Chemung Canal Trust Co. Sells 3,234 Shares of Visa Inc. (NYSE:V)

Chemung Canal Trust Co. cut its stake in Visa Inc. (NYSE:V) by 16.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 16,187 shares of the credit-card processor’s stock after selling 3,234 shares during the period. Chemung Canal Trust Co.’s holdings in Visa were worth $4,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. SG Americas Securities LLC grew its stake in shares of Visa by 4,412.3% in the third quarter. SG Americas Securities LLC now owns 4,072,467 shares of the credit-card processor’s stock valued at $1,119,725,000 after acquiring an additional 4,166,905 shares in the last quarter. National Bank of Canada FI grew its stake in Visa by 787.1% during the first quarter. National Bank of Canada FI now owns 4,619,881 shares of the credit-card processor’s stock worth $1,296,820,000 after buying an additional 4,099,122 shares in the last quarter. Swedbank AB acquired a new stake in Visa during the first quarter worth about $511,321,000. GQG Partners LLC grew its stake in Visa by 40.1% during the first quarter. GQG Partners LLC now owns 5,990,634 shares of the credit-card processor’s stock worth $1,671,866,000 after buying an additional 1,715,686 shares in the last quarter. Finally, Wulff Hansen & CO. grew its stake in Visa by 26,951.9% during the second quarter. Wulff Hansen & CO. now owns 1,587,944 shares of the credit-card processor’s stock worth $416,788,000 after buying an additional 1,582,074 shares in the last quarter. 82.15% of the stock is owned by institutional investors.

Visa Stock Down 0.3 %

NYSE V traded down $0.84 during mid-day trading on Friday, hitting $276.02. The company’s stock had a trading volume of 922,636 shares, compared to its average volume of 7,184,405. The company’s 50 day simple moving average is $272.63 and its 200 day simple moving average is $273.12. Visa Inc. has a twelve month low of $228.03 and a twelve month high of $293.07. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $502.99 billion, a price-to-earnings ratio of 30.82, a PEG ratio of 1.92 and a beta of 0.96.

Visa (NYSE:V) last posted its quarterly earnings results on Tuesday, July 23rd. The credit-card processor reported $2.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.42. Visa had a net margin of 54.72% and a return on equity of 51.94%. The business had revenue of $8.90 billion during the quarter, compared to the consensus estimate of $8.92 billion. During the same quarter last year, the firm posted $2.16 EPS. Visa’s revenue was up 9.6% compared to the same quarter last year. Analysts anticipate that Visa Inc. will post 9.92 earnings per share for the current year.

Visa Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 0.75%. The ex-dividend date was Friday, August 9th. Visa’s payout ratio is currently 23.24%.

Wall Street Analyst Weigh In

V has been the topic of a number of analyst reports. Evercore ISI reduced their price objective on shares of Visa from $335.00 to $330.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 25th. Keefe, Bruyette & Woods upgraded shares of Visa from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, September 24th. StockNews.com upgraded shares of Visa from a “hold” rating to a “buy” rating in a research note on Friday, August 9th. William Blair upgraded shares of Visa to a “strong-buy” rating in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Visa from $290.00 to $320.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Six equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $312.04.

Insider Activity at Visa

In other Visa news, CEO Ryan Mcinerney sold 8,620 shares of Visa stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $276.37, for a total transaction of $2,382,309.40. Following the transaction, the chief executive officer now directly owns 538 shares of the company’s stock, valued at $148,687.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.19% of the stock is currently owned by insiders.

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.