Rockland Trust Reduces Visa Stake Amid Strong Earnings and Bullish Outlook
Rockland Trust Co. reduced its stake in Visa Inc. (NYSE:V) by 17.6% during the third quarter, according to its latest SEC filing. The firm sold 29,142 shares, leaving it with 136,157 shares worth $48,925,000. Visa now represents 1.9% of Rockland Trust Co.'s holdings, making it the company's 11th largest holding.
Several other institutional investors have also adjusted their positions in Visa. Philadelphia Investment Partners LLC, Virtus Advisers LLC, Copos Capital S.a r.l., Robinswood Financial LLC, and Midwest Capital Advisors LLC all acquired new stakes in the company during various quarters. Collectively, 82.15% of Visa's stock is owned by hedge funds and other institutional investors.
Visa's stock has been performing well, trading up $7.76 to $368.42 on Monday. The company reported strong earnings for the second quarter, with EPS of $3.32 beating estimates by $0.09 and revenue of $11.63 billion exceeding expectations of $11.40 billion. The stock has a market capitalization of $657.43 billion and a price-to-earnings ratio of 31.31.
Analysts have generally positive views on Visa, with a consensus rating of 'Buy' and an average target price of $425.21. Several firms, including Truist Financial, Weiss Ratings, Wolfe Research, Loop Capital, and Robert W. Baird, have recently issued bullish reports and raised their price targets. Additionally, Visa announced a quarterly dividend of $0.67, representing a yield of 0.7%.