United Services Automobile Association Takes Position in VeriSign, Inc. $VRSN

Key Points

• United Services Automobile Association acquired a stake in VeriSign, Inc. during the 1st quarter, purchasing 1,885 shares valued at approximately $473,000.
• Several institutional investors significantly increased their holdings in VeriSign, leading to institutional ownership rising to 92.90% of the company's stock.
• VeriSign announced a $1.11 billion share repurchase program and a quarterly dividend of $0.77 per share, indicating confidence in the company's value.

United Services Automobile Association acquired a new stake in shares of VeriSign, Inc. (NASDAQ:VRSN - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 1,885 shares of the information services provider's stock, valued at approximately $473,000.

Other institutional investors have also modified their holdings of the company. Rakuten Securities Inc. lifted its holdings 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 valued at $33,000 after purchasing an additional 130 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of VeriSign during the 1st quarter valued at about $34,000. UMB Bank n.a. lifted its holdings in shares of VeriSign by 106.5% during 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 in the last quarter. WPG Advisers LLC bought a new position in shares of VeriSign during the 1st quarter valued at about $42,000. Finally, Cromwell Holdings LLC lifted its holdings in shares of VeriSign by 32.3% during 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 in the last quarter. Institutional investors own 92.90% of the company's stock.

Insider Transactions at VeriSign

In other news, Director Timothy Tomlinson sold 700 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $270.00, for a total transaction of $189,000.00. Following the sale, the director owned 15,284 shares in the company, valued at $4,126,680. This represents a 4.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Thomas C. Indelicarto sold 501 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $282.28, for a total value of $141,422.28. Following the sale, the executive vice president owned 35,191 shares in the company, valued at approximately $9,933,715.48. This represents a 1.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,706 shares of company stock worth $11,281,499 in the last 90 days. Corporate insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on VRSN. Citigroup reiterated a "buy" rating on shares of VeriSign in a report on Tuesday, July 8th. Robert W. Baird lifted their target price on VeriSign from $285.00 to $305.00 and gave the company an "outperform" rating in a research report on Tuesday, July 1st. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $277.50.

VeriSign Stock Performance

Shares of VeriSign stock opened at $283.48 on Thursday. The business's 50 day simple moving average is $277.39 and its 200 day simple moving average is $267.54. VeriSign, Inc. has a 52-week low of $175.62 and a 52-week high of $310.60. The firm has a market cap of $26.48 billion, a PE ratio of 33.83 and a beta of 0.79.

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 analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $410.35 million. During the same quarter last year, the firm earned $2.01 EPS. VeriSign'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 announced that its Board of Directors has initiated a share repurchase program on Thursday, July 24th that authorizes the company to buyback $1.11 billion in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 4.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its stock is undervalued.

VeriSign Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 27th. Stockholders of record on Tuesday, August 19th were paid a dividend of $0.77 per share. The ex-dividend date was Tuesday, August 19th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.1%. VeriSign's dividend payout ratio is currently 36.75%.

VeriSign Company Profile

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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