Eastern Bank Boosts Visa Stake as Institutional Investors Increase Holdings
Eastern Bank has increased its stake in Visa Inc. (NYSE: V) by 1.8% during the third quarter, according to its latest SEC filing. The bank now holds 317,425 shares of the credit-card processor's stock, valued at $114,060,000. Visa represents about 1.7% of Eastern Bank's portfolio, making it the 17th largest position in the bank's holdings.
Other institutional investors have also adjusted their positions in Visa. QRG Capital Management Inc. boosted its holdings by 10.8% during the second quarter, now owning 310,501 shares worth $106,530,000. Envestnet Portfolio Solutions Inc. increased its stake by 21.6%, holding 153,432 shares valued at $52,629,000. State Street Corp raised its stake by 0.7%, now owning 82,872,209 shares worth $28,432,626,000.
Insider transactions at Visa include General Counsel Julie B. Rottenberg selling 1,867 shares on September 9th at an average price of $368.34, totaling $687,690.78. CEO Ryan McInerney sold 5,875 shares on October 1st at an average price of $358.81, amounting to $2,108,008.75. Over the last ninety days, insiders have sold 78,792 shares valued at $28,863,319.
Analysts have set new price targets for Visa, with Clear Str upgrading it to a "strong-buy" rating. Wolfe Research reissued an "outperform" rating with a price target of $460.00. Deutsche Bank Aktiengesellschaft reissued a "buy" rating with a target price of $430.00. Keefe, Bruyette & Woods increased their price target to $430.00, and Truist Financial set a $406.00 target. Visa currently has a consensus rating of "Buy" and an average target price of $425.21.
Visa's stock traded up $7.43 on Monday, reaching $368.09. The company reported earnings of $3.32 per share for the quarter, beating estimates of $3.23. Visa's revenue was $11.63 billion, up 14.4% compared to the same quarter last year. The company also declared a quarterly dividend of $0.67, representing a $2.68 annualized dividend and a yield of 0.7%.