OLD Point Trust & Financial Services N A Reduces Holdings in Visa Inc. $V

OLD Point Trust & Financial Services N A lessened its position in shares of Visa Inc. (NYSE:V) by 4.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,072 shares of the credit-card processor’s stock after selling 269 shares during the period. OLD Point Trust & Financial Services N A’s holdings in Visa were worth $2,156,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Granite Harbor Advisors Inc. lifted its position in shares of Visa by 9.4% during the 2nd quarter. Granite Harbor Advisors Inc. now owns 3,048 shares of the credit-card processor’s stock valued at $1,082,000 after buying an additional 262 shares during the last quarter. Forum Financial Management LP raised its stake in shares of Visa by 22.3% during the 2nd quarter. Forum Financial Management LP now owns 11,487 shares of the credit-card processor’s stock valued at $4,078,000 after purchasing an additional 2,096 shares during the period. Ethic Inc. raised its stake in shares of Visa by 5.7% during the 2nd quarter. Ethic Inc. now owns 172,115 shares of the credit-card processor’s stock valued at $60,001,000 after purchasing an additional 9,240 shares during the period. Rehmann Capital Advisory Group raised its stake in shares of Visa by 2.9% during the 2nd quarter. Rehmann Capital Advisory Group now owns 15,993 shares of the credit-card processor’s stock valued at $5,679,000 after purchasing an additional 447 shares during the period. Finally, Parcion Private Wealth LLC raised its stake in shares of Visa by 2.3% during the 2nd quarter. Parcion Private Wealth LLC now owns 2,159 shares of the credit-card processor’s stock valued at $767,000 after purchasing an additional 48 shares during the period. Hedge funds and other institutional investors own 82.15% of the company’s stock.

Insider Activity

In related news, CEO Ryan Mcinerney sold 10,485 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $342.30, for a total transaction of $3,589,015.50. Following the completion of the sale, the chief executive officer directly owned 537 shares in the company, valued at $183,815.10. This represents a 95.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $344.02, for a total value of $697,328.54. Following the sale, the general counsel owned 11,925 shares of the company’s stock, valued at $4,102,438.50. This represents a 14.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.13% of the company’s stock.

Visa Price Performance

Shares of Visa stock opened at $347.34 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $636.60 billion, a PE ratio of 33.92, a price-to-earnings-growth ratio of 2.05 and a beta of 0.90. The business’s 50-day moving average price is $344.79 and its 200-day moving average price is $347.60. Visa Inc. has a 12 month low of $280.78 and a 12 month high of $375.51.

Visa (NYSE:V) last issued its earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.13. The company had revenue of $10.17 billion during the quarter, compared to analysts’ expectations of $9.82 billion. Visa had a return on equity of 58.93% and a net margin of 52.16%.Visa’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.42 EPS. Sell-side analysts forecast that Visa Inc. will post 11.3 EPS for the current fiscal year.

Visa Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Citigroup upgraded Visa to a “strong-buy” rating in a research note on Thursday. Robert W. Baird set a $410.00 target price on Visa and gave the stock an “outperform” rating in a research note on Monday, October 6th. UBS Group restated a “buy” rating and issued a $415.00 target price (up from $405.00) on shares of Visa in a research note on Wednesday, July 30th. Truist Financial decreased their target price on Visa from $400.00 to $397.00 and set a “buy” rating on the stock in a research note on Thursday, July 17th. Finally, Morgan Stanley upped their target price on Visa from $386.00 to $402.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $392.75.

About Visa

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.