Lee Danner & Bass Inc. Buys New Stake in Visa Inc. (NYSE:V)

Lee Danner & Bass Inc. bought a new stake in Visa Inc. (NYSE:V) during the second quarter, HoldingsChannel reports. The institutional investor bought 62,731 shares of the credit-card processor’s stock, valued at approximately $16,465,000. Visa accounts for 1.3% of Lee Danner & Bass Inc.’s holdings, making the stock its 14th biggest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Visa by 0.6% in the first quarter. Vanguard Group Inc. now owns 142,202,830 shares of the credit-card processor’s stock valued at $39,685,966,000 after purchasing an additional 788,908 shares in the last quarter. Capital International Investors boosted its position in Visa by 2.7% in the 1st quarter. Capital International Investors now owns 23,570,391 shares of the credit-card processor’s stock valued at $6,578,025,000 after buying an additional 626,618 shares during the period. Capital World Investors grew its stake in shares of Visa by 5.4% in the first quarter. Capital World Investors now owns 18,863,796 shares of the credit-card processor’s stock worth $5,264,508,000 after acquiring an additional 968,008 shares in the last quarter. Norges Bank purchased a new stake in shares of Visa during the fourth quarter worth $3,895,015,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Visa by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,524,329 shares of the credit-card processor’s stock valued at $2,725,079,000 after acquiring an additional 141,566 shares in the last quarter. 82.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

V has been the subject of several analyst reports. Jefferies Financial Group lowered their target price on Visa from $325.00 to $300.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. TD Cowen cut their target price on shares of Visa from $320.00 to $318.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Piper Sandler reduced their target price on shares of Visa from $322.00 to $319.00 and set an “overweight” rating on the stock in a report on Wednesday, July 24th. Citigroup lowered their price target on shares of Visa from $321.00 to $319.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Finally, Morgan Stanley reduced their price objective on shares of Visa from $326.00 to $322.00 and set an “overweight” rating on the stock in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $308.50.

Visa Stock Performance

Shares of V opened at $276.37 on Friday. The company’s 50 day simple moving average is $265.67 and its 200-day simple moving average is $273.12. Visa Inc. has a 12-month low of $227.78 and a 12-month high of $290.96. The firm has a market cap of $505.46 billion, a PE ratio of 30.88, a price-to-earnings-growth ratio of 1.89 and a beta of 0.95. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54.

Visa (NYSE:V) last issued its quarterly earnings data on Tuesday, July 23rd. The credit-card processor reported $2.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.42. Visa had a net margin of 54.72% and a return on equity of 51.94%. The company had revenue of $8.90 billion for the quarter, compared to the consensus estimate of $8.92 billion. During the same period last year, the firm posted $2.16 EPS. Visa’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, equities analysts predict that Visa Inc. will post 9.91 EPS for the current year.

Visa Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 0.75%. The ex-dividend date is Friday, August 9th. Visa’s dividend payout ratio is presently 23.24%.

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.