Bangor Savings Bank Sells 3,531 Shares of Visa Inc. (NYSE:V)

Bangor Savings Bank lowered its position in Visa Inc. (NYSE:V) by 34.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,826 shares of the credit-card processor’s stock after selling 3,531 shares during the quarter. Bangor Savings Bank’s holdings in Visa were worth $2,157,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Custom Index Systems LLC acquired a new position in Visa in the third quarter worth about $731,000. Copley Financial Group Inc. acquired a new position in shares of Visa in the 3rd quarter worth approximately $616,000. FORA Capital LLC bought a new position in shares of Visa during the 3rd quarter worth approximately $7,987,000. Chicago Capital LLC boosted its stake in Visa by 5.2% in the 3rd quarter. Chicago Capital LLC now owns 404,914 shares of the credit-card processor’s stock valued at $111,331,000 after buying an additional 20,023 shares in the last quarter. Finally, Nexus Investment Management ULC grew its position in Visa by 5,034.0% in the third quarter. Nexus Investment Management ULC now owns 56,371 shares of the credit-card processor’s stock valued at $15,499,000 after acquiring an additional 55,273 shares during the period. Institutional investors and hedge funds own 82.15% of the company’s stock.

Insider Transactions at Visa

In other news, CEO Ryan Mcinerney sold 8,620 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $317.78, for a total value of $2,739,263.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul D. Fabara sold 2,171 shares of the company’s stock in a transaction dated 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 owns 17,894 shares in the company, valued at $5,510,815.18. The trade was a 10.82 % decrease in their position. The disclosure for this sale can be found here. 0.13% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on V. Bank of America boosted their target price on Visa from $279.00 to $308.00 and gave the stock a “neutral” rating in a report on Tuesday, September 17th. Piper Sandler boosted their price objective on Visa from $319.00 to $322.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Royal Bank of Canada lifted their price target on Visa from $311.00 to $322.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Susquehanna increased their price objective on shares of Visa from $339.00 to $375.00 and gave the stock a “positive” rating in a report on Wednesday, December 11th. Finally, Jefferies Financial Group boosted their target price 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. Four research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Visa has a consensus rating of “Moderate Buy” and an average price target of $329.70.

Visa Price Performance

Shares of V opened at $312.84 on Tuesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.28 and a current ratio of 1.28. The firm has a market capitalization of $582.78 billion, a PE ratio of 32.15, a P/E/G ratio of 2.11 and a beta of 0.96. The stock has a 50 day simple moving average of $310.30 and a 200 day simple moving average of $286.01. Visa Inc. has a 52-week low of $252.70 and a 52-week high of $321.61.

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, topping the consensus estimate of $2.58 by $0.13. The company had revenue of $9.62 billion during the quarter, compared to the consensus estimate of $9.49 billion. Visa had a net margin of 54.96% and a return on equity of 53.16%. The firm’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.33 earnings per share. Sell-side analysts predict that Visa Inc. will post 11.23 EPS for the current fiscal year.

Visa Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.75%. This is a positive change from Visa’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Tuesday, November 12th. Visa’s payout ratio is 24.25%.

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.