Summitry LLC Sells 49,675 Shares of Visa Inc. $V

Summitry LLC reduced its position in shares of Visa Inc. (NYSE:V) by 21.3% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 183,370 shares of the credit-card processor’s stock after selling 49,675 shares during the quarter. Visa accounts for about 2.9% of Summitry LLC’s investment portfolio, making the stock its 13th biggest holding. Summitry LLC’s holdings in Visa were worth $65,105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Keystone Global Partners LLC bought a new stake in shares of Visa during the 1st quarter worth approximately $26,000. Family Legacy Financial Solutions LLC bought a new position in Visa in the 2nd quarter valued at about $28,000. Harbor Asset Planning Inc. acquired a new stake in Visa during the 2nd quarter worth approximately $29,000. Cranbrook Wealth Management LLC lifted its holdings in shares of Visa by 82.0% during the second quarter. Cranbrook Wealth Management LLC now owns 91 shares of the credit-card processor’s stock worth $32,000 after buying an additional 41 shares in the last quarter. Finally, Hoese & Co LLP bought a new stake in Visa in the 2nd quarter valued at about $36,000. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Raymond James Financial reissued an “outperform” rating and issued a $408.00 target price (up from $398.00) on shares of Visa in a report on Wednesday, October 29th. UBS Group set a $425.00 price target on Visa and gave the stock a “buy” rating in a report on Wednesday, October 29th. Robert W. Baird set a $425.00 target price on Visa in a report on Wednesday, October 29th. KeyCorp reiterated an “overweight” rating and set a $405.00 price objective on shares of Visa in a research report on Wednesday, October 22nd. Finally, Wells Fargo & Company upgraded Visa to a “strong-buy” rating in a report on Wednesday, October 22nd. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Visa has an average rating of “Moderate Buy” and a consensus price target of $400.00.

Visa Trading Down 1.8%

Shares of V stock opened at $329.89 on Friday. The firm has a market cap of $604.63 billion, a P/E ratio of 32.31, a PEG ratio of 2.00 and a beta of 0.87. The company has a 50 day moving average of $342.16 and a 200-day moving average of $348.69. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.53. Visa Inc. has a 12-month low of $299.00 and a 12-month high of $375.51.

Visa (NYSE:V) last announced its quarterly earnings results on Tuesday, October 28th. The credit-card processor reported $2.98 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.01. The company had revenue of $10.72 billion for the quarter, compared to analysts’ expectations of $10.60 billion. Visa had a net margin of 50.15% and a return on equity of 60.31%. Visa’s revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.71 EPS. Sell-side analysts anticipate that Visa Inc. will post 11.3 earnings per share for the current year.

Visa Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Wednesday, November 12th will be given a dividend of $0.67 per share. The ex-dividend date is Wednesday, November 12th. This is a positive change from Visa’s previous quarterly dividend of $0.59. This represents a $2.68 dividend on an annualized basis and a yield of 0.8%. Visa’s dividend payout ratio (DPR) is 26.25%.

Insider Buying and Selling

In other Visa news, Director Lloyd Carney sold 900 shares of Visa stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $336.48, for a total value of $302,832.00. Following the transaction, the director directly owned 2,468 shares of the company’s stock, valued at $830,432.64. The trade was a 26.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $344.02, for a total transaction of $697,328.54. Following the completion of the transaction, the general counsel owned 11,925 shares in the company, valued at $4,102,438.50. The trade was a 14.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 23,897 shares of company stock worth $8,164,561 in the last quarter. 0.13% of the stock is owned by insiders.

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.