Gulf International Bank UK Ltd Has $1.18 Million Stock Holdings in VeriSign, Inc. (NASDAQ:VRSN)

Key Points

• Gulf International Bank UK Ltd reduced its holdings in VeriSign, Inc. by 43.7% during Q1, ending the quarter with $1.18 million worth of stock.
• VeriSign's CEO, D. James Bidzos, sold 5,000 shares valued at approximately $1.42 million, decreasing their stake by 0.94%.
• The company announced a $1.11 billion stock buyback program following a quarterly earnings report that beat expectations, showing a 5.9% year-over-year revenue increase.

Gulf International Bank UK Ltd trimmed its holdings in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 43.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,635 shares of the information services provider's stock after selling 3,604 shares during the period. Gulf International Bank UK Ltd's holdings in VeriSign were worth $1,176,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Rakuten Securities Inc. boosted its stake in shares of VeriSign by 13,000.0% during the 1st quarter. Rakuten Securities Inc. now owns 131 shares of the information services provider's stock worth $33,000 after buying an additional 130 shares during the last quarter. UMB Bank n.a. lifted its stake in VeriSign by 106.5% in the 1st quarter. UMB Bank n.a. now owns 159 shares of the information services provider's stock valued at $40,000 after purchasing an additional 82 shares during the last quarter. Cromwell Holdings LLC lifted its stake in VeriSign by 32.3% in the 1st quarter. Cromwell Holdings LLC now owns 172 shares of the information services provider's stock valued at $44,000 after purchasing an additional 42 shares during the last quarter. Y.D. More Investments Ltd acquired a new stake in VeriSign in the 1st quarter valued at about $45,000. Finally, Golden State Wealth Management LLC acquired a new stake in VeriSign in the 1st quarter valued at about $47,000. 92.90% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other VeriSign news, CEO D James Bidzos sold 5,000 shares of the stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $284.82, for a total value of $1,424,100.00. Following the transaction, the chief executive officer directly owned 526,772 shares of the company's stock, valued at $150,035,201.04. This represents a 0.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 47,006 shares of company stock valued at $13,116,714. 0.84% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

VRSN has been the subject of several recent analyst reports. Citigroup reiterated a "buy" rating on shares of VeriSign in a research note on Tuesday, July 8th. Robert W. Baird raised their target price on shares of VeriSign from $285.00 to $305.00 and gave the company an "outperform" rating in a research note on Tuesday, July 1st.

VeriSign Stock Up 1.2%

VeriSign stock opened at $269.89 on Friday. The stock has a market cap of $25.21 billion, a P/E ratio of 32.21 and a beta of 0.78. VeriSign, Inc. has a twelve month low of $175.62 and a twelve month high of $310.60. The company's 50-day moving average price is $280.49 and its two-hundred day moving average price is $261.32.

VeriSign (NASDAQ:VRSN - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The information services provider reported $2.21 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.01. The firm had revenue of $409.90 million for the quarter, compared to analysts' expectations of $410.35 million. VeriSign had a net margin of 50.05% and a negative return on equity of 40.87%. The business's revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.01 EPS.

VeriSign declared that its Board of Directors has approved a stock buyback program on Thursday, July 24th that allows the company to buyback $1.11 billion in outstanding shares. This buyback authorization allows the information services provider to purchase up to 4.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.

VeriSign Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 19th will be issued a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, August 19th. VeriSign's dividend payout ratio is currently 36.75%.

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.

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