Visa Shares Climb 2.5% on Strong Earnings and Positive Analyst Ratings
Visa Inc. (NYSE:V) saw its share price climb 2.5% during mid-day trading on Monday, reaching a high of $370.17 before closing at $369.6450. Despite the rise, trading volume was down 41% from the average, with 4,514,577 shares exchanged. The stock had previously closed at $360.66.
Several analysts have recently adjusted their ratings and price targets for Visa. President Capital increased its target from $411.00 to $474.00, maintaining a 'buy' rating. Daiwa Securities Group raised its target from $375.00 to $422.00 with an 'outperform' rating. Other firms, including DZ Bank, Robert W. Baird, and Barclays, have also issued positive ratings and targets. Overall, Visa has a consensus 'buy' rating with an average target price of $425.21.
The company reported strong quarterly earnings on July 28th, with $3.32 earnings per share, exceeding estimates of $3.23. Revenue was $11.63 billion, up 14.4% year-over-year. Visa also announced a quarterly dividend of $0.67, paid on September 1st, representing a $2.68 annualized dividend and a 0.7% yield.
Insider transactions included CEO Ryan McInerney selling 5,875 shares at $358.81 each, and Tullier Mahon selling 57,272 shares at $364.97 each. Institutional investors have also been active, with firms like XXEC Inc., State Street Corp, and UBS AM increasing their positions in Visa.