Summit Asset Management buys $446,669 stake in Visa Inc (V)

Visa Inc (V) : Summit Asset Management scooped up 1,155 additional shares in Visa Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 8, 2016. The investment management firm now holds a total of 5,575 shares of Visa Inc which is valued at $446,669.Visa Inc makes up approximately 0.20% of Summit Asset Management’s portfolio.

Other Hedge Funds, Including , R.m.sincerbeaux Capital Management reduced its stake in V by selling 100 shares or 0.09% in the most recent quarter. The Hedge Fund company now holds 107,700 shares of V which is valued at $8,628,924. Visa Inc makes up approx 8.30% of R.m.sincerbeaux Capital Management’s portfolio.World Asset Management Inc boosted its stake in V in the latest quarter, The investment management firm added 591 additional shares and now holds a total of 186,483 shares of Visa Inc which is valued at $14,678,077. Visa Inc makes up approx 0.55% of World Asset Management Inc’s portfolio.Cottage Street Advisors reduced its stake in V by selling 900 shares or 2.82% in the most recent quarter. The Hedge Fund company now holds 31,000 shares of V which is valued at $2,434,430. Visa Inc makes up approx 1.90% of Cottage Street Advisors’s portfolio.

Visa Inc opened for trading at $80.13 and hit $81.15 on the upside on Monday, eventually ending the session at $80.91, with a gain of 1.11% or 0.89 points. The heightened volatility saw the trading volume jump to 62,90,330 shares. Company has a market cap of $173,906 M.

On the company’s financial health, Visa Inc reported $0.68 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Apr 21, 2016. Analyst had a consensus of $0.66. The company had revenue of $3626.00 million for the quarter, compared to analysts expectations of $3600.06 million. The company’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 EPS.

Investors should note that on Jul 19, 2016, Visa Inc announced a cash dividend of $0.1400. The company’s management has announced Aug 17, 2016 as the ex-dividend date and fixed the record date on Aug 19, 2016. The payable date has been fixed on Sep 6, 2016.

Many Wall Street Analysts have commented on Visa Inc. Company shares were Reiterated by Stifel on Jul 22, 2016 to “Buy”, Firm has raised the Price Target to $ 91 from a previous price target of $86 .JP Morgan Resumed Visa Inc on Jun 6, 2016 to “Overweight”, Price Target of the shares are set at $88.

Visa Inc. is a payments technology company. The Company is engaged in operating a processing network VisaNet which facilitates authorization clearing and settlement of payment transactions across the world. The Company provides its services to consumers businesses financial institutions and governments in more than 200 countries and territories for electronic payments. The Company offers fraud protection for account holders and rapid payment for merchants. The Company provides a variety of payment solutions that support payment products that issuers can offer to their account holders such as pay now with debit pay ahead with prepaid or pay later with credit products. The Company offers a suite of digital eCommerce and mobile products and services.

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