Corebridge Financial Inc. Has $163.27 Million Position in Visa Inc. $V

Key Points

• Corebridge Financial Inc. has decreased its stake in Visa Inc. by 5.1%, selling 25,026 shares to maintain 465,874 shares, which represent about 0.9% of its total holdings.
• In the first quarter, several large investors increased their investments in Visa, with Soros Capital Management boosting its stake by 83.4% to own 22,870 shares valued at approximately $8 million.
• Visa reported earnings of $2.98 per share, exceeding estimates, and announced a quarterly dividend of $0.59 per share, with a yield of 0.7% and a payout ratio of 23.05%.

Corebridge Financial Inc. reduced its position in Visa Inc. (NYSE:V - Free Report) by 5.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 465,874 shares of the credit-card processor's stock after selling 25,026 shares during the quarter. Visa comprises about 0.9% of Corebridge Financial Inc.'s investment portfolio, making the stock its 13th biggest position. Corebridge Financial Inc.'s holdings in Visa were worth $163,270,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in V. Brighton Jones LLC raised its position in shares of Visa by 50.1% in the 4th quarter. Brighton Jones LLC now owns 20,635 shares of the credit-card processor's stock worth $6,522,000 after buying an additional 6,883 shares during the period. Revolve Wealth Partners LLC raised its position in shares of Visa by 68.9% in the 4th quarter. Revolve Wealth Partners LLC now owns 11,811 shares of the credit-card processor's stock worth $3,733,000 after buying an additional 4,817 shares during the period. Lord Abbett & CO. LLC raised its position in Visa by 35.7% in the fourth quarter. Lord Abbett & CO. LLC now owns 9,487 shares of the credit-card processor's stock valued at $2,998,000 after purchasing an additional 2,496 shares during the period. Boothbay Fund Management LLC raised its position in Visa by 83.5% in the fourth quarter. Boothbay Fund Management LLC now owns 6,375 shares of the credit-card processor's stock valued at $2,015,000 after purchasing an additional 2,900 shares during the period. Finally, Gerber Kawasaki Wealth & Investment Management raised its position in Visa by 4.4% in the fourth quarter. Gerber Kawasaki Wealth & Investment Management now owns 6,065 shares of the credit-card processor's stock valued at $1,917,000 after purchasing an additional 253 shares during the period. 82.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on V shares. Wall Street Zen raised Visa from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Deutsche Bank Aktiengesellschaft started coverage on Visa in a research report on Thursday, July 17th. They issued a "buy" rating and a $410.00 price objective on the stock. William Blair reissued an "outperform" rating on shares of Visa in a research report on Wednesday, April 30th. Macquarie raised their price objective on Visa from $380.00 to $425.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Finally, Morgan Stanley raised their price objective on Visa from $386.00 to $402.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $380.84.

Visa Stock Up 0.7%

Shares of V stock traded up $2.37 on Tuesday, hitting $351.19. The company's stock had a trading volume of 5,875,513 shares, compared to its average volume of 6,695,048. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.12 and a quick ratio of 1.12. Visa Inc. has a fifty-two week low of $267.67 and a fifty-two week high of $375.51. The firm's fifty day moving average price is $347.66 and its 200-day moving average price is $347.42. The stock has a market capitalization of $643.65 billion, a price-to-earnings ratio of 34.30, a P/E/G ratio of 2.32 and a beta of 0.94.

Visa (NYSE:V - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.13. Visa had a net margin of 52.16% and a return on equity of 58.93%. The business had revenue of $10.17 billion during the quarter, compared to analyst estimates of $9.82 billion. During the same quarter in the previous year, the business earned $2.42 EPS. Visa's quarterly revenue was up 14.3% compared to the same quarter last year. Research analysts anticipate that Visa Inc. will post 11.3 EPS for the current 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 $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, August 12th. Visa's payout ratio is presently 23.05%.

Insider Activity at Visa

In other Visa news, CEO Ryan Mcinerney sold 8,630 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $353.82, for a total transaction of $3,053,466.60. Following the completion of the transaction, the chief executive officer owned 537 shares of the company's stock, valued at $190,001.34. The trade was a 94.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $344.02, for a total transaction of $697,328.54. Following the transaction, the general counsel directly owned 11,925 shares of the company's stock, valued at approximately $4,102,438.50. This represents a 14.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 77,127 shares of company stock valued at $28,340,553. Insiders own 0.13% of the company's stock.

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.