Allstate Corp Boosts Stock Position in Visa Inc. $V

Key Points

• Allstate Corp increased its stake in Visa Inc. by 20.3% during the first quarter, owning a total of 59,744 shares valued at approximately $20.94 million, making Visa its 24th largest position.
• Insiders have been actively selling shares of Visa, with General Counsel Julie B. Rottenberg and CEO Ryan Mcinerney selling significant amounts, resulting in a 14.53% and 94.14% decrease in their respective ownerships.
• Visa's most recent quarterly earnings showed a 14.3% revenue increase year-over-year, reporting $10.17 billion, with earnings per share beating analyst estimates at $2.98.

Allstate Corp lifted its position in Visa Inc. (NYSE:V - Free Report) by 20.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 59,744 shares of the credit-card processor's stock after buying an additional 10,075 shares during the period. Visa makes up about 0.6% of Allstate Corp's portfolio, making the stock its 24th largest position. Allstate Corp's holdings in Visa were worth $20,938,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Keystone Global Partners LLC acquired a new position in shares of Visa during the first quarter worth $26,000. von Borstel & Associates Inc. acquired a new stake in shares of Visa in the 1st quarter worth $27,000. Measured Risk Portfolios Inc. purchased a new position in Visa during the 4th quarter worth $47,000. Navigoe LLC purchased a new position in Visa during the 4th quarter worth $53,000. Finally, O Brien Wealth Partners LLC acquired a new position in Visa during the 1st quarter valued at about $54,000. Institutional investors own 82.15% of the company's stock.

Insider Buying and Selling at Visa

In related news, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $344.02, for a total value of $697,328.54. Following the completion of the sale, the general counsel owned 11,925 shares of the company's stock, valued at approximately $4,102,438.50. This trade represents a 14.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ryan Mcinerney sold 8,630 shares of Visa stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $353.82, for a total value of $3,053,466.60. Following the transaction, the chief executive officer owned 537 shares in the company, valued at approximately $190,001.34. The trade was a 94.14% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,127 shares of company stock worth $28,340,553. Insiders own 0.13% of the company's stock.

Visa Stock Down 0.1%

Shares of V opened at $343.5530 on Friday. The stock has a 50 day moving average price of $347.99 and a 200 day moving average price of $347.37. Visa Inc. has a one year low of $265.31 and a one year high of $375.51. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market capitalization of $629.66 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 2.29 and a beta of 0.94.

Visa (NYSE:V - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, beating analysts' consensus estimates of $2.85 by $0.13. Visa had a return on equity of 58.93% and a net margin of 52.16%.The company had revenue of $10.17 billion for the quarter, compared to analyst estimates of $9.82 billion. During the same quarter last year, the firm posted $2.42 EPS. The firm's revenue for the quarter was up 14.3% on a year-over-year basis. Equities research analysts forecast that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 12th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, August 12th. Visa's dividend payout ratio is currently 23.05%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Raymond James Financial reissued an "outperform" rating on shares of Visa in a report on Wednesday, July 30th. William Blair reaffirmed an "outperform" rating on shares of Visa in a research report on Wednesday, April 30th. Piper Sandler lifted their target price on shares of Visa from $383.00 to $384.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 30th. Oppenheimer upped their price target on shares of Visa from $390.00 to $391.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Finally, Mizuho raised shares of Visa from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $359.00 to $425.00 in a report on Thursday, June 5th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Visa currently has a consensus rating of "Moderate Buy" and a consensus price target of $380.84.

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.

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