Assetmark Inc. Raises Holdings in Visa Inc. (NYSE:V)

Key Points

• Assetmark Inc. has increased its stake in Visa Inc. by 38.1%, now owning over 154,231 shares valued at approximately $54 million.
• BMO Capital Markets and Piper Sandler have recently raised their price targets for Visa, with the new targets set at $380.00 and $384.00, respectively.
• Visa announced a quarterly dividend of $0.59, reflecting a 0.66% yield and a payout ratio of 23.72%.

Assetmark Inc. raised its stake in Visa Inc. (NYSE:V - Free Report) by 38.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 154,231 shares of the credit-card processor's stock after purchasing an additional 42,558 shares during the quarter. Assetmark Inc.'s holdings in Visa were worth $54,052,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Lakeridge Wealth Management LLC grew its stake in Visa by 5.7% in the first quarter. Lakeridge Wealth Management LLC now owns 1,507 shares of the credit-card processor's stock worth $528,000 after purchasing an additional 81 shares during the period. Blue Rock Wealth Management LLC bought a new position in shares of Visa during the fourth quarter valued at $306,000. Aptus Capital Advisors LLC lifted its holdings in shares of Visa by 19.8% during the fourth quarter. Aptus Capital Advisors LLC now owns 182,658 shares of the credit-card processor's stock valued at $57,727,000 after purchasing an additional 30,185 shares in the last quarter. Eagle Strategies LLC lifted its holdings in Visa by 2.5% in the fourth quarter. Eagle Strategies LLC now owns 2,568 shares of the credit-card processor's stock valued at $811,000 after acquiring an additional 63 shares during the period. Finally, Rafferty Asset Management LLC lifted its holdings in Visa by 7.7% in the fourth quarter. Rafferty Asset Management LLC now owns 610,517 shares of the credit-card processor's stock valued at $192,948,000 after acquiring an additional 43,546 shares during the period. Institutional investors own 82.15% of the company's stock.

Insider Transactions at Visa

In other news, insider Paul D. Fabara sold 46,214 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $370.00, for a total value of $17,099,180.00. Following the completion of the transaction, the insider directly owned 26,413 shares of the company's stock, valued at approximately $9,772,810. The trade was a 63.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ryan Mcinerney sold 8,630 shares of the business's stock in a transaction 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 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. In the last three months, insiders sold 101,108 shares of company stock valued at $36,771,200. Corporate insiders own 0.13% of the company's stock.

Visa Stock Up 0.8%

NYSE V traded up $2.96 on Friday, reaching $356.93. 3,915,274 shares of the stock traded hands, compared to its average volume of 5,270,063. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.08 and a current ratio of 1.08. The company has a fifty day moving average price of $356.30 and a 200-day moving average price of $345.45. The company has a market cap of $658.60 billion, a price-to-earnings ratio of 35.87, a PEG ratio of 2.41 and a beta of 0.92. Visa Inc. has a 12 month low of $254.51 and a 12 month high of $375.51.

Visa (NYSE:V - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The credit-card processor reported $2.76 EPS for the quarter, topping the consensus estimate of $2.68 by $0.08. The firm had revenue of $9.59 billion during the quarter, compared to analyst estimates of $9.57 billion. Visa had a return on equity of 56.28% and a net margin of 52.86%. The business's revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.51 EPS. As a group, research analysts forecast 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 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 0.66%. The ex-dividend date of this dividend was Tuesday, May 13th. Visa's payout ratio is 23.72%.

Analysts Set New Price Targets

A number of research firms have weighed in on V. The Goldman Sachs Group initiated coverage on Visa in a report on Monday, June 2nd. They issued a "neutral" rating on the stock. Barclays reaffirmed an "overweight" rating on shares of Visa in a research note on Friday, June 13th. Macquarie decreased their price objective on Visa from $400.00 to $380.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Mizuho raised Visa from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $359.00 to $425.00 in a research note on Thursday, June 5th. Finally, Wall Street Zen raised Visa from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Five investment 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 stock. According to MarketBeat.com, Visa has an average rating of "Moderate Buy" and an average target price of $375.52.

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.