Mitsubishi UFJ Asset Management Co. Ltd. Has $37.19 Million Stake in VeriSign, Inc. (NASDAQ:VRSN)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in VeriSign, Inc. by 11.3%, owning approximately 146,485 shares valued at $37.2 million as of its latest SEC filing.
• VeriSign has announced a quarterly dividend of $0.77 per share, which represents an annual yield of 1.1% and will be paid on August 27th.
• Wall Street analysts have upgraded VeriSign to a "buy" rating and raised its price target from $285.00 to $305.00, indicating positive market sentiment.

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in VeriSign, Inc. (NASDAQ:VRSN - Free Report) by 11.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 146,485 shares of the information services provider's stock after purchasing an additional 14,881 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.16% of VeriSign worth $37,188,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Rakuten Securities Inc. increased its holdings in VeriSign by 13,000.0% in the first 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 during the last quarter. UMB Bank n.a. boosted its position in shares of VeriSign by 106.5% during the first quarter. UMB Bank n.a. now owns 159 shares of the information services provider's stock worth $40,000 after buying an additional 82 shares during the period. Cromwell Holdings LLC boosted its position in shares of VeriSign by 32.3% during the first quarter. Cromwell Holdings LLC now owns 172 shares of the information services provider's stock worth $44,000 after buying an additional 42 shares during the period. Y.D. More Investments Ltd acquired a new position in VeriSign during the first quarter valued at approximately $45,000. Finally, Golden State Wealth Management LLC acquired a new position in VeriSign during the first quarter valued at approximately $47,000. Institutional investors and hedge funds own 92.90% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on VRSN shares. Robert W. Baird increased their price target on VeriSign from $285.00 to $305.00 and gave the company an "outperform" rating in a research report on Tuesday, July 1st. Citigroup reissued a "buy" rating on shares of VeriSign in a research report on Tuesday, July 8th.

Insider Buying and Selling

In other VeriSign news, CEO D James Bidzos sold 5,000 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $284.82, for a total transaction of $1,424,100.00. Following the transaction, the chief executive officer owned 526,772 shares in the company, valued at $150,035,201.04. This trade represents a 0.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 39,505 shares of company stock worth $11,130,549. 0.84% of the stock is owned by company insiders.

VeriSign Stock Performance

Shares of NASDAQ VRSN traded up $4.48 during trading hours on Wednesday, reaching $267.50. 798,486 shares of the stock were exchanged, compared to its average volume of 880,303. The firm has a market capitalization of $24.99 billion, a price-to-earnings ratio of 31.92 and a beta of 0.78. VeriSign, Inc. has a 52 week low of $172.49 and a 52 week high of $310.60. The stock's fifty day simple moving average is $281.15 and its 200 day simple moving average is $260.51.

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 negative return on equity of 40.87% and a net margin of 50.05%. The firm had revenue of $409.90 million for the quarter, compared to analyst estimates of $410.35 million. During the same quarter last year, the company earned $2.01 EPS. The company's revenue was up 5.9% on a year-over-year basis.

VeriSign Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Tuesday, August 19th. VeriSign's dividend payout ratio (DPR) is 36.75%.

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

VeriSign 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.