Asset Management Advisors LLC Sells 8,835 Shares of VeriSign, Inc. $VRSN

Key Points

• Asset Management Advisors LLC reduced its stake in VeriSign by 30.2%, selling 8,835 shares, leaving it with 20,400 shares worth approximately $5.89 million.
• VeriSign announced a quarterly dividend of $0.77, representing an annualized yield of 1.2%, and initiated a share repurchase program to buy back $1.11 billion in shares.
• Analysts have a consensus rating of Buy for VeriSign, with an average price target of $277.50, following a strong earnings report that exceeded expectations.

Asset Management Advisors LLC lessened its stake in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 30.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,400 shares of the information services provider's stock after selling 8,835 shares during the quarter. VeriSign comprises about 4.0% of Asset Management Advisors LLC's investment portfolio, making the stock its 9th biggest holding. Asset Management Advisors LLC's holdings in VeriSign were worth $5,892,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in VRSN. GAMMA Investing LLC boosted its holdings in VeriSign by 35.6% during the first quarter. GAMMA Investing LLC now owns 2,746 shares of the information services provider's stock worth $697,000 after buying an additional 721 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in VeriSign by 358.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 70,017 shares of the information services provider's stock worth $17,775,000 after buying an additional 54,759 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in VeriSign during the first quarter worth approximately $1,003,000. Blue Trust Inc. boosted its holdings in VeriSign by 395.9% during the first quarter. Blue Trust Inc. now owns 362 shares of the information services provider's stock worth $92,000 after buying an additional 289 shares in the last quarter. Finally, Advisor Resource Council bought a new stake in VeriSign during the first quarter worth approximately $737,000. 92.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Weiss Ratings restated a "buy (b-)" rating on shares of VeriSign in a report on Wednesday, October 8th. Robert W. Baird raised their target price on shares of VeriSign from $285.00 to $305.00 and gave the stock an "outperform" rating in a report on Tuesday, July 1st. Finally, Citigroup restated a "buy" rating on shares of VeriSign in a report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to data from MarketBeat.com, VeriSign has an average rating of "Buy" and a consensus price target of $277.50.

VeriSign Stock Performance

VeriSign stock opened at $264.79 on Monday. The company has a 50 day moving average price of $274.72 and a 200 day moving average price of $274.30. VeriSign, Inc. has a 52 week low of $175.62 and a 52 week high of $310.60. The firm has a market capitalization of $24.73 billion, a price-to-earnings ratio of 31.60 and a beta of 0.79.

VeriSign (NASDAQ:VRSN - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The information services provider reported $2.21 EPS for the quarter, topping analysts' consensus estimates of $2.20 by $0.01. VeriSign had a net margin of 50.05% and a negative return on equity of 40.87%. The firm had revenue of $409.90 million during the quarter, compared to analyst estimates of $410.35 million. During the same quarter last year, the business posted $2.01 EPS. The company's revenue was up 5.9% on a year-over-year basis. VeriSign has set its FY 2025 guidance at EPS.

VeriSign Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 19th were given a $0.77 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $3.08 dividend on an annualized basis and a yield of 1.2%. VeriSign's dividend payout ratio is presently 36.75%.

VeriSign announced that its board has initiated a share repurchase program on Thursday, July 24th that authorizes the company to repurchase $1.11 billion in shares. This repurchase authorization authorizes the information services provider to buy up to 4.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other VeriSign news, EVP Thomas C. Indelicarto sold 501 shares of the stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $262.92, for a total value of $131,722.92. Following the completion of the sale, the executive vice president owned 34,189 shares in the company, valued at $8,988,971.88. This represents a 1.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO D James Bidzos sold 2,000 shares of the stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $264.06, for a total transaction of $528,120.00. Following the completion of the sale, the chief executive officer owned 469,439 shares of the company's stock, valued at approximately $123,960,062.34. The trade was a 0.42% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,706 shares of company stock valued at $10,591,676. Insiders own 0.84% of the company's stock.

About VeriSign

VeriSign, Inc, together with its subsidiaries, provides domain name registry services and internet infrastructure that enables internet navigation for various recognized domain names worldwide. The company enables the security, stability, and resiliency of internet infrastructure and services, including providing root zone maintainer services, operating two of thirteen internet root servers; and offering registration services and authoritative resolution for the .com and .net domains, which supports global e-commerce.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.