Grassi Investment Management Lowers Stake in Visa Inc. (NYSE:V)

Posted by Defense World Staff on Jun 23rd, 2023

Grassi Investment Management lowered its holdings in Visa Inc. (NYSE:V – Get Rating) by 1.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 101,619 shares of the credit-card processor’s stock after selling 1,657 shares during the quarter. Visa accounts for about 2.8% of Grassi Investment Management’s investment portfolio, making the stock its 7th biggest position. Grassi Investment Management’s holdings in Visa were worth $22,911,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in V. Vanguard Group Inc. grew its stake in Visa by 0.6% during the third quarter. Vanguard Group Inc. now owns 145,236,910 shares of the credit-card processor’s stock worth $25,801,337,000 after buying an additional 912,545 shares during the last quarter. Morgan Stanley grew its stake in Visa by 13.0% during the fourth quarter. Morgan Stanley now owns 51,122,866 shares of the credit-card processor’s stock worth $10,621,287,000 after buying an additional 5,864,340 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Visa by 4.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 51,100,136 shares of the credit-card processor’s stock worth $10,616,564,000 after buying an additional 2,216,275 shares during the last quarter. Geode Capital Management LLC grew its stake in Visa by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 32,221,146 shares of the credit-card processor’s stock worth $6,683,673,000 after buying an additional 640,839 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in Visa by 7.0% during the third quarter. Alliancebernstein L.P. now owns 27,141,800 shares of the credit-card processor’s stock worth $4,821,741,000 after buying an additional 1,785,695 shares during the last quarter. Institutional investors own 84.92% of the company’s stock.

Insider Activity at Visa

In related news, CFO Vasant M. Prabhu sold 13,343 shares of the firm’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $234.26, for a total value of $3,125,731.18. Following the completion of the transaction, the chief financial officer now owns 73,638 shares of the company’s stock, valued at $17,250,437.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Tullier Kelly Mahon sold 54,146 shares of Visa stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $232.55, for a total value of $12,591,652.30. Following the completion of the transaction, the insider now owns 26,674 shares of the company’s stock, valued at approximately $6,203,038.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Vasant M. Prabhu sold 13,343 shares of Visa stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $234.26, for a total transaction of $3,125,731.18. Following the completion of the transaction, the chief financial officer now directly owns 73,638 shares of the company’s stock, valued at approximately $17,250,437.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 116,277 shares of company stock valued at $27,018,374. Corporate insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. KeyCorp upped their price objective on shares of Visa from $250.00 to $260.00 in a research note on Monday, April 24th. Citigroup upped their target price on shares of Visa from $270.00 to $273.00 in a research report on Wednesday, April 26th. Truist Financial upped their target price on shares of Visa from $260.00 to $270.00 in a research report on Wednesday, April 26th. Raymond James upped their target price on shares of Visa from $281.00 to $282.00 in a research report on Wednesday, April 26th. Finally, StockNews.com began coverage on shares of Visa in a research report on Thursday, May 18th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $260.08.

Visa Stock Up 0.5 %

Shares of V stock opened at $228.37 on Friday. The firm has a fifty day moving average of $228.70 and a 200-day moving average of $222.96. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Visa Inc. has a 12-month low of $174.60 and a 12-month high of $235.57. The company has a market capitalization of $427.81 billion, a price-to-earnings ratio of 30.53, a P/E/G ratio of 1.75 and a beta of 0.97.

Visa (NYSE:V – Get Rating) last issued its quarterly earnings data on Tuesday, April 25th. The credit-card processor reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.12. Visa had a net margin of 50.95% and a return on equity of 50.21%. The company had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $7.79 billion. During the same quarter in the prior year, the firm earned $1.79 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts predict that Visa Inc. will post 8.59 earnings per share for the current fiscal year.

Visa Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Friday, May 12th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 0.79%. The ex-dividend date of this dividend was Thursday, May 11th. Visa’s dividend payout ratio is 24.06%.

Visa Profile

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Visa Inc operates as a payments technology company worldwide. 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, click to pay; Visa Direct, a real-time payments network; Visa B2B Connect, a multilateral B2B cross-border payments network; Visa Treasury as a Service, a cross-border consumer payments business; 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.