Tobias Financial Advisors Inc. has increased its stake in Visa Inc. (NYSE: V) by 37.6% during the second quarter of 2023, according to a recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor now holds a total of 3,629 shares, following the acquisition of an additional 991 shares during the period. The value of Tobias Financial Advisors’ holdings in Visa is approximately $1,288,000 based on the latest SEC filing.
Several other institutional investors have also adjusted their positions in Visa. Brighton Jones LLC raised its stake by 50.1% in the fourth quarter, bringing its total to 20,635 shares valued at $6,522,000 after purchasing 6,883 shares. Meanwhile, Revolve Wealth Partners LLC increased its holdings by 68.9% during the same quarter, now owning 11,811 shares worth $3,733,000.
Strategic Family Wealth Counselors L.L.C. expanded its investment by 2.1% in the first quarter, acquiring an additional 150 shares and now holding 7,433 shares valued at $2,605,000. IFG Advisory LLC increased its stake by 3.4%, now owning 4,679 shares worth $1,640,000 after acquiring 156 shares. Additionally, Fiduciary Wealth Partners LLC purchased a new position in Visa, valued at around $85,000. Institutional and hedge funds collectively own 82.15% of Visa’s stock.
Analysts Signal Strong Confidence in Visa
Visa has been the focal point of numerous research analyst reports. On October 29, 2023, Raymond James Financial reaffirmed an “outperform” rating and adjusted its target price for Visa shares to $408.00, up from $398.00. Wells Fargo & Company has also upgraded Visa to a “strong-buy” rating, reinforcing the company’s positive outlook.
KeyCorp reiterated an “overweight” rating with a target price of $405.00 on October 22, while Robert W. Baird set a target of $425.00 on the same date. As of the latest data from MarketBeat, Visa has received four “Strong Buy” ratings, seventeen “Buy” ratings, and five “Hold” ratings, resulting in an average rating of “Moderate Buy” and a consensus target price of $400.00.
As of Friday, Visa shares opened at $334.67. The company boasts a market capitalization of $609.67 billion, a price-to-earnings (P/E) ratio of 32.78, and a beta of 0.87. The stock has demonstrated resilience, with a one-year low of $299.00 and a high of $375.51.
Quarterly Earnings and Dividend Increase
Visa announced its quarterly earnings results on October 28, 2023, reporting earnings per share (EPS) of $2.98, slightly exceeding the consensus estimate of $2.97. The company’s revenue for the quarter reached $10.72 billion, surpassing expectations of $10.60 billion. This reflects an 11.5% increase in revenue compared to the same quarter last year when the company reported an EPS of $2.71. Analysts predict that Visa will achieve $11.3 earnings per share for the current year.
In a move that reflects its strong financial position, Visa declared a quarterly dividend of $0.67 per share, set to be paid on December 1, 2023. This dividend represents an annualized rate of $2.68 and a yield of 0.8%, marking an increase from the previous quarterly dividend of $0.59. The ex-dividend date is November 12, 2023, with Visa’s dividend payout ratio currently at 26.25%.
Insider trading activity at Visa has also been notable. On November 4, 2023, Director Lloyd Carney sold 900 shares at an average price of $336.48, totaling $302,832. Following this sale, Carney retains ownership of 2,468 shares, valued at approximately $830,432.64. Additionally, insider Paul D. Fabara sold 2,172 shares on November 21, 2023, at an average price of $325.93, amounting to $707,919.96. This sale reduced Fabara’s holdings to 26,413 shares, valued at around $8,608,789.09. Over the past ninety days, insiders have sold 24,042 shares worth $8,175,152, with corporate insiders owning approximately 0.13% of the stock.
Visa Inc. continues to operate as a leading payment technology company globally. Through its VisaNet transaction processing network, the company facilitates authorization, clearing, and settlement of payment transactions, while also providing various financial products and services. As Visa adapts to evolving market conditions, investor interest remains robust, evidenced by recent institutional investments and positive analyst ratings.
