Cresset Asset Management LLC Cuts Stake in Visa Inc. $V

Key Points

• Cresset Asset Management LLC reduced its stake in Visa by 4.6%, owning 207,788 shares worth approximately $72.8 million after selling nearly 10,000 shares in the first quarter.
• Visa's latest earnings report showed an EPS of $2.98, outperforming estimates by $0.13, while quarterly revenue increased by 14.3% year-over-year.
• The company announced a quarterly dividend of $0.59 per share, reflecting an annualized dividend yield of 0.7% and a payout ratio of 23.05%.

Cresset Asset Management LLC lessened its holdings in Visa Inc. (NYSE:V - Free Report) by 4.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 207,788 shares of the credit-card processor's stock after selling 9,994 shares during the period. Cresset Asset Management LLC's holdings in Visa were worth $72,821,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in V. von Borstel & Associates Inc. purchased a new stake in Visa in the 1st quarter worth approximately $27,000. Measured Risk Portfolios Inc. purchased a new stake in Visa in the 4th quarter worth approximately $47,000. Navigoe LLC purchased a new stake in Visa in the 4th quarter worth approximately $53,000. O Brien Wealth Partners LLC purchased a new stake in Visa in the 1st quarter worth approximately $54,000. Finally, Global X Japan Co. Ltd. purchased a new stake in Visa in the 1st quarter worth approximately $56,000. Institutional investors own 82.15% of the company's stock.

Visa Trading Down 0.3%

V traded down $1.05 during trading on Friday, reaching $344.44. The company had a trading volume of 4,945,855 shares, compared to its average volume of 6,424,159. The stock has a market cap of $631.29 billion, a P/E ratio of 33.64, a PEG ratio of 2.29 and a beta of 0.94. The business has a 50 day simple moving average of $350.17 and a 200-day simple moving average of $347.44. Visa Inc. has a 52 week low of $265.23 and a 52 week high of $375.51. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.52.

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

Visa Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 12th will be given a $0.59 dividend. The ex-dividend date is Tuesday, August 12th. This represents a $2.36 dividend on an annualized basis and a yield of 0.7%. Visa's dividend payout ratio (DPR) is currently 23.05%.

Insiders Place Their Bets

In related news, CEO Ryan Mcinerney sold 8,630 shares of the firm's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 537 shares in the company, valued at $190,001.34. This trade represents a 94.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul D. Fabara sold 11,636 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $375.00, for a total value of $4,363,500.00. Following the completion of the sale, the insider owned 26,413 shares in the company, valued at approximately $9,904,875. The trade was a 30.58% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,100 shares of company stock valued at $27,643,224. 0.13% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

V has been the subject of several analyst reports. Citigroup initiated coverage on shares of Visa in a report on Monday, June 2nd. They issued a "buy" rating for the company. William Blair reissued an "outperform" rating on shares of Visa in a report on Wednesday, April 30th. UBS Group reissued a "buy" rating and issued a $415.00 target price (up from $405.00) on shares of Visa in a report on Wednesday, July 30th. Mizuho raised shares of Visa from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $359.00 to $425.00 in a report on Thursday, June 5th. Finally, Wall Street Zen raised shares of Visa from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Five analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Visa currently has a consensus rating of "Moderate Buy" and a consensus target price of $380.84.

About Visa

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.