, July 10th. Six analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Visa has a consensus rating of “Moderate Buy” and an average price target of $308.50.

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.