Deutsche Bank AG Invests $145.36 Million in VeriSign, Inc. $VRSN

Key Points

• Deutsche Bank acquired 577,844 VeriSign shares worth approximately $145.36 million in the second quarter, representing about 0.64% of the company; institutional investors collectively own 92.90% of VRSN.
• Analyst sentiment is broadly positive, with an average “Buy” rating and a consensus price target of $328.75. Recent quarterly results also exceeded expectations, with EPS of $2.38 and revenue of $434.6 million, up 6% year over year.
• VeriSign declared a quarterly dividend of $0.81 per share, equivalent to an annualized $3.24 payout and a 1.2% yield, while insiders have sold 36,500 shares worth roughly $10.06 million over the past 90 days.

Deutsche Bank AG purchased a new position in VeriSign, Inc. (NASDAQ:VRSN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 577,844 shares of the information services provider's stock, valued at approximately $145,362,000. Deutsche Bank AG owned about 0.64% of VeriSign at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. DV Equities LLC bought a new position in shares of VeriSign in the fourth quarter worth $28,000. Sunbelt Securities Inc. increased its holdings in shares of VeriSign by 429.2% during the third quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider's stock valued at $36,000 after purchasing an additional 103 shares during the period. Advisors Asset Management Inc. raised its stake in shares of VeriSign by 25.3% during the first quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider's stock valued at $50,000 after purchasing an additional 40 shares in the last quarter. Activest Wealth Management raised its stake in shares of VeriSign by 788.0% during the fourth quarter. Activest Wealth Management now owns 222 shares of the information services provider's stock valued at $54,000 after purchasing an additional 197 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of VeriSign by 120.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 234 shares of the information services provider's stock valued at $57,000 after purchasing an additional 128 shares in the last quarter. 92.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on VRSN. Weiss Ratings reiterated a "buy (b-)" rating on shares of VeriSign in a report on Wednesday, June 24th. Robert W. Baird boosted their target price on VeriSign from $305.00 to $355.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Zacks Research raised VeriSign from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Citigroup upped their target price on VeriSign from $295.00 to $320.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Finally, JPMorgan Chase & Co. increased their price target on VeriSign from $308.00 to $316.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $328.75.

VeriSign Stock Down 1.3%

Shares of VeriSign stock opened at $273.03 on Thursday. VeriSign, Inc. has a 12 month low of $208.86 and a 12 month high of $312.48. The stock has a market cap of $24.65 billion, a PE ratio of 29.61 and a beta of 0.70. The business has a fifty day simple moving average of $272.61 and a 200-day simple moving average of $264.18.

VeriSign (NASDAQ:VRSN - Get Free Report) last issued its earnings results on Thursday, July 23rd. The information services provider reported $2.38 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.02. VeriSign had a negative return on equity of 39.20% and a net margin of 49.76%.The company had revenue of $434.60 million for the quarter, compared to the consensus estimate of $433.19 million. During the same quarter in the prior year, the company earned $2.21 EPS. The firm's quarterly revenue was up 6.0% on a year-over-year basis. Analysts expect that VeriSign, Inc. will post 9.56 EPS for the current fiscal year.

VeriSign Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Wednesday, August 19th will be issued a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, August 19th. VeriSign's payout ratio is 35.14%.

Insiders Place Their Bets

In related news, EVP John Calys sold 500 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $281.56, for a total transaction of $140,780.00. Following the completion of the sale, the executive vice president owned 31,087 shares in the company, valued at $8,752,855.72. This represents a 1.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Thomas C. Indelicarto sold 500 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $292.35, for a total value of $146,175.00. Following the completion of the sale, the executive vice president directly owned 34,551 shares of the company's stock, valued at $10,100,984.85. This represents a 1.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 36,500 shares of company stock valued at $10,059,796 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

About VeriSign

VeriSign, Inc NASDAQ: VRSN is an internet infrastructure company that operates critical components of the global Domain Name System (DNS) and provides cybersecurity-related services. The company is best known as the authoritative registry operator for the .com and .net top-level domains, maintaining the central databases and zone files that enable domain name resolution for millions of websites. VeriSign's registry role is performed under contractual agreements with Internet Corporation for Assigned Names and Numbers (ICANN) and involves high-availability, highly secure operations to support continuous internet connectivity.

In addition to its registry business, VeriSign offers a suite of services designed to protect and accelerate DNS and internet traffic for enterprises and service providers.

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