In its latest Form 13F filing with the SEC, Thrivent Financial for Lutherans increased its Visa Inc. holdings by 6.2% during the third quarter, acquiring an additional 89,593 shares to reach a total of 1,543,383 shares. This position now represents 1.0% of Thrivent’s overall portfolio, making Visa its 12th largest holding by value. As of the filing date, Thrivent’s Visa stake was valued at approximately $527 million, equating to roughly 0.08% of Visa’s outstanding shares.

Visa reported first-quarter earnings per share of $3.17, beating the consensus estimate of $3.14, while revenue climbed to $10.90 billion versus the street forecast of $10.69 billion. The results were driven by a 12% year-over-year increase in global payments volume and a 16% rise in cross-border transactions. Net margin expanded to 50.2%, reflecting strong operational leverage despite modest cost growth.

Following the Q1 beat, at least four major brokerages reaffirmed or raised their outlook on Visa. Macquarie maintained its outperform rating and lifted its target to $410, RBC kept an outperform stance with a $395 objective, William Blair reiterated a Buy, and Cantor Fitzgerald upgraded to Strong Buy with a $420 target. These revisions imply upside potential of 15–25% from current consensus levels.

Management highlighted ongoing investments in stablecoin settlement rails and digital-dollar pilot programs, positioning Visa to capture emerging settlement fees beyond traditional card transactions. The company also announced a quarterly dividend of $0.67 per share, payable March 2 to holders of record on February 10, representing a 0.8% yield and a payout ratio near 25%. Institutional investors now own over 82% of the company’s shares.