Visa Inc. $V Shares Sold by Rockland Trust Co.

Key Points

• Rockland Trust reduced its Visa stake by 17.6% in the third quarter, selling 29,142 shares and retaining 136,157 shares valued at approximately $48.9 million. Institutional investors collectively own 82.15% of Visa.
• Visa reported quarterly EPS of $3.32, exceeding estimates, while revenue rose 14.4% year over year to $11.63 billion. The company also maintains a quarterly dividend of $0.67, equivalent to a 0.7% yield.
• Analysts remain broadly bullish, with Visa holding a consensus “Buy” rating and an average price target of $425.21, above its reported trading price of $368.42.

Rockland Trust Co. lessened its holdings in Visa Inc. (NYSE:V - Free Report) by 17.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 136,157 shares of the credit-card processor's stock after selling 29,142 shares during the period. Visa comprises approximately 1.9% of Rockland Trust Co.'s holdings, making the stock its 11th biggest holding. Rockland Trust Co.'s holdings in Visa were worth $48,925,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Philadelphia Investment Partners LLC acquired a new stake in shares of Visa in the second quarter valued at about $29,000. Virtus Advisers LLC acquired a new position in Visa during the 2nd quarter worth approximately $33,000. Copos Capital S.a r.l. acquired a new position in Visa during the 4th quarter worth approximately $35,000. Robinswood Financial LLC purchased a new position in Visa in the 1st quarter worth approximately $35,000. Finally, Midwest Capital Advisors LLC purchased a new position in Visa in the 1st quarter worth approximately $37,000. 82.15% of the stock is owned by hedge funds and other institutional investors.

Visa Stock Up 2.2%

Shares of V stock traded up $7.76 during trading hours on Monday, hitting $368.42. 1,552,442 shares of the company were exchanged, compared to its average volume of 7,596,678. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.99 and a current ratio of 0.99. Visa Inc. has a one year low of $293.89 and a one year high of $385.57. The business's 50-day simple moving average is $369.04 and its two-hundred day simple moving average is $340.78. The stock has a market capitalization of $657.43 billion, a price-to-earnings ratio of 31.31, a P/E/G ratio of 1.70 and a beta of 0.77.

Visa (NYSE:V - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The credit-card processor reported $3.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.23 by $0.09. The firm had revenue of $11.63 billion for the quarter, compared to analysts' expectations of $11.40 billion. Visa had a return on equity of 67.68% and a net margin of 50.78%.Visa's revenue for the quarter was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.98 earnings per share. Sell-side analysts predict that Visa Inc. will post 13.22 EPS for the current fiscal year.

Visa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 11th were issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Tuesday, August 11th. Visa's payout ratio is currently 22.79%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Truist Financial set a $406.00 price objective on shares of Visa and gave the company a "buy" rating in a research note on Wednesday, August 5th. Weiss Ratings upgraded shares of Visa from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 30th. Wolfe Research reaffirmed an "outperform" rating and set a $460.00 price target (up from $435.00) on shares of Visa in a report on Tuesday, August 25th. Loop Capital lifted their price target on shares of Visa from $387.00 to $404.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Finally, Robert W. Baird upped their price objective on shares of Visa from $412.00 to $420.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Strong Buy rating and thirty-four have issued a Buy rating to the company. Based on data from MarketBeat, Visa presently has a consensus rating of "Buy" and an average target price of $425.21.

Insiders Place Their Bets

In other Visa news, General Counsel Julie Rottenberg sold 2,028 shares of the business's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $381.35, for a total transaction of $773,377.80. Following the completion of the sale, the general counsel owned 18,404 shares in the company, valued at $7,018,365.40. The trade was a 9.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ryan Mcinerney sold 5,875 shares of the firm's stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $358.81, for a total transaction of $2,108,008.75. Following the completion of the transaction, the chief executive officer owned 15,174 shares in the company, valued at approximately $5,444,582.94. The trade was a 27.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 78,792 shares of company stock valued at $28,863,319 over the last 90 days. 0.12% of the stock is owned by company insiders.

Visa Profile

Visa Inc is a global payments technology company that operates one of the world's largest electronic payments networks. Through its VisaNet platform, the company facilitates the authorization, clearing and settlement of payment transactions between consumers, merchants, financial institutions and governments.

Visa provides payment products and services for credit, debit, prepaid and commercial transactions. Its offerings also include digital payment capabilities, tokenization, fraud prevention, risk management and other value-added services designed to support secure electronic commerce and contactless payments.

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