Eastern Bank Sells 3,621 Shares of Visa Inc. $V

Eastern Bank lessened its holdings in shares of Visa Inc. (NYSE:V - Free Report) by 1.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 340,004 shares of the credit-card processor's stock after selling 3,621 shares during the quarter. Visa accounts for approximately 2.3% of Eastern Bank's portfolio, making the stock its 11th largest position. Eastern Bank's holdings in Visa were worth $120,718,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Keystone Global Partners LLC purchased a new position in Visa during the 1st quarter worth $26,000. von Borstel & Associates Inc. purchased a new position in Visa during the 1st quarter worth $27,000. Family Legacy Financial Solutions LLC purchased a new position in Visa during the 2nd quarter worth $28,000. Cranbrook Wealth Management LLC boosted its holdings in Visa by 82.0% during the 2nd 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. Finally, 1 North Wealth Services LLC purchased a new position in Visa during the 1st quarter worth $38,000. Institutional investors own 82.15% of the company's stock.

Insider Activity

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

Analyst Ratings Changes

V has been the topic of a number of analyst reports. Truist Financial cut their price objective on shares of Visa from $400.00 to $397.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. UBS Group reissued a "buy" rating and issued a $415.00 price target (up from $405.00) on shares of Visa in a report on Wednesday, July 30th. Macquarie boosted their price target on shares of Visa from $380.00 to $425.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Robert W. Baird set a $410.00 price target on shares of Visa and gave the stock an "outperform" rating in a report on Monday, October 6th. Finally, Oppenheimer boosted their price target on shares of Visa from $390.00 to $391.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $389.00.

Visa Price Performance

NYSE V opened at $348.39 on Wednesday. The company has a market cap of $638.53 billion, a PE ratio of 34.02, a price-to-earnings-growth ratio of 2.03 and a beta of 0.90. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.52. The firm's 50-day simple moving average is $344.01 and its two-hundred day simple moving average is $346.98. Visa Inc. has a 52 week low of $278.35 and a 52 week high of $375.51.

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

Visa Dividend Announcement

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

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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