ProVise Management Group LLC Has $16.97 Million Stock Position in Visa Inc. (NYSE:V)

Key Points

• ProVise Management Group LLC reduced its holdings in Visa Inc. by 4.4%, selling 2,207 shares, which now accounts for approximately 1.4% of their investment portfolio.
• Visa recently reported $2.98 earnings per share for the quarter, exceeding estimates and reflecting a 14.3% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.59 per share, representing an annual yield of 0.7%, with the dividend payout ratio at 23.05%.

ProVise Management Group LLC decreased its position in Visa Inc. (NYSE:V - Free Report) by 4.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,430 shares of the credit-card processor's stock after selling 2,207 shares during the quarter. Visa accounts for approximately 1.4% of ProVise Management Group LLC's holdings, making the stock its 20th largest holding. ProVise Management Group LLC's holdings in Visa were worth $16,973,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Lindenwold Advisors INC increased its position in shares of Visa by 83.3% in the first quarter. Lindenwold Advisors INC now owns 9,580 shares of the credit-card processor's stock valued at $3,357,000 after acquiring an additional 4,354 shares during the last quarter. Lynwood Price Capital Management LP increased its position in shares of Visa by 370.0% in the first quarter. Lynwood Price Capital Management LP now owns 23,500 shares of the credit-card processor's stock valued at $8,236,000 after acquiring an additional 18,500 shares during the last quarter. Nicolet Advisory Services LLC increased its position in shares of Visa by 4.3% in the first quarter. Nicolet Advisory Services LLC now owns 5,915 shares of the credit-card processor's stock valued at $1,920,000 after acquiring an additional 246 shares during the last quarter. Momentous Wealth Management Inc. increased its position in shares of Visa by 3.2% in the first quarter. Momentous Wealth Management Inc. now owns 1,171 shares of the credit-card processor's stock valued at $410,000 after acquiring an additional 36 shares during the last quarter. Finally, Wealthquest Corp increased its position in shares of Visa by 3.2% in the first quarter. Wealthquest Corp now owns 1,893 shares of the credit-card processor's stock valued at $663,000 after acquiring an additional 58 shares during the last quarter. Institutional investors and hedge funds own 82.15% of the company's stock.

Visa Stock Performance

Shares of NYSE:V traded down $6.66 during trading on Friday, reaching $338.81. 8,655,366 shares of the stock were exchanged, compared to its average volume of 5,746,410. Visa Inc. has a 12 month low of $254.51 and a 12 month high of $375.51. The firm has a market cap of $625.16 billion, a PE ratio of 33.09, a PEG ratio of 2.30 and a beta of 0.94. The stock has a 50-day moving average price of $355.06 and a 200-day moving average price of $346.34. The company has a current ratio of 1.12, a quick ratio of 1.08 and a debt-to-equity ratio of 0.52.

Visa (NYSE:V - Get Free Report) last issued its quarterly earnings data 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. Visa had a return on equity of 58.93% and a net margin of 52.16%. The company had revenue of $10.17 billion during the quarter, compared to analysts' expectations of $9.82 billion. During the same quarter in the previous year, the company posted $2.42 earnings per share. The business's revenue was up 14.3% on a year-over-year basis. Research analysts expect 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 paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, August 12th. Visa's payout ratio is 23.05%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. BMO Capital Markets lifted their target price on Visa from $370.00 to $380.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Oppenheimer lifted their target price on Visa from $390.00 to $391.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Wall Street Zen raised Visa from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. The Goldman Sachs Group assumed coverage on Visa in a research report on Monday, June 2nd. They issued a "neutral" rating on the stock. Finally, Jefferies Financial Group lifted their target price on Visa from $400.00 to $410.00 and gave the company a "buy" rating in a research report on Tuesday, May 27th. Five equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $380.84.

Insider Activity at Visa

In related news, CEO Ryan Mcinerney sold 8,630 shares of the business's stock in a transaction that occurred 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 approximately $190,001.34. The trade was a 94.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul D. Fabara sold 11,636 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The shares were 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 of the company's stock, valued at approximately $9,904,875. This trade represents a 30.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 89,913 shares of company stock valued at $32,902,432. 0.13% of the stock is currently owned by corporate insiders.

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.