Mechanics Bank Trust Department Sells 1,802 Shares of Visa Inc. $V

Mechanics Bank Trust Department reduced its position in shares of Visa Inc. (NYSE:V) by 5.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 31,479 shares of the credit-card processor’s stock after selling 1,802 shares during the quarter. Visa accounts for about 1.6% of Mechanics Bank Trust Department’s investment portfolio, making the stock its 15th biggest holding. Mechanics Bank Trust Department’s holdings in Visa were worth $11,177,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Yeomans Consulting Group Inc. increased its stake in Visa by 2.9% during the 1st quarter. Yeomans Consulting Group Inc. now owns 1,027 shares of the credit-card processor’s stock valued at $360,000 after purchasing an additional 29 shares in the last quarter. Semus Wealth Partners LLC grew its stake in shares of Visa by 0.8% in the first quarter. Semus Wealth Partners LLC now owns 3,449 shares of the credit-card processor’s stock worth $1,209,000 after acquiring an additional 29 shares during the period. Kennebec Savings Bank grew its stake in shares of Visa by 0.9% in the first quarter. Kennebec Savings Bank now owns 3,372 shares of the credit-card processor’s stock worth $1,182,000 after acquiring an additional 30 shares during the period. Capital Advisors Ltd. LLC grew its stake in shares of Visa by 0.8% in the first quarter. Capital Advisors Ltd. LLC now owns 3,839 shares of the credit-card processor’s stock worth $1,345,000 after acquiring an additional 30 shares during the period. Finally, Wood Tarver Financial Group LLC grew its stake in shares of Visa by 11.1% in the first quarter. Wood Tarver Financial Group LLC now owns 301 shares of the credit-card processor’s stock worth $105,000 after acquiring an additional 30 shares during the period. 82.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on V. Raymond James Financial reiterated an “outperform” rating on shares of Visa in a research note on Wednesday, July 30th. Truist Financial reduced their price target on shares of Visa from $400.00 to $397.00 and set a “buy” rating for the company in a research note on Thursday, July 17th. Deutsche Bank Aktiengesellschaft began coverage on shares of Visa in a research note on Thursday, July 17th. They issued a “buy” rating and a $410.00 price target for the company. The Goldman Sachs Group began coverage on shares of Visa in a research note on Monday, June 2nd. They issued a “neutral” rating for the company. Finally, Citigroup assumed coverage on shares of Visa in a research note on Monday, June 2nd. They issued a “buy” rating for the company. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Visa presently has a consensus rating of “Moderate Buy” and a consensus price target of $385.96.

Visa Trading Down 1.7%

Visa stock opened at $338.66 on Wednesday. The stock has a market cap of $620.70 billion, a P/E ratio of 33.07, a PEG ratio of 2.29 and a beta of 0.92. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.12 and a quick ratio of 1.12. Visa Inc. has a 1 year low of $268.23 and a 1 year high of $375.51. The firm’s 50 day moving average price is $345.41 and its 200-day moving average price is $346.32.

Visa (NYSE:V) last released its quarterly earnings data 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. The firm had revenue of $10.17 billion for the quarter, compared to analysts’ expectations of $9.82 billion. Visa had a net margin of 52.16% and a return on equity of 58.93%. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.42 earnings per share. On average, equities analysts predict that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

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

Insider Activity at Visa

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

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.