SouthState Corp Acquires 60,539 Shares of Visa Inc. (NYSE:V)

Key Points

• SouthState Corp increased its holdings in Visa by 50.3%, acquiring an additional 60,539 shares during the first quarter, making Visa the 5th largest position in their portfolio.
• Visa's quarterly earnings exceeded analysts' expectations, reporting an EPS of $2.98 and revenue of $10.17 billion, which was 14.3% higher compared to the previous year.
• The company declared a quarterly dividend of $0.59 per share, set to be paid on September 2nd, representing an annualized yield of 0.7%.

SouthState Corp raised its holdings in Visa Inc. (NYSE:V - Free Report) by 50.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 180,994 shares of the credit-card processor's stock after buying an additional 60,539 shares during the period. Visa comprises about 2.9% of SouthState Corp's holdings, making the stock its 5th largest position. SouthState Corp's holdings in Visa were worth $63,431,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Cobblestone Capital Advisors LLC NY increased its position in shares of Visa by 1.0% during the first quarter. Cobblestone Capital Advisors LLC NY now owns 114,706 shares of the credit-card processor's stock worth $40,200,000 after purchasing an additional 1,143 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Visa during the first quarter worth about $3,518,533,000. Cooper Financial Group increased its position in shares of Visa by 16.0% during the first quarter. Cooper Financial Group now owns 10,807 shares of the credit-card processor's stock worth $3,787,000 after purchasing an additional 1,489 shares in the last quarter. Biltmore Family Office LLC increased its position in shares of Visa by 4.0% during the first quarter. Biltmore Family Office LLC now owns 6,310 shares of the credit-card processor's stock worth $2,211,000 after purchasing an additional 240 shares in the last quarter. Finally, Covington Investment Advisors Inc. increased its position in shares of Visa by 0.6% during the first quarter. Covington Investment Advisors Inc. now owns 56,641 shares of the credit-card processor's stock worth $19,850,000 after purchasing an additional 363 shares in the last quarter. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Visa Price Performance

Shares of V opened at $336.86 on Friday. Visa Inc. has a twelve month low of $258.74 and a twelve month high of $375.51. The stock's 50 day moving average is $352.79 and its two-hundred day moving average is $347.13. The firm has a market capitalization of $621.56 billion, a PE ratio of 32.90, a P/E/G ratio of 2.25 and a beta of 0.94. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52.

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

Visa Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. Visa's payout ratio is 23.05%.

Insider Activity at Visa

In other news, insider Paul D. Fabara sold 11,636 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $375.00, for a total transaction of $4,363,500.00. Following the sale, the insider owned 26,413 shares of the company's stock, valued at $9,904,875. The trade was a 30.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 75,100 shares of company stock worth $27,643,224 in the last three months. Corporate insiders own 0.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on V. William Blair reiterated an "outperform" rating on shares of Visa in a research report on Wednesday, April 30th. The Goldman Sachs Group began coverage on Visa in a research report on Monday, June 2nd. They set a "neutral" rating on the stock. Piper Sandler lifted their target price on Visa from $383.00 to $384.00 and gave the stock an "overweight" 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 stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Macquarie boosted their price target on Visa from $380.00 to $425.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Five analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $380.84.

Visa 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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