Cidel Asset Management Inc. Increases Stake in Visa Inc. $V

Cidel Asset Management Inc. boosted its position in Visa Inc. (NYSE:V) by 15.6% during the second quarter, Holdings Channel.com reports. The fund owned 134,456 shares of the credit-card processor’s stock after acquiring an additional 18,155 shares during the period. Visa accounts for 2.9% of Cidel Asset Management Inc.’s holdings, making the stock its 4th largest holding. Cidel Asset Management Inc.’s holdings in Visa were worth $47,739,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in V. Keystone Global Partners LLC bought a new stake in Visa in the 1st quarter worth $26,000. von Borstel & Associates Inc. bought a new stake in Visa in the 1st quarter worth $27,000. Family Legacy Financial Solutions LLC purchased a new stake in shares of Visa in the 2nd quarter worth about $28,000. Harbor Asset Planning Inc. purchased a new stake in shares of Visa in the 2nd quarter worth about $29,000. Finally, Cranbrook Wealth Management LLC lifted its position in shares of Visa by 82.0% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 91 shares of the credit-card processor’s stock worth $32,000 after purchasing an additional 41 shares during the period. Institutional investors own 82.15% of the company’s stock.

Visa Stock Up 0.8%

Shares of Visa stock opened at $347.17 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market capitalization of $636.29 billion, a PE ratio of 33.90, a price-to-earnings-growth ratio of 2.04 and a beta of 0.90. Visa Inc. has a 52-week low of $280.78 and a 52-week high of $375.51. The company has a 50-day simple moving average of $344.68 and a two-hundred day simple moving average of $347.11.

Visa (NYSE:V) last issued its earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.85 by $0.13. The business had revenue of $10.17 billion during the quarter, compared to analysts’ expectations of $9.82 billion. Visa had a net margin of 52.16% and a return on equity of 58.93%. The business’s revenue for the quarter 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. On average, analysts anticipate that Visa Inc. will post 11.3 EPS for the current fiscal year.

Visa Dividend Announcement

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

Analyst Ratings Changes

V has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Visa in a research report on Thursday, July 17th. They issued a “buy” rating and a $410.00 target price for the company. Raymond James Financial reaffirmed an “outperform” rating on shares of Visa in a research report on Wednesday, July 30th. Macquarie raised their target price on shares of Visa from $380.00 to $425.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Oppenheimer raised their target price on shares of Visa from $390.00 to $391.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 2nd. Finally, Truist Financial dropped their target price on shares of Visa from $400.00 to $397.00 and set a “buy” rating for the company in a research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $389.74.

Insider Buying and Selling

In other news, CEO Ryan Mcinerney sold 10,485 shares of Visa stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $342.30, for a total value 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. The trade was a 95.13% decrease in their ownership of the stock. 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 Visa stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $344.02, for a total transaction of $697,328.54. Following the completion of 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. Insiders own 0.13% of the company’s stock.

Visa Company Profile

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.