Summit Asset Management LLC Has $1.36 Million Position in Visa Inc. (NYSE:V)

Summit Asset Management LLC reduced its holdings in shares of Visa Inc. (NYSE:VGet Rating) by 1.9% during the 1st quarter, Holdings Channel.com reports. The fund owned 6,131 shares of the credit-card processor’s stock after selling 120 shares during the period. Summit Asset Management LLC’s holdings in Visa were worth $1,360,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. lifted its holdings in Visa by 1.9% during the 4th quarter. BlackRock Inc. now owns 129,031,301 shares of the credit-card processor’s stock valued at $27,962,374,000 after purchasing an additional 2,440,030 shares during the last quarter. State Street Corp lifted its holdings in Visa by 2.1% during the 4th quarter. State Street Corp now owns 74,542,114 shares of the credit-card processor’s stock valued at $16,154,022,000 after purchasing an additional 1,504,897 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Visa by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 29,682,215 shares of the credit-card processor’s stock valued at $6,416,486,000 after purchasing an additional 827,137 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Visa by 11.5% during the 4th quarter. Alliancebernstein L.P. now owns 25,850,411 shares of the credit-card processor’s stock valued at $5,602,043,000 after purchasing an additional 2,659,845 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Visa by 1.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 24,368,049 shares of the credit-card processor’s stock valued at $5,280,800,000 after purchasing an additional 320,042 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on V shares. Cowen cut their price target on shares of Visa from $276.00 to $254.00 and set an “outperform” rating for the company in a report on Wednesday, April 27th. Susquehanna dropped their target price on shares of Visa from $290.00 to $260.00 in a research note on Thursday, July 28th. Mizuho dropped their target price on shares of Visa from $235.00 to $215.00 and set a “neutral” rating for the company in a research note on Friday, July 1st. Barclays boosted their target price on shares of Visa from $263.00 to $271.00 and gave the stock an “overweight” rating in a research note on Thursday, July 28th. Finally, Truist Financial dropped their target price on shares of Visa from $275.00 to $250.00 in a research note on Thursday, June 30th. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $258.64.

Insider Activity

In other news, CEO Alfred F. Kelly, Jr. sold 9,000 shares of the stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $195.37, for a total value of $1,758,330.00. Following the transaction, the chief executive officer now directly owns 159,887 shares of the company’s stock, valued at $31,237,123.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 27,000 shares of company stock valued at $5,560,740 over the last ninety days. 0.21% of the stock is currently owned by company insiders.

Visa Stock Performance

Shares of V stock opened at $215.87 on Friday. The company’s fifty day simple moving average is $205.31 and its 200-day simple moving average is $210.48. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.63. The firm has a market cap of $410.43 billion, a PE ratio of 31.84, a P/E/G ratio of 1.70 and a beta of 0.89. Visa Inc. has a 12 month low of $185.91 and a 12 month high of $242.60.

Visa Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 12th will be given a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 0.69%. The ex-dividend date is Thursday, August 11th. Visa’s dividend payout ratio (DPR) is currently 22.12%.

About Visa

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Visa Inc operates as a payments technology company worldwide. The company facilitates digital payments among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions.

Further Reading

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Institutional Ownership by Quarter for Visa (NYSE:V)

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