Peapack Gladstone Financial Corp Buys 14,561 Shares of Visa Inc. (NYSE:V)

Peapack Gladstone Financial Corp grew its stake in shares of Visa Inc. (NYSE:V) by 6.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 254,666 shares of the credit-card processor’s stock after acquiring an additional 14,561 shares during the period. Visa comprises 1.0% of Peapack Gladstone Financial Corp’s investment portfolio, making the stock its 22nd biggest position. Peapack Gladstone Financial Corp’s holdings in Visa were worth $70,021,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of V. Peterson Financial Group Inc. bought a new position in Visa in the 3rd quarter worth approximately $26,000. POM Investment Strategies LLC boosted its holdings in 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 buying an additional 97 shares during the period. Reston Wealth Management LLC bought a new position in Visa in the 3rd quarter worth approximately $31,000. TruNorth Capital Management LLC boosted its holdings in Visa by 211.9% in the 2nd quarter. TruNorth Capital Management LLC now owns 131 shares of the credit-card processor’s stock worth $34,000 after buying an additional 89 shares during the period. Finally, CarsonAllaria Wealth Management Ltd. bought a new position in Visa in the 2nd quarter worth approximately $35,000. 82.15% of the stock is owned by institutional investors.

Visa Trading Up 0.1 %

Shares of NYSE V opened at $314.23 on Friday. Visa Inc. has a 1 year low of $252.70 and a 1 year high of $317.42. The stock has a market cap of $585.37 billion, a P/E ratio of 32.29, a price-to-earnings-growth ratio of 2.11 and a beta of 0.96. The firm has a 50-day moving average of $298.56 and a 200 day moving average of $280.71. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.28 and a quick ratio of 1.28.

Visa (NYSE:V) last issued its quarterly earnings results on Tuesday, October 29th. 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 54.96% and a return on equity of 53.16%. The company had revenue of $9.62 billion during the quarter, compared to analysts’ expectations of $9.49 billion. During the same period last year, the company posted $2.33 EPS. Visa’s revenue was up 11.7% on a year-over-year basis. As a group, sell-side analysts expect that Visa Inc. will post 11.19 EPS for the current fiscal year.

Visa Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th were issued a $0.59 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This is a boost from Visa’s previous quarterly dividend of $0.52. This represents a $2.36 annualized dividend and a yield of 0.75%. Visa’s payout ratio is 24.25%.

Wall Street Analysts Forecast Growth

V has been the topic of several recent analyst reports. Morgan Stanley increased their target price on shares of Visa from $322.00 to $326.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group reiterated a “buy” rating and issued a $317.00 target price on shares of Visa in a research note on Thursday, September 12th. BNP Paribas upgraded shares of Visa from a “neutral” rating to an “outperform” rating and set a $325.00 target price on the stock in a research note on Tuesday, September 3rd. TD Cowen raised their price objective on shares of Visa from $318.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Visa from $290.00 to $320.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $324.74.

Insiders Place Their Bets

In other news, insider Paul D. Fabara sold 2,171 shares of the business’s 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 transaction, the insider now directly owns 17,894 shares of the company’s stock, valued at $5,510,815.18. The trade was a 10.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.19% of the company’s stock.

Visa 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.