Chemung Canal Trust Co. Decreases Holdings in Visa Inc. (NYSE:V)

Chemung Canal Trust Co. cut its holdings in Visa Inc. (NYSE:V - Free Report) by 11.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,074 shares of the credit-card processor's stock after selling 1,624 shares during the quarter. Chemung Canal Trust Co.'s holdings in Visa were worth $4,582,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in V. Vanguard Group Inc. boosted its position in Visa by 4.6% during the fourth quarter. Vanguard Group Inc. now owns 159,405,343 shares of the credit-card processor's stock valued at $50,378,465,000 after purchasing an additional 7,079,706 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Visa by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 40,345,176 shares of the credit-card processor's stock valued at $12,729,901,000 after buying an additional 1,689,926 shares during the last quarter. Capital International Investors lifted its stake in Visa by 3.8% in the fourth quarter. Capital International Investors now owns 23,816,573 shares of the credit-card processor's stock valued at $7,526,660,000 after acquiring an additional 866,596 shares during the last quarter. Capital World Investors lifted its stake in Visa by 1.0% in the fourth quarter. Capital World Investors now owns 23,277,622 shares of the credit-card processor's stock valued at $7,356,614,000 after acquiring an additional 241,057 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Visa by 18.0% in the fourth quarter. Northern Trust Corp now owns 18,260,714 shares of the credit-card processor's stock valued at $5,771,116,000 after acquiring an additional 2,785,707 shares during the last quarter. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Visa Price Performance

V traded up $2.52 during trading on Monday, hitting $350.45. The company's stock had a trading volume of 5,598,510 shares, compared to its average volume of 6,817,623. Visa Inc. has a 12 month low of $252.70 and a 12 month high of $375.51. The stock has a market capitalization of $646.63 billion, a price-to-earnings ratio of 35.22, a price-to-earnings-growth ratio of 2.36 and a beta of 0.92. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.45. The firm's 50 day moving average price is $356.93 and its two-hundred day moving average price is $342.86.

Visa (NYSE:V - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The credit-card processor reported $2.76 earnings per share for the quarter, topping analysts' consensus estimates of $2.68 by $0.08. The firm had revenue of $9.59 billion during the quarter, compared to the consensus estimate of $9.57 billion. Visa had a return on equity of 56.28% and a net margin of 52.86%. The business's revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.51 EPS. Sell-side analysts forecast that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.67%. The ex-dividend date was Tuesday, May 13th. Visa's payout ratio is presently 23.72%.

Wall Street Analyst Weigh In

V has been the subject of a number of recent analyst reports. The Goldman Sachs Group assumed coverage on Visa in a report on Monday, June 2nd. They set a "neutral" rating for the company. Piper Sandler lifted their price target on Visa from $383.00 to $384.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Macquarie cut their price target on shares of Visa from $400.00 to $380.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. BMO Capital Markets boosted their price objective on Visa from $370.00 to $380.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. Finally, William Blair reiterated an "outperform" rating on shares of Visa in a research note on Wednesday, April 30th. Five 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's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $372.84.

Insider Activity

In other news, CEO Ryan Mcinerney sold 8,630 shares of the firm's stock in a transaction dated 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 $190,001.34. This trade represents a 94.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Julie B. Rottenberg sold 2,575 shares of Visa stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $345.58, for a total transaction of $889,868.50. Following the transaction, the general counsel owned 11,925 shares of the company's stock, valued at $4,121,041.50. This represents a 17.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,108 shares of company stock worth $36,771,200. 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.