Comerica Bank Reduces Stock Holdings in Visa Inc. (NYSE:V)

Comerica Bank reduced its stake in shares of Visa Inc. (NYSE:V) by 2.2% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 624,847 shares of the credit-card processor’s stock after selling 14,289 shares during the period. Visa makes up 0.7% of Comerica Bank’s holdings, making the stock its 20th biggest holding. Comerica Bank’s holdings in Visa were worth $164,004,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of V. Scientech Research LLC grew its stake in Visa by 35.5% during the 2nd quarter. Scientech Research LLC now owns 4,907 shares of the credit-card processor’s stock valued at $1,288,000 after purchasing an additional 1,285 shares in the last quarter. Legal & General Group Plc grew its stake in Visa by 2.2% during the 2nd quarter. Legal & General Group Plc now owns 14,416,394 shares of the credit-card processor’s stock valued at $3,783,857,000 after purchasing an additional 312,286 shares in the last quarter. Makena Capital Management LLC grew its stake in Visa by 1.7% during the 2nd quarter. Makena Capital Management LLC now owns 61,525 shares of the credit-card processor’s stock valued at $16,148,000 after purchasing an additional 1,020 shares in the last quarter. Marshfield Associates grew its stake in Visa by 0.3% during the 2nd quarter. Marshfield Associates now owns 925,954 shares of the credit-card processor’s stock valued at $243,035,000 after purchasing an additional 2,825 shares in the last quarter. Finally, Matrix Private Capital Group LLC grew its stake in Visa by 2.3% during the 2nd quarter. Matrix Private Capital Group LLC now owns 2,244 shares of the credit-card processor’s stock valued at $589,000 after purchasing an additional 50 shares in the last quarter. 82.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Visa

In other news, CEO Ryan Mcinerney sold 8,620 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $276.37, for a total transaction of $2,382,309.40. Following the sale, the chief executive officer now directly owns 538 shares of the company’s stock, valued at $148,687.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is owned by insiders.

Visa Stock Up 1.3 %

V opened at $275.17 on Friday. Visa Inc. has a one year low of $227.78 and a one year high of $293.07. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. The stock’s fifty day moving average is $271.31 and its 200-day moving average is $273.35. The company has a market capitalization of $503.27 billion, a PE ratio of 30.75, a P/E/G ratio of 1.92 and a beta of 0.96.

Visa (NYSE:V) last posted its quarterly earnings data on Tuesday, July 23rd. The credit-card processor reported $2.42 EPS for the quarter, hitting analysts’ consensus estimates of $2.42. Visa had a return on equity of 51.94% and a net margin of 54.72%. The company had revenue of $8.90 billion for the quarter, compared to the consensus estimate of $8.92 billion. During the same quarter in the previous year, the business earned $2.16 EPS. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. On average, equities analysts predict that Visa Inc. will post 9.92 EPS for the current fiscal year.

Visa Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date was Friday, August 9th. Visa’s dividend payout ratio (DPR) is presently 23.24%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. William Blair upgraded Visa to a “strong-buy” rating in a research report on Tuesday, July 23rd. Bank of America lifted their target price on Visa from $279.00 to $308.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 17th. Royal Bank of Canada decreased their target price on Visa from $315.00 to $311.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Jefferies Financial Group decreased their target price on Visa from $325.00 to $300.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods upgraded Visa from a “moderate buy” rating to a “strong-buy” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Visa has an average rating of “Moderate Buy” and a consensus price target of $310.22.

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.