Summitry LLC Purchases 5,622 Shares of Visa Inc. $V

Summitry LLC lifted its position in shares of Visa Inc. (NYSE:V) by 3.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 194,792 shares of the credit-card processor’s stock after purchasing an additional 5,622 shares during the period. Visa accounts for about 2.8% of Summitry LLC’s holdings, making the stock its 13th biggest position. Summitry LLC’s holdings in Visa were worth $68,316,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Visa by 2.3% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 8,396 shares of the credit-card processor’s stock valued at $2,945,000 after purchasing an additional 192 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Visa by 1.7% during the fourth quarter. Fisher Asset Management LLC now owns 7,485,132 shares of the credit-card processor’s stock valued at $2,625,111,000 after purchasing an additional 125,909 shares in the last quarter. Choate Investment Advisors lifted its position in shares of Visa by 2.1% during the fourth quarter. Choate Investment Advisors now owns 105,761 shares of the credit-card processor’s stock valued at $37,092,000 after purchasing an additional 2,221 shares in the last quarter. Rooted Wealth Advisors Inc. lifted its position in shares of Visa by 238.8% during the fourth quarter. Rooted Wealth Advisors Inc. now owns 2,385 shares of the credit-card processor’s stock valued at $787,000 after purchasing an additional 1,681 shares in the last quarter. Finally, CYBER HORNET ETFs LLC raised its position in Visa by 5.2% in the fourth quarter. CYBER HORNET ETFs LLC now owns 4,874 shares of the credit-card processor’s stock worth $1,709,000 after acquiring an additional 239 shares during the period. 82.15% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Freedom Capital raised shares of Visa from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Truist Financial set a $371.00 price objective on shares of Visa and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Raymond James Financial reaffirmed an “outperform” rating and issued a $389.00 price objective on shares of Visa in a research report on Wednesday, April 29th. Oppenheimer reaffirmed an “outperform” rating and issued a $403.00 price objective (up from $391.00) on shares of Visa in a research report on Wednesday, April 29th. Finally, Weiss Ratings lowered shares of Visa from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, April 16th. Six investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Visa currently has a consensus rating of “Buy” and an average target price of $387.67.

Insider Activity

In other news, CFO Chris Suh sold 10,639 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $324.81, for a total value of $3,455,653.59. Following the sale, the chief financial officer owned 9,872 shares of the company’s stock, valued at $3,206,524.32. The trade was a 51.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lloyd Carney sold 650 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $309.62, for a total transaction of $201,253.00. Following the completion of the sale, the director directly owned 2,679 shares in the company, valued at approximately $829,471.98. This trade represents a 19.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 42,744 shares of company stock valued at $14,356,010 over the last quarter. Company insiders own 0.12% of the company’s stock.

Visa Stock Performance

NYSE V opened at $329.21 on Tuesday. The company’s 50 day moving average is $313.23 and its 200-day moving average is $325.27. Visa Inc. has a 12-month low of $293.89 and a 12-month high of $375.51. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.64. The firm has a market cap of $590.53 billion, a P/E ratio of 28.68, a price-to-earnings-growth ratio of 1.76 and a beta of 0.78.

Visa (NYSE:V) last posted its quarterly earnings results on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.10 by $0.21. Visa had a net margin of 51.68% and a return on equity of 65.00%. The company had revenue of $11.23 billion for the quarter, compared to analyst estimates of $10.75 billion. During the same quarter in the previous year, the firm posted $2.76 earnings per share. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. Sell-side analysts predict that Visa Inc. will post 13.09 earnings per share for the current year.

Visa Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th will be given a $0.67 dividend. The ex-dividend date of this dividend is Tuesday, May 12th. This represents a $2.68 annualized dividend and a dividend yield of 0.8%. Visa’s payout ratio is 23.34%.

Visa declared that its Board of Directors has approved a stock repurchase plan on Tuesday, April 28th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the credit-card processor to reacquire up to 3.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Visa Profile

Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world’s largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa’s network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.

Visa’s product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.