Benin Management CORP Sells 727 Shares of Visa Inc. $V

Key Points

• Benin Management CORP has reduced its stake in Visa Inc. by 1.5%, selling 727 shares and now holding 47,237 shares, valued at approximately $16.77 million.
• Visa has received strong ratings from analysts, with four analysts rating it as a "Strong Buy" and a consensus target price of $392.75, showing a positive outlook for the stock.
• The company reported an EPS of $2.98 for the latest quarter, exceeding analysts' expectations, and declared a quarterly dividend of $0.59 per share.

Benin Management CORP lowered its stake in shares of Visa Inc. (NYSE:V - Free Report) by 1.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,237 shares of the credit-card processor's stock after selling 727 shares during the quarter. Visa makes up about 4.4% of Benin Management CORP's holdings, making the stock its 4th biggest position. Benin Management CORP's holdings in Visa were worth $16,771,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Keystone Global Partners LLC purchased a new position in shares of Visa during the first quarter worth approximately $26,000. Family Legacy Financial Solutions LLC purchased a new position in shares of Visa during the second quarter worth approximately $28,000. von Borstel & Associates Inc. purchased a new position in shares of Visa during the first quarter worth approximately $27,000. Harbor Asset Planning Inc. purchased a new position in shares of Visa during the second quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC grew its position in shares of Visa by 82.0% during the second quarter. Cranbrook Wealth Management LLC now owns 91 shares of the credit-card processor's stock worth $32,000 after acquiring an additional 41 shares during the last quarter. Institutional investors and hedge funds own 82.15% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on V shares. UBS Group restated a "buy" rating and set a $415.00 target price (up from $405.00) on shares of Visa in a research report on Wednesday, July 30th. Citigroup upgraded shares of Visa to a "strong-buy" rating in a research report on Thursday. Truist Financial lowered their price objective on shares of Visa from $400.00 to $397.00 and set a "buy" rating on the stock in a research report on Thursday, July 17th. Wells Fargo & Company upgraded shares of Visa to a "strong-buy" rating in a research report on Wednesday. Finally, Barclays reiterated an "overweight" rating and issued a $408.00 price objective (up from $396.00) on shares of Visa in a research report on Thursday, July 31st. Four equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Visa currently has a consensus rating of "Moderate Buy" and a consensus target price of $392.75.

Visa Price Performance

Shares of NYSE V opened at $347.34 on Friday. The firm has a market capitalization of $636.60 billion, a P/E ratio of 33.92, a PEG ratio of 2.05 and a beta of 0.90. Visa Inc. has a one year low of $280.78 and a one year high of $375.51. The company's fifty day moving average is $344.79 and its two-hundred day moving average is $347.60. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.12.

Visa (NYSE:V - Get Free Report) last issued its earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 EPS for the quarter, topping the consensus estimate of $2.85 by $0.13. The company had revenue of $10.17 billion for the quarter, compared to analyst estimates of $9.82 billion. Visa had a net margin of 52.16% and a return on equity of 58.93%. The business's revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.42 EPS. Analysts forecast that Visa Inc. will post 11.3 EPS for the current fiscal year.

Visa Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 12th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Tuesday, August 12th. Visa's payout ratio is presently 23.05%.

Insider Buying and Selling at Visa

In other Visa news, General Counsel Julie B. Rottenberg sold 2,027 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $344.02, for a total transaction of $697,328.54. Following the sale, the general counsel directly owned 11,925 shares in the company, valued at approximately $4,102,438.50. The trade was a 14.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ryan Mcinerney sold 10,485 shares of the business's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $342.30, for a total transaction of $3,589,015.50. Following the sale, the chief executive officer owned 537 shares in the company, valued at $183,815.10. The trade was a 95.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by insiders.

Visa Company 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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