Visa (NYSE:V) Reaches New 52-Week High Following Strong Earnings

Visa Inc. (NYSE:V)’s stock price reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $295.78 and last traded at $289.83, with a volume of 1220441 shares trading hands. The stock had previously closed at $281.88.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. The Goldman Sachs Group reissued a “buy” rating and set a $317.00 target price on shares of Visa in a report on Thursday, September 12th. Bank of America increased their price objective on shares of Visa from $279.00 to $308.00 and gave the company a “neutral” rating in a research report on Tuesday, September 17th. BMO Capital Markets upped their target price on Visa from $300.00 to $310.00 and gave the company an “outperform” rating in a research report on Thursday, October 3rd. BNP Paribas raised Visa from a “neutral” rating to an “outperform” rating and set a $325.00 price objective on the stock in a report on Tuesday, September 3rd. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Visa from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Visa has an average rating of “Moderate Buy” and a consensus target price of $315.78.

Insider Buying and Selling at Visa

In other Visa news, CEO Ryan Mcinerney sold 8,620 shares of Visa stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $276.37, for a total transaction of $2,382,309.40. Following the transaction, the chief executive officer now directly owns 538 shares of the company’s stock, valued at approximately $148,687.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in V. POM Investment Strategies LLC raised its position in shares of Visa by 970.0% in the 2nd quarter. POM Investment Strategies LLC now owns 107 shares of the credit-card processor’s stock worth $28,000 after acquiring an additional 97 shares in the last quarter. Reston Wealth Management LLC bought a new stake in Visa in the third quarter worth approximately $31,000. TruNorth Capital Management LLC lifted its stake in Visa by 211.9% in 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 period. Bbjs Financial Advisors LLC acquired a new stake in shares of Visa during the 2nd quarter worth approximately $35,000. Finally, CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Visa in the 2nd quarter valued at $35,000. Institutional investors own 82.15% of the company’s stock.

Visa Stock Up 2.8 %

The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The company has a market cap of $530.08 billion, a price-to-earnings ratio of 32.55, a P/E/G ratio of 1.95 and a beta of 0.96. The stock’s 50-day moving average is $279.65 and its 200-day moving average is $273.26.

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.