Penobscot Wealth Management Takes $236,000 Position in Visa Inc. $V

Penobscot Wealth Management acquired a new stake in Visa Inc. (NYSE:V) during the 2nd quarter, Holdings Channel reports. The firm acquired 666 shares of the credit-card processor’s stock, valued at approximately $236,000.

Several other large investors have also made changes to their positions in V. Vanguard Group Inc. lifted its position in shares of Visa by 1.1% in the first quarter. Vanguard Group Inc. now owns 161,082,431 shares of the credit-card processor’s stock worth $56,452,949,000 after buying an additional 1,677,088 shares in the last quarter. Northern Trust Corp lifted its position in shares of Visa by 4.0% in the first quarter. Northern Trust Corp now owns 18,987,013 shares of the credit-card processor’s stock worth $6,654,189,000 after buying an additional 726,299 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Visa by 7.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 14,277,146 shares of the credit-card processor’s stock worth $5,003,569,000 after buying an additional 955,392 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Visa by 3.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,675,220 shares of the credit-card processor’s stock worth $4,442,157,000 after buying an additional 434,217 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Visa by 17.7% in the first quarter. Wellington Management Group LLP now owns 10,979,720 shares of the credit-card processor’s stock worth $3,847,953,000 after buying an additional 1,651,954 shares in the last quarter. 82.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Ryan Mcinerney sold 10,485 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 537 shares of the company’s stock, valued at approximately $183,815.10. This represents a 95.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $344.02, for a total value of $697,328.54. Following the transaction, the general counsel directly owned 11,925 shares in the company, valued at approximately $4,102,438.50. This represents a 14.53% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.13% of the company’s stock.

Analysts Set New Price Targets

V has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Visa in a research report on Wednesday, October 8th. Raymond James Financial reiterated an “outperform” rating and issued a $408.00 target price (up from $398.00) on shares of Visa in a research report on Wednesday. Wells Fargo & Company upgraded Visa to a “strong-buy” rating in a research report on Wednesday, October 22nd. Truist Financial decreased their price objective on Visa from $400.00 to $397.00 and set a “buy” rating on the stock in a research report on Thursday, July 17th. Finally, Oppenheimer upped their price objective on Visa from $390.00 to $391.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $400.00.

Visa Trading Down 1.7%

Shares of V stock opened at $340.93 on Thursday. The company has a market cap of $624.86 billion, a PE ratio of 33.39, a price-to-earnings-growth ratio of 2.05 and a beta of 0.90. The stock’s 50 day simple moving average is $344.93 and its two-hundred day simple moving average is $348.30. Visa Inc. has a 1 year low of $287.19 and a 1 year high of $375.51. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.12 and a quick ratio of 1.12.

Visa (NYSE:V) last released its 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 firm had revenue of $10.72 billion for the quarter, compared to analysts’ expectations of $10.60 billion. Visa had a return on equity of 60.20% and a net margin of 50.15%.The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.71 earnings per share. Research analysts predict that Visa Inc. will post 11.3 earnings per share for the current year.

Visa Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Wednesday, November 12th will be paid a dividend of $0.67 per share. 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 dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, November 12th. Visa’s payout ratio is currently 23.05%.

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.