Montecito Bank & Trust Increases Holdings in Visa Inc. (NYSE:V)

Montecito Bank & Trust boosted its position in shares of Visa Inc. (NYSE:V) by 1.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,612 shares of the credit-card processor’s stock after purchasing an additional 122 shares during the quarter. Montecito Bank & Trust’s holdings in Visa were worth $3,241,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital International Investors lifted its position in shares of Visa by 2.7% in the 4th quarter. Capital International Investors now owns 22,943,773 shares of the credit-card processor’s stock worth $5,973,432,000 after purchasing an additional 596,950 shares during the period. Capital World Investors increased its holdings in Visa by 8.0% during the fourth quarter. Capital World Investors now owns 17,895,788 shares of the credit-card processor’s stock valued at $4,659,169,000 after buying an additional 1,323,238 shares during the period. Northern Trust Corp raised its stake in Visa by 4.7% in the third quarter. Northern Trust Corp now owns 17,073,700 shares of the credit-card processor’s stock worth $3,927,122,000 after buying an additional 763,505 shares in the last quarter. Norges Bank purchased a new stake in Visa during the fourth quarter worth $3,895,015,000. Finally, Ameriprise Financial Inc. boosted its position in Visa by 2.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 14,229,004 shares of the credit-card processor’s stock valued at $3,272,846,000 after acquiring an additional 374,489 shares in the last quarter. 82.15% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

V has been the subject of several recent research reports. Wedbush boosted their price target on Visa from $280.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. TD Cowen initiated coverage on shares of Visa in a report on Thursday, April 11th. They issued a “buy” rating and a $320.00 target price for the company. Piper Sandler began coverage on shares of Visa in a report on Monday, May 13th. They issued an “overweight” rating and a $322.00 price target on the stock. Mizuho boosted their price objective on shares of Visa from $265.00 to $275.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Finally, UBS Group increased their target price on shares of Visa from $315.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $303.76.

Visa Price Performance

Shares of NYSE V opened at $276.85 on Friday. Visa Inc. has a 52 week low of $224.98 and a 52 week high of $290.96. 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 firm has a market cap of $506.34 billion, a P/E ratio of 30.93, a P/E/G ratio of 1.87 and a beta of 0.97. The business’s 50 day moving average price is $273.99 and its 200 day moving average price is $272.74.

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

Visa Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 17th were paid a $0.52 dividend. The ex-dividend date was Thursday, May 16th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.75%. Visa’s payout ratio is 23.24%.

Insider Buying and Selling

In related news, insider Paul D. Fabara sold 25,293 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $277.15, for a total value of $7,009,954.95. Following the completion of the transaction, the insider now directly owns 17,894 shares in the company, valued at approximately $4,959,322.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Paul D. Fabara sold 25,293 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $277.15, for a total transaction of $7,009,954.95. Following the sale, the insider now directly owns 17,894 shares in the company, valued at approximately $4,959,322.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lloyd Carney sold 909 shares of the company’s stock in a transaction dated Friday, April 26th. The stock was 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 directly owns 2,591 shares of the company’s stock, valued at approximately $713,950.05. The disclosure for this sale can be found here. Insiders have sold a total of 34,402 shares of company stock valued at $9,559,382 over the last ninety days. Company insiders own 0.19% of the company’s stock.

About Visa

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.