Pelosi sold Visa stock on November 08, when shares closed at $201.78. The total transaction value is estimated at around $4 million. The timing of the sale doesn’t look particularly great given that Visa shares trade about 8% higher today relative to the price action on November 08.
This is not the first time that Paul Pelosi is reducing his stake in the San Francisco-based financial services business. Nancy Pelosi disclosed in July that Paul sold 10,000 shares of Visa on June 21, when the stock closed at $194.39, valuing the sale at almost $2 million. Paul Pelosi was selling Visa shares in 2020, although in smaller sizes.
Visa shares jumped in October when the company reported better-than-expected results. Visa reported earnings per share of $1.93 on revenue of $7.80 billion, ahead of the analyst consensus that was looking for an EPS of $1.87 on revenue of $7.57 billion.
Last month, Visa announced that Ryan McInerney will become the company’s new CEO, effective February 1, 2023. He currently serves as President of Visa and will replace CEO Alfred Kelly, who will transition to the role of Executive Chairman of Visa’s Board.
V stock is trading flat year-to-date (YTD), therefore outperforming the S&P 500, which is down just over 14% YTD.