Swedbank AB Purchases 7,157 Shares of VeriSign, Inc. $VRSN

Key Points

• Swedbank AB increased its holdings in VeriSign, Inc. by 12.0%, owning 67,018 shares valued at $19.36 million at the end of the latest quarter.
• The company's board authorized a $1.11 billion share repurchase program, allowing for the reacquisition of up to 4.1% of its shares, indicating potential undervaluation.
• VeriSign recently declared a quarterly dividend of $0.77 per share, representing an annualized payout of $3.08 and a dividend yield of 1.1%.

Swedbank AB boosted its holdings in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 12.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 67,018 shares of the information services provider's stock after buying an additional 7,157 shares during the quarter. Swedbank AB owned approximately 0.07% of VeriSign worth $19,355,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of VRSN. Woodline Partners LP bought a new position in shares of VeriSign in the fourth quarter worth about $1,027,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in VeriSign by 13.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 704,279 shares of the information services provider's stock worth $145,758,000 after purchasing an additional 81,580 shares during the period. Focus Partners Advisor Solutions LLC purchased a new stake in VeriSign during the 4th quarter valued at approximately $276,000. Western Wealth Management LLC raised its position in shares of VeriSign by 3.9% during the fourth quarter. Western Wealth Management LLC now owns 1,905 shares of the information services provider's stock valued at $394,000 after buying an additional 72 shares during the last quarter. Finally, Cache Advisors LLC purchased a new position in shares of VeriSign in the fourth quarter worth $685,000. Hedge funds and other institutional investors own 92.90% of the company's stock.

VeriSign Stock Up 0.6%

NASDAQ:VRSN traded up $1.66 during mid-day trading on Tuesday, hitting $284.40. 322,670 shares of the stock traded hands, compared to its average volume of 859,040. VeriSign, Inc. has a 52 week low of $175.62 and a 52 week high of $310.60. The stock has a market capitalization of $26.57 billion, a price-to-earnings ratio of 33.87 and a beta of 0.79. The firm's 50 day moving average is $277.62 and its two-hundred day moving average is $270.64.

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

VeriSign Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 19th were paid 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 1.1%. VeriSign's dividend payout ratio (DPR) is presently 36.75%.

VeriSign announced that its board has authorized a stock buyback plan on Thursday, July 24th that authorizes the company to buyback $1.11 billion in shares. This buyback authorization authorizes the information services provider to buy up to 4.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

VRSN has been the subject of several research analyst reports. Citigroup reaffirmed a "buy" rating on shares of VeriSign in a research note on Tuesday, July 8th. Robert W. Baird lifted their target price on VeriSign from $285.00 to $305.00 and gave the stock an "outperform" rating in a report on Tuesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $277.50.

Insider Transactions at VeriSign

In other news, CEO D James Bidzos sold 2,000 shares of the business's stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $288.48, for a total transaction of $576,960.00. Following the completion of the sale, the chief executive officer directly owned 476,439 shares of the company's stock, valued at approximately $137,443,122.72. The trade was a 0.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy Tomlinson sold 700 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $270.00, for a total transaction of $189,000.00. Following the completion of the transaction, the director owned 15,284 shares in the company, valued at approximately $4,126,680. The trade was a 4.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,706 shares of company stock worth $12,733,269. 0.84% of the stock is currently owned by insiders.

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.