Convergence Investment Partners LLC Reduces Holdings in Visa Inc. $V

Convergence Investment Partners LLC lessened its position in shares of Visa Inc. (NYSE:V) by 5.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,050 shares of the credit-card processor’s stock after selling 118 shares during the period. Convergence Investment Partners LLC’s holdings in Visa were worth $728,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in V. Keystone Global Partners LLC purchased a new stake in Visa during the 1st quarter worth about $26,000. Family Legacy Financial Solutions LLC purchased a new stake in Visa during the 2nd quarter worth about $28,000. von Borstel & Associates Inc. purchased a new stake in Visa during the 1st quarter worth about $27,000. Harbor Asset Planning Inc. purchased a new stake in Visa during the 2nd quarter worth about $29,000. Finally, Cranbrook Wealth Management LLC lifted its holdings in Visa by 82.0% during 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 in the last quarter. Hedge funds and other institutional investors own 82.15% of the company’s stock.

Visa Price Performance

Shares of NYSE V opened at $340.93 on Thursday. The firm has a market capitalization of $624.86 billion, a P/E ratio of 33.39, a P/E/G ratio of 2.05 and a beta of 0.90. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.52. 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 twelve month low of $287.19 and a twelve month high of $375.51.

Visa (NYSE:V) last announced its earnings results on Tuesday, October 28th. The credit-card processor reported $2.98 earnings per share for the quarter, topping analysts’ consensus estimates of $2.97 by $0.01. The business had revenue of $10.72 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the company earned $2.71 EPS. As a group, equities analysts anticipate that Visa Inc. will post 11.3 EPS for the current fiscal year.

Visa Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Wednesday, November 12th will be given a dividend of $0.67 per share. This is a boost from Visa’s previous quarterly dividend of $0.59. The ex-dividend date is Wednesday, November 12th. This represents a $2.68 annualized dividend and a dividend yield of 0.8%. Visa’s dividend payout ratio is currently 23.05%.

Analyst Ratings Changes

A number of brokerages recently issued reports on V. Oppenheimer increased their price objective on Visa from $390.00 to $391.00 and gave the stock an “outperform” rating in a report on Wednesday, July 2nd. Raymond James Financial reissued an “outperform” rating and set a $408.00 price objective (up previously from $398.00) on shares of Visa in a report on Wednesday. Erste Group Bank cut Visa from a “buy” rating to a “hold” rating in a report on Monday, September 22nd. Deutsche Bank Aktiengesellschaft began coverage on Visa in a report on Thursday, July 17th. They set a “buy” rating and a $410.00 price objective on the stock. Finally, Macquarie decreased their target price on Visa from $425.00 to $410.00 and set an “outperform” rating on the stock in a research note on Wednesday. Four research 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 company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $400.00.

Insider Activity

In other news, CEO Ryan Mcinerney sold 10,485 shares of the stock in a transaction dated 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 directly owned 537 shares in the company, valued at approximately $183,815.10. This represents a 95.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction dated 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 owned 11,925 shares in the company, valued at $4,102,438.50. This trade represents a 14.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.13% of the stock is currently owned by corporate insiders.

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.