Rockland Trust Co. Sells 29,142 Shares of Visa Inc. $V

Rockland Trust Co. cut its holdings in shares of Visa Inc. (NYSE:V) by 17.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 136,157 shares of the credit-card processor’s stock after selling 29,142 shares during the period. Visa makes up about 1.9% of Rockland Trust Co.’s investment portfolio, making the stock its 11th largest holding. Rockland Trust Co.’s holdings in Visa were worth $48,925,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Concorde Asset Management LLC increased its holdings in shares of Visa by 4.0% during the second quarter. Concorde Asset Management LLC now owns 728 shares of the credit-card processor’s stock valued at $250,000 after purchasing an additional 28 shares during the period. G&S Capital LLC grew its position in Visa by 4.0% in the 2nd quarter. G&S Capital LLC now owns 761 shares of the credit-card processor’s stock valued at $261,000 after buying an additional 29 shares in the last quarter. Keating Financial Advisory Services Inc. increased its stake in Visa by 0.9% during the 2nd quarter. Keating Financial Advisory Services Inc. now owns 3,189 shares of the credit-card processor’s stock valued at $1,094,000 after buying an additional 29 shares during the period. Riverview Capital Advisers LLC raised its position in shares of Visa by 0.3% during the 2nd quarter. Riverview Capital Advisers LLC now owns 10,805 shares of the credit-card processor’s stock worth $3,707,000 after buying an additional 29 shares in the last quarter. Finally, NerdWallet Wealth Partners LLC boosted its holdings in shares of Visa by 4.5% in the second quarter. NerdWallet Wealth Partners LLC now owns 695 shares of the credit-card processor’s stock valued at $239,000 after acquiring an additional 30 shares in the last quarter. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Visa Trading Up 2.2%

Shares of V traded up $7.76 during midday trading on Monday, hitting $368.42. The stock had a trading volume of 1,552,442 shares, compared to its average volume of 7,596,678. Visa Inc. has a fifty-two week low of $293.89 and a fifty-two week high of $385.57. The business has a 50-day simple moving average of $369.04 and a two-hundred day simple moving average of $340.78. The firm has a market cap of $657.43 billion, a P/E ratio of 31.31, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.60.

Visa (NYSE:V) last released its quarterly earnings results on Tuesday, July 28th. The credit-card processor reported $3.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.23 by $0.09. The business had revenue of $11.63 billion for the quarter, compared to analyst estimates of $11.40 billion. Visa had a net margin of 50.78% and a return on equity of 67.68%. The firm’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.98 earnings per share. As a group, equities analysts forecast that Visa Inc. will post 13.22 EPS for the current year.

Visa Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 11th were issued a $0.67 dividend. The ex-dividend date was Tuesday, August 11th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 0.7%. Visa’s dividend payout ratio is presently 22.79%.

Insider Transactions at Visa

In other Visa news, General Counsel Julie B. Rottenberg sold 1,867 shares of Visa stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $368.34, for a total transaction of $687,690.78. Following the transaction, the general counsel owned 18,404 shares of the company’s stock, valued at $6,778,929.36. The trade was a 9.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Tullier Mahon sold 57,272 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $364.97, for a total value of $20,902,561.84. Following the completion of the transaction, the insider owned 49,662 shares in the company, valued at $18,125,140.14. This represents a 53.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 78,792 shares of company stock valued at $28,863,319 over the last quarter. Company insiders own 0.12% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on V shares. JPMorgan Chase & Co. increased their price target on Visa from $400.00 to $450.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. UBS Group reissued a “buy” rating and issued a $420.00 price objective (up from $410.00) on shares of Visa in a research note on Wednesday, July 29th. Rothschild & Co Redburn upped their price objective on Visa from $430.00 to $444.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Loop Capital lifted their target price on Visa from $387.00 to $404.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Truist Financial set a $406.00 price target on shares of Visa and gave the company a “buy” rating in a report on Wednesday, August 5th. Three research analysts have rated the stock with a Strong Buy rating and thirty-four have given a Buy rating to the stock. According to MarketBeat, Visa presently has a consensus rating of “Buy” and an average price target of $425.21.

Visa Profile

Visa Inc is a global payments technology company that operates one of the world’s largest electronic payments networks. Through its VisaNet platform, the company facilitates the authorization, clearing and settlement of payment transactions between consumers, merchants, financial institutions and governments.

Visa provides payment products and services for credit, debit, prepaid and commercial transactions. Its offerings also include digital payment capabilities, tokenization, fraud prevention, risk management and other value-added services designed to support secure electronic commerce and contactless payments.