Visa Inc. $V Stock Position Raised by Fortitude Family Office LLC

Key Points

• Fortitude Family Office LLC increased its stake in Visa Inc. by 97.5% during the 2nd quarter, bringing its total to 3,213 shares worth approximately $1.14 million.
• Visa reported earnings of $2.98 per share for its last quarter, exceeding expectations and marking a 14.3% year-over-year revenue increase with total revenue of $10.17 billion.
• The company declared a quarterly dividend of $0.59 per share, resulting in an annualized dividend yield of 0.7% and a payout ratio of 23.05%.

Fortitude Family Office LLC lifted its position in Visa Inc. (NYSE:V - Free Report) by 97.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,213 shares of the credit-card processor's stock after acquiring an additional 1,586 shares during the quarter. Fortitude Family Office LLC's holdings in Visa were worth $1,141,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. CGN Advisors LLC lifted its position in shares of Visa by 3.0% in the 2nd quarter. CGN Advisors LLC now owns 1,138 shares of the credit-card processor's stock valued at $404,000 after acquiring an additional 33 shares in the last quarter. Martin Capital Advisors LLP lifted its position in shares of Visa by 1.2% in the 2nd quarter. Martin Capital Advisors LLP now owns 11,582 shares of the credit-card processor's stock valued at $4,112,000 after acquiring an additional 136 shares in the last quarter. Christensen King & Associates Investment Services Inc. lifted its position in shares of Visa by 16.4% in the 2nd quarter. Christensen King & Associates Investment Services Inc. now owns 824 shares of the credit-card processor's stock valued at $292,000 after acquiring an additional 116 shares in the last quarter. Crew Capital Management Ltd. lifted its position in shares of Visa by 51.6% in the 2nd quarter. Crew Capital Management Ltd. now owns 6,174 shares of the credit-card processor's stock valued at $2,192,000 after acquiring an additional 2,101 shares in the last quarter. Finally, CHICAGO TRUST Co NA lifted its position in shares of Visa by 18.5% in the 2nd quarter. CHICAGO TRUST Co NA now owns 23,215 shares of the credit-card processor's stock valued at $8,242,000 after acquiring an additional 3,621 shares in the last quarter. Hedge funds and other institutional investors own 82.15% of the company's stock.

Visa Trading Down 1.7%

Shares of V stock opened at $338.66 on Wednesday. Visa Inc. has a 12-month low of $268.23 and a 12-month high of $375.51. The company has a market capitalization of $620.70 billion, a P/E ratio of 33.07, a P/E/G ratio of 2.29 and a beta of 0.92. The firm has a 50-day moving average price of $345.41 and a 200 day moving average price of $346.32. The company has a quick ratio of 1.12, a current 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 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $9.82 billion. During the same period last year, the firm posted $2.42 EPS. The firm's quarterly revenue was up 14.3% on a year-over-year basis. Research analysts forecast that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Dividend Announcement

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

Analysts Set New Price Targets

V has been the subject of a number of research analyst reports. Jefferies Financial Group increased their target price on shares of Visa from $400.00 to $410.00 and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Erste Group Bank downgraded shares of Visa from a "buy" rating to a "hold" rating in a research report on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Visa in a research report on Thursday, July 17th. They issued a "buy" rating and a $410.00 target price for the company. Citigroup initiated coverage on shares of Visa in a research report on Monday, June 2nd. They issued a "buy" rating for the company. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Visa in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $385.96.

Insider Activity

In related news, CEO Ryan Mcinerney sold 8,630 shares of Visa 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 directly owned 537 shares of the company's stock, valued at $190,001.34. This trade represents a 94.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of Visa stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $344.02, for a total transaction of $697,328.54. Following the transaction, the general counsel directly owned 11,925 shares of the company's stock, valued at $4,102,438.50. This represents a 14.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.13% of the company's stock.

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.

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