Cullen Frost Bankers Inc. Lowers Stake in Visa Inc. (NYSE:V)

Cullen Frost Bankers Inc. trimmed its holdings in Visa Inc. (NYSE:V) by 0.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 355,728 shares of the credit-card processor’s stock after selling 1,481 shares during the quarter. Visa comprises 1.4% of Cullen Frost Bankers Inc.’s investment portfolio, making the stock its 14th largest holding. Cullen Frost Bankers Inc.’s holdings in Visa were worth $93,368,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Westend Capital Management LLC acquired a new stake in shares of Visa in the 1st quarter worth $25,000. Livelsberger Financial Advisory acquired a new position in shares of Visa during the fourth quarter worth about $25,000. POM Investment Strategies LLC raised its holdings in Visa by 970.0% during the second quarter. POM Investment Strategies LLC now owns 107 shares of the credit-card processor’s stock worth $28,000 after purchasing an additional 97 shares in the last quarter. Frank Rimerman Advisors LLC acquired a new stake in Visa in the fourth quarter valued at about $33,000. Finally, TruNorth Capital Management LLC boosted its holdings in Visa by 211.9% in the 2nd quarter. TruNorth Capital Management LLC now owns 131 shares of the credit-card processor’s stock valued at $34,000 after purchasing an additional 89 shares in the last quarter. Institutional investors and hedge funds own 82.15% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ryan Mcinerney sold 8,620 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $276.37, for a total transaction of $2,382,309.40. Following the sale, the chief executive officer now owns 538 shares of the company’s stock, valued at $148,687.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Visa Stock Performance

NYSE:V traded up $0.75 during midday trading on Friday, reaching $279.37. 7,187,805 shares of the company traded hands, compared to its average volume of 7,125,969. The firm has a market capitalization of $509.10 billion, a price-to-earnings ratio of 31.23, a price-to-earnings-growth ratio of 1.98 and a beta of 0.96. The company has a fifty day moving average price of $266.53 and a 200 day moving average price of $273.14. 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 twelve month low of $227.78 and a twelve month high of $290.96.

Visa (NYSE:V) last released its quarterly earnings results on Tuesday, July 23rd. The credit-card processor reported $2.42 EPS for the quarter, hitting the consensus estimate of $2.42. The business had revenue of $8.90 billion during the quarter, compared to analyst estimates of $8.92 billion. Visa had a net margin of 54.72% and a return on equity of 51.94%. The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.16 earnings per share. On average, analysts expect that Visa Inc. will post 9.92 EPS for the current fiscal year.

Visa Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date of this dividend was Friday, August 9th. Visa’s dividend payout ratio is currently 23.24%.

Analysts Set New Price Targets

V has been the subject of a number of analyst reports. Morgan Stanley cut their target price on Visa from $326.00 to $322.00 and set an “overweight” rating for the company in a research note on Wednesday, July 24th. Bank of America reiterated a “neutral” rating and issued a $297.00 price objective (down previously from $305.00) on shares of Visa in a research report on Wednesday, July 10th. Macquarie reiterated an “outperform” rating and issued a $300.00 price target on shares of Visa in a report on Wednesday, July 24th. Evercore ISI dropped their price objective on Visa from $335.00 to $330.00 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Visa from $290.00 to $320.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Six equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $309.54.

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.