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 owns 31,358 shares after selling 554 shares during this period. At the conclusion of the most recent quarter, Howe & Rusling’s holdings in Visa were valued at approximately $11.13 million.
Several other hedge funds have also adjusted their positions in Visa. For instance, Keystone Global Partners LLC acquired a new stake valued at around $26,000 in the first quarter, while Family Legacy Financial Solutions LLC invested approximately $28,000 during the second quarter. Harbor Asset Planning Inc. and Cranbrook Wealth Management LLC also entered new positions in Visa, with Cranbrook increasing its holdings by 82%. Currently, institutional investors hold 82.15% of Visa’s stock.
Insider Transactions and Stock Performance
In related news, CEO Ryan McInerney sold 10,485 shares of Visa on November 3, 2023, at an average price of $341.00, resulting in a total transaction value of $3,575,385. Following this sale, McInerney now holds 537 shares valued at approximately $183,117, reflecting a significant decrease of 95.13% in his ownership of the stock.
Additionally, Director Lloyd Carney sold 900 shares on November 4, 2023, for $302,832. After this transaction, he retains 2,468 shares worth around $830,432.64, marking a 26.72% reduction in his ownership. Overall, insiders sold a total of 21,870 shares valued at $7,467,233 in the last quarter, while insiders currently own 0.13% of the company’s stock.
Visa reported strong financial results for the fourth quarter of 2023 on October 28. The company achieved $2.98 earnings per share, slightly exceeding analysts’ expectations of $2.97. The firm’s revenue for the quarter reached $10.72 billion, surpassing the forecast of $10.60 billion. Visa’s net margin stood at 50.15%, with a return on equity of 60.31%. Revenue increased by 11.5% compared to the same quarter last year.
Visa’s Dividend and Analyst Ratings
Visa has declared a quarterly dividend of $0.67 per share, an increase from the previous dividend of $0.59. This dividend will be paid on December 1, 2023, to shareholders recorded as of November 12. This translates to an annualized dividend of $2.68 and a yield of 0.8%. The company’s current dividend payout ratio stands at 26.25%.
Wall Street analysts have been optimistic about Visa’s outlook. Weiss Ratings recently reissued a “buy (b)” rating, while KeyCorp set an “overweight” rating with a price target of $405.00. Robert W. Baird has a price target of $425.00, and Barclays adjusted its target to $408.00. Citigroup upgraded Visa to a “strong-buy” rating. Currently, four analysts rate Visa as a “strong buy,” while seventeen have a “buy” rating, and five maintain a “hold” rating. The consensus price target stands at $400.00.
Visa Inc. operates as a global payment technology company, running VisaNet, a transaction processing network that supports the authorization, clearing, and settlement of payment transactions. The company provides a range of services including credit, debit, and prepaid card products, as well as innovative payment solutions like tap to pay and tokenization.
For ongoing updates on Visa and its stakeholders, visit HoldingsChannel.com for the latest filings and insider trades.
