Vestcor Inc Purchases 3,237 Shares of Visa Inc. (NYSE:V)

Key Points

• Vestcor Inc increased its holdings in Visa Inc. by 5.4%, acquiring an additional 3,237 shares, which brings the total to 63,526 shares valued at approximately $22.26 million.
• Visa reported a quarterly EPS of $2.98, surpassing analysts' expectations of $2.85, and achieved revenue of $10.17 billion, up 14.3% year-over-year.
• The company announced a quarterly dividend of $0.59, with a dividend yield of 0.67% and a payout ratio of 23.72%.

Vestcor Inc grew its stake in shares of Visa Inc. (NYSE:V - Free Report) by 5.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 63,526 shares of the credit-card processor's stock after acquiring an additional 3,237 shares during the period. Visa comprises about 0.7% of Vestcor Inc's holdings, making the stock its 25th biggest position. Vestcor Inc's holdings in Visa were worth $22,263,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of V. Brighton Jones LLC raised its holdings in Visa by 50.1% in the 4th quarter. Brighton Jones LLC now owns 20,635 shares of the credit-card processor's stock valued at $6,522,000 after acquiring an additional 6,883 shares during the last quarter. Revolve Wealth Partners LLC raised its holdings in Visa by 68.9% in the 4th quarter. Revolve Wealth Partners LLC now owns 11,811 shares of the credit-card processor's stock valued at $3,733,000 after acquiring an additional 4,817 shares during the last quarter. Roundview Capital LLC raised its holdings in Visa by 6.5% in the 4th quarter. Roundview Capital LLC now owns 45,145 shares of the credit-card processor's stock valued at $14,268,000 after acquiring an additional 2,767 shares during the last quarter. Tradewinds LLC. grew its stake in shares of Visa by 4.2% during the 4th quarter. Tradewinds LLC. now owns 25,508 shares of the credit-card processor's stock valued at $8,918,000 after buying an additional 1,038 shares during the period. Finally, StoneX Group Inc. purchased a new stake in shares of Visa during the 4th quarter valued at $7,688,000. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Visa Stock Down 1.9%

Shares of Visa stock traded down $6.66 during midday trading on Friday, reaching $338.81. 8,655,366 shares of the company's stock traded hands, compared to its average volume of 6,632,218. The company has a market cap of $625.16 billion, a price-to-earnings ratio of 33.09, a price-to-earnings-growth ratio of 2.36 and a beta of 0.92. The company's 50 day simple moving average is $355.36 and its 200 day simple moving average is $346.13. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.08 and a current ratio of 1.12. Visa Inc. has a 52 week low of $254.51 and a 52 week high of $375.51.

Visa (NYSE:V - Get Free Report) last announced its 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. Visa had a net margin of 52.16% and a return on equity of 58.93%. The firm had revenue of $10.17 billion for the quarter, compared to the consensus estimate of $9.82 billion. During the same quarter last year, the firm posted $2.42 EPS. The business's quarterly revenue was up 14.3% on a year-over-year basis. Equities analysts expect that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th will be given a dividend of $0.59 per share. 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%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Raymond James Financial reissued an "outperform" rating on shares of Visa in a research note on Wednesday. Oppenheimer boosted their price objective on shares of Visa from $390.00 to $391.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. William Blair reaffirmed an "outperform" rating on shares of Visa in a research report on Wednesday, April 30th. Citigroup initiated coverage on shares of Visa in a research note on Monday, June 2nd. They set a "buy" rating on the stock. Finally, Mizuho upgraded shares of Visa from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $359.00 to $425.00 in a research note on Thursday, June 5th. Five research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Visa currently has an average rating of "Moderate Buy" and a consensus price target of $380.84.

Insider Activity

In other Visa news, insider Paul D. Fabara sold 11,636 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 26,413 shares in the company, valued at $9,904,875. The trade was a 30.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ryan Mcinerney sold 8,630 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $353.82, for a total transaction of $3,053,466.60. Following the completion of the transaction, the chief executive officer owned 537 shares in the company, valued at approximately $190,001.34. This trade represents a 94.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 89,913 shares of company stock worth $32,902,432. 0.13% of the stock is owned by company 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.