Visa Inc. $V Shares Sold by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. lowered its position in shares of Visa Inc. (NYSE:V) by 1.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,300 shares of the credit-card processor’s stock after selling 55 shares during the period. Visa comprises about 1.3% of Pinnacle West Asset Management Inc.’s holdings, making the stock its 27th largest position. Pinnacle West Asset Management Inc.’s holdings in Visa were worth $1,882,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in V. Keystone Global Partners LLC purchased a new position in shares of Visa during the first quarter worth about $26,000. von Borstel & Associates Inc. purchased a new position in shares of Visa during the first quarter worth about $27,000. Family Legacy Financial Solutions LLC purchased a new position in shares of Visa during the second quarter worth about $28,000. Cranbrook Wealth Management LLC grew its holdings in shares of Visa by 82.0% during the second quarter. Cranbrook Wealth Management LLC now owns 91 shares of the credit-card processor’s stock worth $32,000 after buying an additional 41 shares during the last quarter. Finally, 1 North Wealth Services LLC purchased a new position in shares of Visa during the first quarter worth about $38,000. Institutional investors and hedge funds own 82.15% of the company’s stock.

Visa Price Performance

V stock opened at $348.39 on Wednesday. The firm has a 50 day moving average of $344.01 and a 200-day moving average of $346.98. Visa Inc. has a 12-month low of $278.35 and a 12-month high of $375.51. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. The company has a market cap of $638.53 billion, a price-to-earnings ratio of 34.02, a PEG ratio of 2.03 and a beta of 0.90.

Visa (NYSE:V) last posted its quarterly earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.85 by $0.13. Visa had a net margin of 52.16% and a return on equity of 58.93%. The company had revenue of $10.17 billion during the quarter, compared to the consensus estimate of $9.82 billion. During the same period last year, the firm earned $2.42 EPS. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. As a group, equities analysts expect that Visa Inc. will post 11.3 EPS for the current fiscal year.

Visa Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 12th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Tuesday, August 12th. Visa’s payout ratio is currently 23.05%.

Insider Activity at Visa

In related news, General Counsel Julie B. Rottenberg sold 2,027 shares of Visa stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $344.02, for a total transaction of $697,328.54. Following the completion of the transaction, the general counsel directly owned 11,925 shares in the company, valued at $4,102,438.50. The trade was a 14.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ryan Mcinerney sold 10,485 shares of Visa stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $342.30, for a total value of $3,589,015.50. Following the transaction, the chief executive officer owned 537 shares of the company’s stock, valued at $183,815.10. This represents a 95.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on V. Oppenheimer raised their price target on Visa from $390.00 to $391.00 and gave the stock an “outperform” rating in a report on Wednesday, July 2nd. Erste Group Bank lowered Visa from a “buy” rating to a “hold” rating in a report on Monday, September 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Visa in a report on Wednesday, October 8th. Barclays reaffirmed an “overweight” rating and issued a $408.00 price objective (up previously from $396.00) on shares of Visa in a report on Thursday, July 31st. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Visa in a report on Thursday, July 17th. They issued a “buy” rating and a $410.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $389.00.

Visa Profile

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.