Texas Capital Bank Wealth Management Services Inc. lowered its stake in shares of Visa Inc. (NYSE:V – Free Report) by 11.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,646 shares of the credit-card processor’s stock after selling 350 shares during the period. Texas Capital Bank Wealth Management Services Inc.’s holdings in Visa were worth $628,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently modified their holdings of V. Financial Freedom LLC acquired a new position in Visa in the fourth quarter valued at about $32,000. Kalos Management Inc. bought a new stake in Visa during the 1st quarter worth approximately $40,000. NewSquare Capital LLC raised its holdings in Visa by 121.9% during the 1st quarter. NewSquare Capital LLC now owns 213 shares of the credit-card processor’s stock worth $48,000 after buying an additional 117 shares during the period. Moisand Fitzgerald Tamayo LLC raised its holdings in Visa by 666.7% during the 1st quarter. Moisand Fitzgerald Tamayo LLC now owns 230 shares of the credit-card processor’s stock worth $52,000 after buying an additional 200 shares during the period. Finally, Northwest Bank & Trust Co bought a new position in Visa in the second quarter valued at approximately $64,000. 81.35% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Visa
In related news, CEO Ryan Mcinerney sold 8,150 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $247.47, for a total transaction of $2,016,880.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Ryan Mcinerney sold 8,150 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $247.47, for a total transaction of $2,016,880.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Rajat Taneja sold 15,800 shares of the firm’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 completion of the sale, the insider now owns 232,112 shares of the company’s stock, valued at $58,030,321.12. The disclosure for this sale can be found here. Insiders have sold a total of 72,100 shares of company stock worth $17,368,639 in the last 90 days. Corporate insiders own 0.21% of the company’s stock.
Visa Stock Performance
Visa (NYSE:V – Get Free Report) last posted its quarterly earnings data on Tuesday, October 24th. The credit-card processor reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.10. The company had revenue of $8.61 billion during the quarter, compared to analysts’ expectations of $8.56 billion. Visa had a net margin of 52.90% and a return on equity of 50.13%. Visa’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.93 earnings per share. Research analysts anticipate that Visa Inc. will post 9.9 earnings per share for the current year.
Visa Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Thursday, November 9th will be given a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, November 8th. This is a positive change from Visa’s previous quarterly dividend of $0.45. This represents a $2.08 annualized dividend and a dividend yield of 0.85%. Visa’s dividend payout ratio (DPR) is 25.09%.
Wall Street Analyst Weigh In
A number of brokerages recently commented on V. Wedbush restated an “outperform” rating and set a $270.00 price objective on shares of Visa in a report on Wednesday, October 25th. UBS Group assumed coverage on Visa in a research report on Friday, October 20th. They set a “buy” rating and a $295.00 price objective for the company. Bank of America lifted their target price on Visa from $270.00 to $275.00 in a research report on Tuesday, July 18th. Mizuho upped their price target on Visa from $240.00 to $243.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. Finally, Credit Suisse Group lifted their price objective on shares of Visa from $265.00 to $275.00 in a report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Visa has a consensus rating of “Moderate Buy” and a consensus target price of $275.67.
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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