Howe & Rusling Inc. has reduced its stake in Visa Inc. (NYSE: V) by 1.7% during the second quarter of 2023, according to HoldingsChannel. The institutional investor now holds 31,358 shares of Visa, valued at approximately $11,134,000 after selling 554 shares during this period.
Other hedge funds have also adjusted their positions in Visa. Notably, Keystone Global Partners LLC acquired a new position valued at around $26,000 in the first quarter. Similarly, Family Legacy Financial Solutions LLC and Harbor Asset Planning Inc. bought stakes worth approximately $28,000 and $29,000, respectively, during the second quarter. Meanwhile, Cranbrook Wealth Management LLC significantly increased its holdings by 82.0%, now owning 91 shares valued at $32,000 after purchasing an additional 41 shares.
As of now, institutional investors collectively own 82.15% of Visa’s stock.
Recent Insider Transactions
In related developments, Visa’s CEO, Ryan McInerney, sold 10,485 shares on November 3, 2023, at an average price of $341.00, amounting to a total transaction value of $3,575,385.00. Following this transaction, McInerney holds only 537 shares, reflecting a 95.13% decrease in ownership.
Additionally, Director Lloyd Carney sold 900 shares on November 4, 2023, at an average price of $336.48, totaling $302,832.00. After this sale, Carney directly owns 2,468 shares valued at $830,432.64, representing a 26.72% decrease in his holdings.
In total, insiders have sold 21,870 shares valued at $7,467,233 in the last quarter, with insiders owning just 0.13% of the company’s stock.
Visa’s Financial Performance and Dividend Announcement
Visa recently announced its quarterly earnings, reporting a profit of $2.98 per share for the quarter ending October 28, 2023. This figure surpassed analysts’ expectations of $2.97 by $0.01. The company also generated revenue of $10.72 billion, exceeding predictions of $10.60 billion. The firm recorded a net margin of 50.15% and a return on equity of 60.31%, with revenue increasing by 11.5% compared to the same quarter in the previous year.
Visa has declared a quarterly dividend of $0.67 per share, set to be paid on December 1, 2023. This dividend is an increase from the prior payout of $0.59. Shareholders of record on November 12, 2023, will be eligible for this payment. The new dividend represents an annualized payout of $2.68 and a yield of 0.8%.
Analyst Ratings and Future Outlook
Research firms have recently assessed Visa’s stock, with Weiss Ratings reaffirming a “buy (b)” rating. KeyCorp has given an “overweight” rating with a price target of $405.00, while Robert W. Baird set a target of $425.00. Barclays updated its price objective to $408.00, an increase from a previous $396.00. Citigroup upgraded Visa to a “strong-buy” rating.
Currently, four investment analysts have rated Visa with a Strong Buy, while seventeen have issued a Buy rating and five have given a Hold rating. MarketBeat indicates that the stock holds an average rating of “Moderate Buy” with a consensus price target of $400.00.
Visa Inc. operates as a global payment technology company, providing various services such as transaction processing through its VisaNet network, and offering credit, debit, and prepaid card products. The company continues to expand its services, positioning itself strongly in the competitive payment processing market.
For ongoing updates on Visa and related financial news, interested parties are encouraged to visit HoldingsChannel.com.
