Patten Group Inc. Has $14.29 Million Stake in Visa Inc. $V

Patten Group Inc. cut its stake in Visa Inc. (NYSE:V) by 1.3% in the 2nd quarter, Holdings Channel reports. The firm owned 40,236 shares of the credit-card processor’s stock after selling 514 shares during the period. Visa makes up about 3.0% of Patten Group Inc.’s portfolio, making the stock its 3rd biggest position. Patten Group Inc.’s holdings in Visa were worth $14,286,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Yeomans Consulting Group Inc. boosted its holdings in shares of Visa by 2.9% during the 1st quarter. Yeomans Consulting Group Inc. now owns 1,027 shares of the credit-card processor’s stock valued at $360,000 after acquiring an additional 29 shares during the last quarter. Semus Wealth Partners LLC boosted its holdings in shares of Visa by 0.8% during the 1st quarter. Semus Wealth Partners LLC now owns 3,449 shares of the credit-card processor’s stock valued at $1,209,000 after acquiring an additional 29 shares during the last quarter. BankPlus Wealth Management LLC boosted its holdings in shares of Visa by 0.9% during the 2nd quarter. BankPlus Wealth Management LLC now owns 3,338 shares of the credit-card processor’s stock valued at $1,185,000 after acquiring an additional 29 shares during the last quarter. Transcendent Capital Group LLC boosted its holdings in shares of Visa by 2.9% during the 2nd quarter. Transcendent Capital Group LLC now owns 1,013 shares of the credit-card processor’s stock valued at $360,000 after acquiring an additional 29 shares during the last quarter. Finally, Wood Tarver Financial Group LLC boosted its holdings in shares of Visa by 11.1% during the 1st quarter. Wood Tarver Financial Group LLC now owns 301 shares of the credit-card processor’s stock valued at $105,000 after acquiring an additional 30 shares during the last quarter. 82.15% of the stock is currently owned by institutional investors.

Visa Stock Performance

V 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. Visa Inc. has a 12-month low of $280.78 and a 12-month high of $375.51. The company has a market cap of $636.60 billion, a price-to-earnings ratio of 33.92, a PEG ratio of 2.05 and a beta of 0.90. The company’s 50 day moving average is $344.79 and its 200 day moving average is $347.60.

Visa (NYSE:V) last issued its quarterly 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. Visa had a net margin of 52.16% and a return on equity of 58.93%. The business had revenue of $10.17 billion for the quarter, compared to the consensus estimate of $9.82 billion. During the same quarter in the previous year, the firm earned $2.42 earnings per share. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. On average, equities research analysts predict that Visa Inc. will post 11.3 EPS for the current year.

Visa Dividend Announcement

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

Insider Activity at Visa

In other Visa news, General Counsel Julie B. Rottenberg sold 2,027 shares of Visa stock in a transaction that occurred 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. The trade was a 14.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $3,589,015.50. Following the transaction, 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 disclosure for this sale can be found here. 0.13% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Truist Financial dropped their price target on shares of Visa from $400.00 to $397.00 and set a “buy” rating on the stock in a report on Thursday, July 17th. Barclays reaffirmed an “overweight” rating and set a $408.00 price target (up previously from $396.00) on shares of Visa in a report on Thursday, July 31st. Robert W. Baird set a $410.00 price objective on shares of Visa and gave the stock an “outperform” rating in a report on Monday, October 6th. Weiss Ratings reissued a “buy (b)” rating on shares of Visa in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Visa in a report on Thursday, July 17th. They issued a “buy” rating and a $410.00 price objective on the stock. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Visa has an average rating of “Moderate Buy” and an average target price 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.