Summit Asset Management LLC Decreases Holdings in Visa Inc. (NYSE:V)

Summit Asset Management LLC trimmed its holdings in shares of Visa Inc. (NYSE:VGet Rating) by 1.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,131 shares of the credit-card processor’s stock after selling 120 shares during the period. Summit Asset Management LLC’s holdings in Visa were worth $1,360,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Tectonic Advisors LLC boosted its position in Visa by 18.9% in the 1st quarter. Tectonic Advisors LLC now owns 4,781 shares of the credit-card processor’s stock valued at $1,061,000 after buying an additional 760 shares during the last quarter. Proffitt & Goodson Inc. boosted its position in Visa by 25.9% in the 1st quarter. Proffitt & Goodson Inc. now owns 462 shares of the credit-card processor’s stock valued at $102,000 after buying an additional 95 shares during the last quarter. TRUE Private Wealth Advisors boosted its position in Visa by 6.0% in the 1st quarter. TRUE Private Wealth Advisors now owns 6,328 shares of the credit-card processor’s stock valued at $1,357,000 after buying an additional 360 shares during the last quarter. Kavar Capital Partners Group LLC boosted its position in Visa by 1.5% in the 1st quarter. Kavar Capital Partners Group LLC now owns 24,269 shares of the credit-card processor’s stock valued at $5,382,000 after buying an additional 363 shares during the last quarter. Finally, Lansing Street Advisors acquired a new stake in shares of Visa in the 1st quarter valued at about $114,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Visa

In related news, CEO Alfred F. Kelly, Jr. sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $195.37, for a total value of $1,758,330.00. Following the completion of the sale, the chief executive officer now owns 159,887 shares in the company, valued at approximately $31,237,123.19. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 27,000 shares of company stock worth $5,560,740. 0.21% of the stock is owned by corporate insiders.

Visa Trading Up 1.1 %

Shares of NYSE:V opened at $215.87 on Friday. The stock has a market capitalization of $410.43 billion, a price-to-earnings ratio of 31.84, a PEG ratio of 1.70 and a beta of 0.89. Visa Inc. has a 1-year low of $185.91 and a 1-year high of $242.60. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.43 and a current ratio of 1.43. The company has a 50 day moving average price of $205.31 and a 200 day moving average price of $210.48.

Visa Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 12th will be given a $0.375 dividend. The ex-dividend date is Thursday, August 11th. This represents a $1.50 annualized dividend and a dividend yield of 0.69%. Visa’s dividend payout ratio (DPR) is presently 22.12%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on V. Morgan Stanley upped their target price on shares of Visa from $284.00 to $291.00 and gave the company an “overweight” rating in a research note on Wednesday, July 27th. Wells Fargo & Company cut their target price on shares of Visa from $280.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 13th. The Goldman Sachs Group began coverage on shares of Visa in a research note on Tuesday, May 17th. They set a “buy” rating and a $282.00 price objective on the stock. Cowen dropped their price objective on shares of Visa from $276.00 to $254.00 in a research note on Wednesday, April 27th. Finally, Credit Suisse Group increased their price objective on shares of Visa from $260.00 to $265.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 27th. Four analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $258.64.

About Visa

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Visa Inc operates as a payments technology company worldwide. The company facilitates digital payments among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions.

Further Reading

Institutional Ownership by Quarter for Visa (NYSE:V)

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