Chemung Canal Trust Co. Reduces Stock Position in Visa Inc. $V

Key Points

• Chemung Canal Trust Co. cut its Visa stake by 32.1% in the first quarter, selling 4,508 shares and leaving it with 9,547 shares worth about $2.9 million.
• Despite some mixed moves among investors and insiders, institutional ownership remains high at 82.15%, while Visa executives also sold shares under disclosed transactions.
• Wall Street sentiment on Visa is still broadly positive: analysts rate the stock a Buy on average with a consensus price target of $397.96, even after the company reported strong quarterly results and authorized a $20 billion share buyback.

Chemung Canal Trust Co. trimmed its stake in shares of Visa Inc. (NYSE:V - Free Report) by 32.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,547 shares of the credit-card processor's stock after selling 4,508 shares during the period. Chemung Canal Trust Co.'s holdings in Visa were worth $2,885,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of V. Chapman Financial Group LLC increased its stake in Visa by 0.9% in the 3rd quarter. Chapman Financial Group LLC now owns 3,211 shares of the credit-card processor's stock valued at $1,096,000 after purchasing an additional 30 shares in the last quarter. Ransom Advisory Ltd boosted its position in Visa by 0.3% during the fourth quarter. Ransom Advisory Ltd now owns 9,447 shares of the credit-card processor's stock worth $3,313,000 after purchasing an additional 30 shares in the last quarter. Bank OZK boosted its position in Visa by 3.7% during the third quarter. Bank OZK now owns 858 shares of the credit-card processor's stock worth $293,000 after purchasing an additional 31 shares in the last quarter. FOCUS Wealth Advisors LLC boosted its position in Visa by 0.4% during the fourth quarter. FOCUS Wealth Advisors LLC now owns 7,710 shares of the credit-card processor's stock worth $2,704,000 after purchasing an additional 31 shares in the last quarter. Finally, Planned Solutions Inc. grew its holdings in Visa by 2.0% in the fourth quarter. Planned Solutions Inc. now owns 1,598 shares of the credit-card processor's stock valued at $560,000 after purchasing an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 82.15% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on V. Bank of America initiated coverage on Visa in a research report on Thursday, March 5th. They issued a "buy" rating and a $410.00 price target for the company. Citigroup decreased their price objective on shares of Visa from $450.00 to $400.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. UBS Group increased their price objective on shares of Visa from $390.00 to $410.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Weiss Ratings downgraded shares of Visa from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, April 16th. Finally, Truist Financial set a $371.00 target price on shares of Visa and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Six equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $397.96.

Insider Transactions at Visa

In related news, CFO Chris Suh sold 10,639 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $324.81, for a total value of $3,455,653.59. Following the sale, the chief financial officer directly owned 9,872 shares of the company's stock, valued at approximately $3,206,524.32. This trade represents a 51.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ryan Mcinerney sold 31,455 shares of the business's stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $340.14, for a total transaction of $10,699,103.70. Following the completion of the sale, the chief executive officer owned 15,174 shares of the company's stock, valued at approximately $5,161,284.36. The trade was a 67.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.12% of the company's stock.

Visa Price Performance

Shares of NYSE:V opened at $341.86 on Tuesday. The company has a market cap of $613.22 billion, a P/E ratio of 29.78, a P/E/G ratio of 1.80 and a beta of 0.77. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.64. Visa Inc. has a 52 week low of $293.89 and a 52 week high of $359.66. The business has a fifty day simple moving average of $323.89 and a 200-day simple moving average of $324.40.

Visa (NYSE:V - Get Free Report) last released its earnings results on Tuesday, April 28th. The credit-card processor reported $3.31 EPS for the quarter, beating the consensus estimate of $3.10 by $0.21. Visa had a return on equity of 65.00% and a net margin of 51.68%.The firm had revenue of $11.23 billion during the quarter, compared to analyst estimates of $10.75 billion. During the same period in the prior year, the firm posted $2.76 earnings per share. The business's quarterly revenue was up 17.1% compared to the same quarter last year. Equities research analysts forecast that Visa Inc. will post 13.09 EPS for the current year.

Visa Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were paid a dividend of $0.67 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 0.8%. Visa's dividend payout ratio is currently 23.34%.

Visa declared that its Board of Directors has authorized a share buyback plan on Tuesday, April 28th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the credit-card processor to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Visa Company Profile

Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world's largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa's network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.

Visa's product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.

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