Concorde Asset Management LLC Sells 488 Shares of Visa Inc. (NYSE:V)

Concorde Asset Management LLC cut its holdings in Visa Inc. (NYSE:V) by 35.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 871 shares of the credit-card processor’s stock after selling 488 shares during the quarter. Concorde Asset Management LLC’s holdings in Visa were worth $229,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brio Consultants LLC raised its stake in Visa by 39.1% during the 4th quarter. Brio Consultants LLC now owns 1,555 shares of the credit-card processor’s stock valued at $405,000 after buying an additional 437 shares during the last quarter. Gilbert & Cook Inc. raised its stake in Visa by 2.9% during the 4th quarter. Gilbert & Cook Inc. now owns 5,629 shares of the credit-card processor’s stock valued at $1,466,000 after buying an additional 158 shares during the last quarter. Aveo Capital Partners LLC increased its stake in shares of Visa by 9.2% in the 4th quarter. Aveo Capital Partners LLC now owns 2,802 shares of the credit-card processor’s stock worth $730,000 after purchasing an additional 235 shares in the last quarter. 9258 Wealth Management LLC increased its stake in shares of Visa by 20.8% in the 4th quarter. 9258 Wealth Management LLC now owns 8,043 shares of the credit-card processor’s stock worth $2,094,000 after purchasing an additional 1,387 shares in the last quarter. Finally, Gryphon Financial Partners LLC increased its stake in shares of Visa by 53.8% in the 4th quarter. Gryphon Financial Partners LLC now owns 13,640 shares of the credit-card processor’s stock worth $3,282,000 after purchasing an additional 4,774 shares in the last quarter. 82.15% of the stock is owned by institutional investors.

Visa Stock Performance

Visa stock opened at $285.25 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. Visa Inc. has a 1-year low of $227.78 and a 1-year high of $293.07. The firm has a market capitalization of $519.81 billion, a P/E ratio of 31.87, a price-to-earnings-growth ratio of 2.05 and a beta of 0.96. The company’s 50-day moving average is $270.27 and its 200 day moving average is $273.46.

Visa (NYSE:V) last posted its quarterly earnings results on Tuesday, July 23rd. The credit-card processor reported $2.42 earnings per share 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 firm had revenue of $8.90 billion during the quarter, compared to the consensus estimate of $8.92 billion. During the same quarter in the previous year, the firm posted $2.16 earnings per share. The company’s revenue was up 9.6% on a year-over-year basis. Research analysts forecast that Visa Inc. will post 9.92 EPS for the current year.

Visa Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date of this dividend was Friday, August 9th. Visa’s dividend payout ratio (DPR) is 23.24%.

Insider Buying and Selling

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 value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.19% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

V has been the subject of several analyst reports. BNP Paribas upgraded Visa from a “neutral” rating to an “outperform” rating and set a $325.00 price objective for the company in a research note on Tuesday, September 3rd. Piper Sandler reduced their price objective on Visa from $322.00 to $319.00 and set an “overweight” rating for the company in a research note on Wednesday, July 24th. JPMorgan Chase & Co. upped their price objective on Visa from $290.00 to $320.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Bank of America increased their price target on Visa from $279.00 to $308.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $317.00 price target on shares of Visa in a research note on Thursday, September 12th. Six equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong 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 target price of $310.22.

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.