Independence Bank of Kentucky cut its position in shares of Visa Inc. (NYSE:V – Free Report) by 2.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,197 shares of the credit-card processor’s stock after selling 395 shares during the quarter. Visa comprises 1.6% of Independence Bank of Kentucky’s portfolio, making the stock its 12th biggest position. Independence Bank of Kentucky’s holdings in Visa were worth $3,846,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Steigerwald Gordon & Koch Inc. grew its stake in Visa by 1.2% during the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 77,046 shares of the credit-card processor’s stock valued at $17,371,000 after purchasing an additional 951 shares in the last quarter. Atomi Financial Group Inc. acquired a new stake in Visa during the 1st quarter valued at approximately $677,000. Point72 Europe London LLP grew its stake in Visa by 56.4% during the 4th quarter. Point72 Europe London LLP now owns 24,871 shares of the credit-card processor’s stock valued at $5,167,000 after purchasing an additional 8,971 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Visa by 9.1% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 371,379 shares of the credit-card processor’s stock valued at $83,731,000 after purchasing an additional 30,849 shares in the last quarter. Finally, BerganKDV Wealth Management LLC grew its stake in Visa by 7.9% during the 1st quarter. BerganKDV Wealth Management LLC now owns 24,257 shares of the credit-card processor’s stock valued at $5,469,000 after purchasing an additional 1,773 shares in 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 business’s 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 document filed with the SEC, which is available through the SEC website. In other news, insider Rajat Taneja sold 15,800 shares of the business’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $250.01, for a total transaction of $3,950,158.00. Following the sale, the insider now directly owns 232,112 shares of the company’s stock, valued at $58,030,321.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ryan Mcinerney sold 24,025 shares of Visa stock in a transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,550 shares of company stock valued at $19,795,806. Corporate insiders own 0.22% of the company’s stock.
Visa Stock Down 0.2 %
Visa (NYSE:V – Get Free Report) last posted its quarterly earnings data on Tuesday, July 25th. The credit-card processor reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.05. Visa had a return on equity of 49.42% and a net margin of 51.94%. The company had revenue of $8.12 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the business earned $1.98 EPS. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. As a group, research analysts forecast that Visa Inc. will post 8.65 EPS for the current year.
Visa Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 11th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date was Thursday, August 10th. Visa’s dividend payout ratio is presently 22.84%.
Analyst Upgrades and Downgrades
V has been the subject of a number of recent analyst reports. Wedbush restated an “outperform” rating and set a $270.00 price objective on shares of Visa in a research note on Thursday, August 31st. Mizuho reiterated a “neutral” rating and issued a $255.00 target price on shares of Visa in a research report on Tuesday, August 29th. Truist Financial lifted their target price on Visa from $270.00 to $275.00 in a research report on Wednesday, July 26th. Bank of America lifted their target price on Visa from $270.00 to $275.00 in a research report on Tuesday, July 18th. Finally, Royal Bank of Canada lifted their target price on Visa from $265.00 to $290.00 in a research report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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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