Summit Financial LLC Reduces Holdings in Visa Inc. $V

Summit Financial LLC cut its position in shares of Visa Inc. (NYSE:V) by 1.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,480 shares of the credit-card processor’s stock after selling 659 shares during the quarter. Summit Financial LLC’s holdings in Visa were worth $14,186,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Visa by 1.1% during the first quarter. Vanguard Group Inc. now owns 161,082,431 shares of the credit-card processor’s stock worth $56,452,949,000 after buying an additional 1,677,088 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Visa by 4.0% during the first quarter. Northern Trust Corp now owns 18,987,013 shares of the credit-card processor’s stock worth $6,654,189,000 after buying an additional 726,299 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Visa by 38,416.3% during the first quarter. GAMMA Investing LLC now owns 14,761,375 shares of the credit-card processor’s stock worth $5,173,271,000 after buying an additional 14,723,050 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Visa by 14.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,321,754 shares of the credit-card processor’s stock worth $4,210,207,000 after buying an additional 1,723,785 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Visa by 1.3% during the fourth quarter. Ameriprise Financial Inc. now owns 12,796,415 shares of the credit-card processor’s stock worth $4,045,149,000 after buying an additional 164,008 shares in the last quarter. 82.15% of the stock is currently owned by hedge funds and other institutional investors.

Visa Stock Performance

V stock opened at $343.99 on Thursday. The company has a market capitalization of $630.46 billion, a P/E ratio of 33.59, a PEG ratio of 2.28 and a beta of 0.94. The company has a 50-day simple moving average of $348.54 and a 200 day simple moving average of $347.39. Visa Inc. has a fifty-two week low of $265.31 and a fifty-two week high of $375.51. 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) last posted its quarterly earnings data on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, topping the consensus estimate of $2.85 by $0.13. The business had revenue of $10.17 billion during the quarter, compared to the consensus estimate of $9.82 billion. Visa had a net margin of 52.16% and a return on equity of 58.93%. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.42 earnings per share. Sell-side analysts predict that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th will be given a dividend of $0.59 per share. The ex-dividend date is Tuesday, August 12th. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. Visa’s dividend payout ratio (DPR) is 23.05%.

Insider Activity

In other news, CEO Ryan Mcinerney sold 8,630 shares of the firm’s 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 owned 537 shares in the company, valued at approximately $190,001.34. This trade represents a 94.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Paul D. Fabara sold 46,214 shares of the firm’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $370.00, for a total transaction of $17,099,180.00. Following the transaction, the insider owned 26,413 shares of the company’s stock, valued at approximately $9,772,810. This trade represents a 63.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,127 shares of company stock worth $28,340,553. Corporate insiders own 0.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on V shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Visa in a report on Thursday, July 17th. They set a “buy” rating and a $410.00 price target for the company. BMO Capital Markets boosted their target price on shares of Visa from $370.00 to $380.00 and gave the company an “outperform” rating in a report on Wednesday, April 30th. Piper Sandler boosted their target price on shares of Visa from $383.00 to $384.00 and gave the company an “overweight” rating in a report on Wednesday, April 30th. Truist Financial lowered their target price on shares of Visa from $400.00 to $397.00 and set a “buy” rating for the company in a report on Thursday, July 17th. Finally, Wall Street Zen upgraded shares of Visa from a “hold” rating to a “buy” rating in a report on Monday, May 12th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $380.84.

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.