Johnson Financial Group Inc. raised its stake in shares of Visa Inc. (NYSE:V – Free Report) by 5.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,524 shares of the credit-card processor’s stock after purchasing an additional 1,703 shares during the quarter. Johnson Financial Group Inc.’s holdings in Visa were worth $10,132,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Visa in the fourth quarter worth about $5,877,738,000. Cardano Risk Management B.V. boosted its position in shares of Visa by 867.6% during the fourth quarter. Cardano Risk Management B.V. now owns 8,213,610 shares of the credit-card processor’s stock valued at $2,880,595,000 after purchasing an additional 7,364,762 shares in the last quarter. Diamant Asset Management Inc. boosted its position in shares of Visa by 29,706.3% during the first quarter. Diamant Asset Management Inc. now owns 7,332,947 shares of the credit-card processor’s stock valued at $2,216,310,000 after purchasing an additional 7,308,345 shares in the last quarter. J. Stern & Co. LLP grew its stake in Visa by 12,497.1% in the fourth quarter. J. Stern & Co. LLP now owns 3,378,039 shares of the credit-card processor’s stock worth $1,184,712,000 after purchasing an additional 3,351,223 shares during the period. Finally, Victory Capital Management Inc. grew its stake in Visa by 48.2% in the fourth quarter. Victory Capital Management Inc. now owns 6,508,089 shares of the credit-card processor’s stock worth $2,282,472,000 after purchasing an additional 2,116,463 shares during the period. 82.15% of the stock is currently owned by institutional investors.
Insider Activity
In other news, CEO Ryan Mcinerney sold 31,455 shares of the firm’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $340.14, for a total transaction of $10,699,103.70. Following the sale, the chief executive officer owned 15,174 shares of the company’s stock, valued at $5,161,284.36. This trade represents a 67.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Chris Suh sold 10,639 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $324.81, for a total transaction of $3,455,653.59. Following the transaction, the chief financial officer directly owned 9,872 shares of the company’s stock, valued at $3,206,524.32. The trade was a 51.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 75,581 shares of company stock valued at $25,627,975 over the last ninety days. 0.12% of the stock is currently owned by corporate insiders.
Visa Trading Up 0.7%
Visa (NYSE:V – Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share for the quarter, topping analysts’ consensus estimates of $3.10 by $0.21. The company had revenue of $11.23 billion during the quarter, compared to analyst estimates of $10.75 billion. Visa had a net margin of 51.68% and a return on equity of 65.00%. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.76 EPS. On average, equities research analysts forecast that Visa Inc. will post 13.11 earnings per share for the current fiscal year.
Visa announced that its board has approved a share repurchase plan on Tuesday, April 28th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the credit-card processor to reacquire up to 3.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.
Visa Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were paid a $0.67 dividend. The ex-dividend date was Tuesday, May 12th. This represents a $2.68 annualized dividend and a dividend yield of 0.7%. Visa’s payout ratio is currently 23.34%.
Wall Street Analyst Weigh In
Several brokerages have commented on V. Weiss Ratings raised Visa from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, July 6th. Morgan Stanley reiterated an “overweight” rating and set a $415.00 target price on shares of Visa in a report on Wednesday, April 29th. Evercore set a $350.00 price target on Visa in a research note on Wednesday, April 29th. Raymond James Financial reaffirmed an “outperform” rating and set a $389.00 price objective on shares of Visa in a research report on Wednesday, April 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $400.00 target price on shares of Visa in a report on Wednesday, April 29th. Seven investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $398.36.
View Our Latest Stock Report on V
About Visa
Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world’s largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa’s network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.
Visa’s product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.
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