Summit Financial Group Inc. Has $778,000 Position in Visa Inc. (NYSE:V)

Summit Financial Group Inc. reduced its position in shares of Visa Inc. (NYSE:V) by 1.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,786 shares of the credit-card processor’s stock after selling 50 shares during the period. Summit Financial Group Inc.’s holdings in Visa were worth $778,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Davis Capital Management increased its stake in Visa by 1.8% during the 1st quarter. Davis Capital Management now owns 6,342 shares of the credit-card processor’s stock worth $1,765,000 after acquiring an additional 111 shares during the period. Moody National Bank Trust Division increased its stake in Visa by 0.5% during the 1st quarter. Moody National Bank Trust Division now owns 28,167 shares of the credit-card processor’s stock worth $7,861,000 after acquiring an additional 135 shares during the period. Orrstown Financial Services Inc. increased its stake in Visa by 2.6% during the 1st quarter. Orrstown Financial Services Inc. now owns 6,247 shares of the credit-card processor’s stock worth $1,743,000 after acquiring an additional 161 shares during the period. Duncan Williams Asset Management LLC bought a new position in Visa during the 1st quarter worth $1,188,000. Finally, ST Germain D J Co. Inc. increased its stake in shares of Visa by 3.2% in the 1st quarter. ST Germain D J Co. Inc. now owns 27,720 shares of the credit-card processor’s stock valued at $7,736,000 after purchasing an additional 848 shares during the last quarter. 82.15% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Ryan Mcinerney sold 8,200 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $280.36, for a total transaction of $2,298,952.00. Following the transaction, the chief executive officer now directly owns 538 shares of the company’s stock, valued at approximately $150,833.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Ryan Mcinerney sold 8,200 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $280.36, for a total transaction of $2,298,952.00. Following the transaction, the chief executive officer now directly owns 538 shares of the company’s stock, valued at approximately $150,833.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul D. Fabara sold 25,293 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $277.15, for a total value of $7,009,954.95. Following the transaction, the insider now directly owns 17,894 shares in the company, valued at $4,959,322.10. The disclosure for this sale can be found here. Insiders have sold 34,402 shares of company stock valued at $9,559,382 in the last ninety days. 0.19% of the stock is owned by company insiders.

Visa Stock Up 0.9 %

Shares of NYSE:V opened at $273.62 on Thursday. The company has a market capitalization of $500.43 billion, a price-to-earnings ratio of 30.57, a P/E/G ratio of 1.87 and a beta of 0.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 1.40. The business’s 50-day moving average is $273.96 and its 200-day moving average is $272.71. Visa Inc. has a 1 year low of $224.98 and a 1 year high of $290.96.

Visa (NYSE:V) last announced its quarterly earnings data on Tuesday, April 23rd. The credit-card processor reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.43 by $0.08. The company had revenue of $8.78 billion for the quarter, compared to the consensus estimate of $8.62 billion. Visa had a return on equity of 51.23% and a net margin of 53.87%. The firm’s revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.09 EPS. Equities research analysts predict that Visa Inc. will post 9.94 earnings per share for the current year.

Visa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 17th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date was Thursday, May 16th. Visa’s dividend payout ratio is 23.24%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. TD Cowen assumed coverage on Visa in a research note on Thursday, April 11th. They issued a “buy” rating and a $320.00 price target on the stock. Piper Sandler assumed coverage on Visa in a research note on Monday, May 13th. They issued an “overweight” rating and a $322.00 price target on the stock. Wedbush lifted their price target on Visa from $280.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Citigroup lifted their price target on Visa from $314.00 to $321.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Oppenheimer boosted their price objective on Visa from $297.00 to $299.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Five equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $303.76.

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.