Chemung Canal Trust Co. Trims Stock Position in Visa Inc. (NYSE:V)

Chemung Canal Trust Co. cut its stake in shares of Visa Inc. (NYSE:V) by 18.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,408 shares of the credit-card processor’s stock after selling 4,510 shares during the quarter. Chemung Canal Trust Co.’s holdings in Visa were worth $5,416,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Romano Brothers AND Company lifted its stake in shares of Visa by 7.8% during the first quarter. Romano Brothers AND Company now owns 8,086 shares of the credit-card processor’s stock worth $2,257,000 after buying an additional 585 shares during the period. Baker Ellis Asset Management LLC lifted its stake in shares of Visa by 3.6% during the first quarter. Baker Ellis Asset Management LLC now owns 5,095 shares of the credit-card processor’s stock worth $1,422,000 after buying an additional 175 shares during the period. Investment Research & Advisory Group Inc. lifted its stake in shares of Visa by 1.7% during the first quarter. Investment Research & Advisory Group Inc. now owns 19,459 shares of the credit-card processor’s stock worth $5,431,000 after buying an additional 324 shares during the period. First Bank & Trust lifted its stake in shares of Visa by 14.5% during the first quarter. First Bank & Trust now owns 3,483 shares of the credit-card processor’s stock worth $972,000 after buying an additional 441 shares during the period. Finally, Grimes & Company Inc. lifted its position in Visa by 2.1% during the first quarter. Grimes & Company Inc. now owns 66,331 shares of the credit-card processor’s stock valued at $18,512,000 after purchasing an additional 1,336 shares during the period. 82.15% of the stock is owned by hedge funds and other institutional investors.

Visa Trading Down 1.5 %

NYSE:V traded down $4.12 on Friday, hitting $262.47. The stock had a trading volume of 13,957,270 shares, compared to its average volume of 8,762,266. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.53. The stock has a market cap of $480.04 billion, a price-to-earnings ratio of 29.33, a PEG ratio of 1.82 and a beta of 0.97. The company has a fifty day moving average price of $273.88 and a two-hundred day moving average price of $273.50. Visa Inc. has a 1-year low of $227.68 and a 1-year high of $290.96.

Visa (NYSE:V) last issued its quarterly earnings data on Tuesday, April 23rd. The credit-card processor reported $2.51 EPS for the quarter, topping the consensus estimate of $2.43 by $0.08. Visa had a net margin of 53.87% and a return on equity of 51.23%. The firm had revenue of $8.78 billion for the quarter, compared to analyst estimates of $8.62 billion. During the same period in the prior year, the business posted $2.09 EPS. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. Equities research analysts expect that Visa Inc. will post 9.94 earnings per share for the current fiscal year.

Visa Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 17th were issued a $0.52 dividend. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $2.08 annualized dividend and a dividend yield of 0.79%. Visa’s dividend payout ratio is currently 23.24%.

Insider Transactions at Visa

In other news, CEO Ryan Mcinerney sold 8,200 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $280.36, for a total value of $2,298,952.00. Following the transaction, the chief executive officer now directly owns 538 shares in the company, valued at approximately $150,833.68. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Visa news, Director Lloyd Carney sold 909 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $275.55, for a total value of $250,474.95. Following the completion of the transaction, the director now owns 2,591 shares of the company’s stock, valued at approximately $713,950.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ryan Mcinerney sold 8,200 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $280.36, for a total transaction of $2,298,952.00. Following the completion of the transaction, the chief executive officer now directly owns 538 shares of the company’s stock, valued at approximately $150,833.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,402 shares of company stock worth $9,559,382. 0.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

V has been the subject of a number of research reports. Macquarie boosted their target price on shares of Visa from $290.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Evercore ISI cut their target price on shares of Visa from $335.00 to $330.00 and set an “outperform” rating for the company in a research note on Tuesday. Piper Sandler initiated coverage on shares of Visa in a research note on Monday, May 13th. They set an “overweight” rating and a $322.00 target price for the company. Wells Fargo & Company boosted their target price on shares of Visa from $300.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Finally, Wedbush boosted their target price on shares of Visa from $280.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Five equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $303.56.

Visa Company 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.