Orrstown Financial Services Inc. Sells 114 Shares of Visa Inc. $V

Orrstown Financial Services Inc. lessened its position in Visa Inc. (NYSE:V) by 1.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,101 shares of the credit-card processor’s stock after selling 114 shares during the quarter. Visa accounts for approximately 0.6% of Orrstown Financial Services Inc.’s portfolio, making the stock its 19th largest holding. Orrstown Financial Services Inc.’s holdings in Visa were worth $2,876,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Keystone Global Partners LLC bought a new position in shares of Visa during the first quarter valued at about $26,000. von Borstel & Associates Inc. bought a new position in Visa during the 1st quarter valued at approximately $27,000. Family Legacy Financial Solutions LLC purchased a new position in shares of Visa in the 2nd quarter worth about $28,000. 1 North Wealth Services LLC bought a new position in shares of Visa in the first quarter worth approximately $38,000. Finally, Anderson Financial Strategies LLC purchased a new position in shares of Visa in the first quarter worth $53,000. Institutional investors own 82.15% of the company’s stock.

Visa Trading Up 1.2%

Shares of Visa stock opened at $342.07 on Monday. The firm’s 50 day simple moving average is $345.70 and its two-hundred day simple moving average is $346.38. The firm has a market capitalization of $626.94 billion, a price-to-earnings ratio of 33.41, a PEG ratio of 2.27 and a beta of 0.92. Visa Inc. has a 12-month low of $268.23 and a 12-month high of $375.51. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52.

Visa (NYSE:V) last announced its quarterly earnings data on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, beating analysts’ consensus estimates of $2.85 by $0.13. The firm had revenue of $10.17 billion for the quarter, compared to analyst estimates of $9.82 billion. Visa had a net margin of 52.16% and a return on equity of 58.93%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.42 earnings per share. Analysts predict that Visa Inc. will post 11.3 EPS for the current year.

Visa Announces Dividend

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

Wall Street Analyst Weigh In

V has been the topic of several research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Visa in a research report on Thursday, July 17th. They issued a “buy” rating and a $410.00 target price on the stock. Barclays reaffirmed an “overweight” rating and issued a $408.00 price target (up previously from $396.00) on shares of Visa in a report on Thursday, July 31st. Jefferies Financial Group upped their price objective on Visa from $400.00 to $410.00 and gave the company a “buy” rating in a research report on Tuesday, May 27th. Citigroup began coverage on Visa in a report on Monday, June 2nd. They issued a “buy” rating for the company. Finally, Macquarie increased their price target on Visa from $380.00 to $425.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $385.96.

Insider Activity at Visa

In other news, CEO Ryan Mcinerney sold 8,630 shares of the company’s stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $353.82, for a total value of $3,053,466.60. Following the sale, the chief executive officer directly owned 537 shares of the company’s stock, valued at $190,001.34. This represents a 94.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $344.02, for a total transaction of $697,328.54. Following the transaction, 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. Insiders own 0.13% of the company’s stock.

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.