Midwest Trust Co Purchases 18,554 Shares of Visa Inc. $V

Key Points

• Midwest Trust Co increased its Visa stake by 7.8% in Q1, buying 18,554 more shares and bringing its total holdings to 256,177 shares worth about $77.4 million.
• Visa reported strong quarterly results, with EPS of $3.31 beating estimates and revenue of $11.23 billion topping expectations; revenue rose 17.1% year over year.
• The company also authorized a $20 billion share repurchase program and continued its dividend, while analysts remain broadly bullish with a consensus Buy rating and an average price target of $397.91.

Midwest Trust Co boosted its position in Visa Inc. (NYSE:V - Free Report) by 7.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 256,177 shares of the credit-card processor's stock after buying an additional 18,554 shares during the quarter. Visa makes up about 1.0% of Midwest Trust Co's holdings, making the stock its 25th largest position. Midwest Trust Co's holdings in Visa were worth $77,427,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp lifted its position in shares of Visa by 125.0% during the 1st quarter. Fifth Third Bancorp now owns 937,519 shares of the credit-card processor's stock valued at $283,356,000 after buying an additional 520,786 shares during the last quarter. Glass Wealth Management Co LLC raised its stake in Visa by 7.7% in the 1st quarter. Glass Wealth Management Co LLC now owns 10,919 shares of the credit-card processor's stock valued at $3,300,000 after acquiring an additional 784 shares during the period. Sovran Advisors LLC lifted its holdings in Visa by 19.9% during the first quarter. Sovran Advisors LLC now owns 7,702 shares of the credit-card processor's stock valued at $2,541,000 after purchasing an additional 1,277 shares during the last quarter. Markel Group Inc. lifted its holdings in Visa by 0.5% during the first quarter. Markel Group Inc. now owns 1,004,331 shares of the credit-card processor's stock valued at $303,549,000 after purchasing an additional 5,046 shares during the last quarter. Finally, Oakwell Private Wealth Management LLC boosted its position in Visa by 7.6% during the first quarter. Oakwell Private Wealth Management LLC now owns 5,398 shares of the credit-card processor's stock worth $1,632,000 after purchasing an additional 379 shares during the period. Hedge funds and other institutional investors own 82.15% of the company's stock.

Insider Buying and Selling at Visa

In other news, General Counsel Julie B. Rottenberg sold 2,027 shares of the business's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $360.00, for a total transaction of $729,720.00. Following the completion of the transaction, the general counsel owned 18,404 shares of the company's stock, valued at approximately $6,625,440. The trade was a 9.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Chris Suh sold 10,639 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $324.81, for a total transaction of $3,455,653.59. Following the completion of the transaction, the chief financial officer owned 9,872 shares in the company, valued at approximately $3,206,524.32. This trade represents a 51.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 75,581 shares of company stock valued at $25,627,975 in the last 90 days. Corporate insiders own 0.12% of the company's stock.

Visa Price Performance

NYSE:V traded up $0.85 during trading hours on Friday, hitting $349.05. The stock had a trading volume of 4,701,656 shares, compared to its average volume of 8,985,494. The company has a 50 day simple moving average of $330.81 and a two-hundred day simple moving average of $325.05. The firm has a market capitalization of $626.12 billion, a price-to-earnings ratio of 30.41, a P/E/G ratio of 1.86 and a beta of 0.75. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.09 and a quick ratio of 1.09. Visa Inc. has a one year low of $293.89 and a one year high of $365.02.

Visa (NYSE:V - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share for the quarter, topping the consensus estimate of $3.10 by $0.21. Visa had a net margin of 51.68% and a return on equity of 65.00%. The firm had revenue of $11.23 billion for the quarter, compared to analysts' expectations of $10.75 billion. During the same quarter in the prior year, the firm posted $2.76 earnings per share. The business's quarterly revenue was up 17.1% on a year-over-year basis. Research analysts forecast that Visa Inc. will post 13.1 earnings per share for the current fiscal year.

Visa announced that its board has initiated a share repurchase program on Tuesday, April 28th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the credit-card processor to purchase up to 3.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Visa Announces Dividend

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

Analyst Ratings Changes

Several analysts have recently issued reports on V shares. Piper Sandler began coverage on shares of Visa in a research report on Monday, June 29th. They issued an "overweight" rating and a $394.00 price target on the stock. Weiss Ratings raised shares of Visa from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, July 6th. Sanford C. Bernstein restated an "outperform" rating and set a $450.00 target price on shares of Visa in a research report on Tuesday, June 2nd. Evercore set a $350.00 price target on Visa in a research report on Wednesday, April 29th. Finally, Morgan Stanley reissued an "overweight" rating and set a $415.00 price objective on shares of Visa in a report on Wednesday, April 29th. Seven research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $397.91.

About Visa

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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