Grassi Investment Management trimmed its stake in Visa Inc. (NYSE:V – Free Report) by 0.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 101,378 shares of the credit-card processor’s stock after selling 241 shares during the quarter. Visa accounts for 2.6% of Grassi Investment Management’s portfolio, making the stock its 6th largest position. Grassi Investment Management’s holdings in Visa were worth $24,075,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Moneta Group Investment Advisors LLC grew its stake in Visa by 116,608.6% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,504,130 shares of the credit-card processor’s stock valued at $5,090,978,000 after purchasing an additional 24,483,134 shares in the last quarter. Norges Bank bought a new stake in shares of Visa in the 4th quarter valued at approximately $3,067,232,000. Morgan Stanley increased its holdings in Visa by 13.0% in the fourth quarter. Morgan Stanley now owns 51,122,866 shares of the credit-card processor’s stock worth $10,621,287,000 after buying an additional 5,864,340 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Visa by 130.4% during the first quarter. Envestnet Asset Management Inc. now owns 7,042,098 shares of the credit-card processor’s stock valued at $680,069,000 after acquiring an additional 3,986,135 shares in the last quarter. Finally, State Street Corp lifted its stake in Visa by 3.7% in the first quarter. State Street Corp now owns 72,897,112 shares of the credit-card processor’s stock valued at $16,435,339,000 after acquiring an additional 2,572,159 shares during the last quarter. 81.35% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Visa
In other news, CEO Ryan Mcinerney sold 24,025 shares of the stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $240.00, for a total transaction of $5,766,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Ryan Mcinerney sold 24,025 shares of the business’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $240.00, for a total value of $5,766,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Rajat Taneja sold 2,300 shares of the stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $240.00, for a total value of $552,000.00. Following the completion of the transaction, the insider now owns 232,112 shares in the company, valued at $55,706,880. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,550 shares of company stock valued at $19,795,806. Corporate insiders own 0.21% of the company’s stock.
Visa Stock Up 1.5 %
Visa (NYSE:V – Get Free Report) last announced its quarterly earnings results on Tuesday, July 25th. The credit-card processor reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.11 by $0.05. The firm had revenue of $8.12 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Visa had a return on equity of 49.42% and a net margin of 51.94%. The business’s revenue was up 11.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.98 earnings per share. Equities analysts forecast that Visa Inc. will post 8.65 earnings per share for the current fiscal year.
Visa Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 11th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, August 10th. This represents a $1.80 annualized dividend and a yield of 0.74%. Visa’s dividend payout ratio is 22.84%.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on V. Truist Financial increased their price target on shares of Visa from $270.00 to $275.00 in a research note on Wednesday, July 26th. Wedbush reissued an “outperform” rating and set a $270.00 price objective on shares of Visa in a report on Thursday, August 31st. Royal Bank of Canada upped their target price on Visa from $265.00 to $290.00 in a research report on Wednesday, July 26th. Raymond James lifted their price target on shares of Visa from $282.00 to $284.00 and gave the company an “outperform” rating in a research report on Wednesday, July 26th. Finally, Bank of America raised their target price on shares of Visa from $270.00 to $275.00 in a research note on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $273.77.
Visa Inc operates as a payments technology company worldwide. 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, click to pay; Visa Direct, a real-time payments network; Visa B2B Connect, a multilateral B2B cross-border payments network; Visa Treasury as a Service, a cross-border consumer payments business; 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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