Zurcher Kantonalbank Zurich Cantonalbank increased its position in Visa (NYSE:V) by 9.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 510,590 shares of the credit-card processor’s stock after acquiring an additional 44,652 shares during the period. Visa makes up 0.5% of Zurcher Kantonalbank Zurich Cantonalbank’s portfolio, making the stock its 28th biggest position. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Visa were worth $58,218,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Visa by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 127,020,401 shares of the credit-card processor’s stock valued at $11,911,973,000 after buying an additional 2,628,148 shares during the period. BlackRock Inc. increased its stake in Visa by 1.3% during the 2nd quarter. BlackRock Inc. now owns 114,649,667 shares of the credit-card processor’s stock valued at $10,751,846,000 after buying an additional 1,440,034 shares during the period. Jennison Associates LLC increased its stake in Visa by 1.0% during the 3rd quarter. Jennison Associates LLC now owns 21,283,466 shares of the credit-card processor’s stock valued at $2,239,872,000 after buying an additional 209,764 shares during the period. Bank of New York Mellon Corp increased its stake in Visa by 9.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,188,126 shares of the credit-card processor’s stock valued at $2,019,358,000 after buying an additional 1,624,700 shares during the period. Finally, Fisher Asset Management LLC increased its stake in Visa by 2.8% during the 4th quarter. Fisher Asset Management LLC now owns 16,419,486 shares of the credit-card processor’s stock valued at $1,872,150,000 after buying an additional 448,015 shares during the period. 81.52% of the stock is currently owned by institutional investors and hedge funds.
Shares of V opened at $121.19 on Friday. Visa has a one year low of $88.13 and a one year high of $126.88. The stock has a market capitalization of $245,616.02, a price-to-earnings ratio of 34.82, a PEG ratio of 1.57 and a beta of 0.99. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.60.
Visa announced that its board has approved a stock repurchase program on Thursday, February 1st that authorizes the company to buyback $7.50 billion in shares. This buyback authorization authorizes the credit-card processor to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.
Several equities analysts have commented on V shares. Vetr cut shares of Visa from a “buy” rating to a “hold” rating and set a $117.74 target price on the stock. in a research note on Tuesday, December 12th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $141.00 target price on shares of Visa in a research note on Friday, December 22nd. Zacks Investment Research cut shares of Visa from a “buy” rating to a “hold” rating in a research note on Tuesday, December 26th. Susquehanna Bancshares raised their price objective on shares of Visa from $126.00 to $148.00 in a research report on Thursday, December 28th. Finally, Barclays restated a “buy” rating and set a $145.00 price objective on shares of Visa in a research report on Friday, January 5th. Three analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Visa currently has a consensus rating of “Buy” and a consensus target price of $135.19.
In other Visa news, EVP Lynne Biggar sold 1,712 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $120.00, for a total value of $205,440.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.14% of the company’s stock.
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Visa Inc operates as a payments technology company worldwide. The company facilitates commerce through the transfer of value and information among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a processing network that enables authorization, clearing, and settlement of payment transactions; and offers fraud protection for account holders and assured payment for merchants.
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