Chemung Canal Trust Co. Sells 1,489 Shares of Visa Inc. (NYSE:V)

Chemung Canal Trust Co. decreased its holdings in Visa Inc. (NYSE:V) by 9.2% in the fourth quarter, Holdings Channel reports. The firm owned 14,698 shares of the credit-card processor’s stock after selling 1,489 shares during the quarter. Chemung Canal Trust Co.’s holdings in Visa were worth $4,645,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of V. Bennett Selby Investments LP boosted its stake in shares of Visa by 0.4% in the 4th quarter. Bennett Selby Investments LP now owns 54,774 shares of the credit-card processor’s stock worth $17,311,000 after buying an additional 227 shares during the last quarter. Firethorn Wealth Partners LLC lifted its stake in shares of Visa by 4.3% in the 4th quarter. Firethorn Wealth Partners LLC now owns 1,551 shares of the credit-card processor’s stock worth $490,000 after purchasing an additional 64 shares during the period. Pflug Koory LLC lifted its stake in shares of Visa by 1.6% in the 4th quarter. Pflug Koory LLC now owns 3,626 shares of the credit-card processor’s stock worth $1,146,000 after purchasing an additional 57 shares during the period. Nepsis Inc. boosted its holdings in shares of Visa by 5.2% in the fourth quarter. Nepsis Inc. now owns 67,752 shares of the credit-card processor’s stock worth $21,412,000 after buying an additional 3,360 shares during the last quarter. Finally, Gradient Investments LLC increased its holdings in Visa by 22.9% during the fourth quarter. Gradient Investments LLC now owns 148,713 shares of the credit-card processor’s stock valued at $46,999,000 after buying an additional 27,686 shares during the last quarter. Hedge funds and other institutional investors own 82.15% of the company’s stock.

Visa Stock Up 0.6 %

Shares of NYSE V opened at $330.20 on Monday. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.55. Visa Inc. has a 12-month low of $252.70 and a 12-month high of $331.09. The firm’s 50-day moving average price is $314.95 and its 200-day moving average price is $290.59. The stock has a market capitalization of $615.11 billion, a price-to-earnings ratio of 33.94, a P/E/G ratio of 2.17 and a beta of 0.96.

Visa (NYSE:V) last issued its quarterly earnings data on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.58 by $0.13. The business had revenue of $9.62 billion for the quarter, compared to the consensus estimate of $9.49 billion. Visa had a return on equity of 53.16% and a net margin of 54.96%. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.33 earnings per share. On average, equities research analysts anticipate that Visa Inc. will post 11.19 EPS for the current fiscal year.

Visa Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th were given a dividend of $0.59 per share. This is a boost from Visa’s previous quarterly dividend of $0.52. The ex-dividend date was Tuesday, November 12th. This represents a $2.36 dividend on an annualized basis and a yield of 0.71%. Visa’s payout ratio is 24.25%.

Insider Activity

In other news, CEO Ryan Mcinerney sold 8,620 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $317.78, for a total transaction of $2,739,263.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul D. Fabara sold 2,171 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $307.97, for a total value of $668,602.87. Following the sale, the insider now directly owns 17,894 shares of the company’s stock, valued at $5,510,815.18. This represents a 10.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.13% of the company’s stock.

Wall Street Analysts Forecast Growth

V has been the topic of several analyst reports. Jefferies Financial Group lifted their price target on shares of Visa from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Bank of America lifted their target price on Visa from $314.00 to $331.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Macquarie raised their price objective on Visa from $300.00 to $335.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Oppenheimer boosted their price objective on Visa from $321.00 to $375.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Visa from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $335.52.

Visa 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.