Chevy Chase Trust Holdings LLC Increases Stock Position in VeriSign, Inc. $VRSN

Chevy Chase Trust Holdings LLC boosted its stake in VeriSign, Inc. (NASDAQ:VRSN) by 0.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,749 shares of the information services provider’s stock after purchasing an additional 81 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in VeriSign were worth $12,346,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Livelsberger Financial Advisory purchased a new stake in VeriSign in the second quarter valued at approximately $27,000. Bruce G. Allen Investments LLC grew its position in VeriSign by 56.5% during the second quarter. Bruce G. Allen Investments LLC now owns 97 shares of the information services provider’s stock valued at $28,000 after acquiring an additional 35 shares during the last quarter. Bayforest Capital Ltd bought a new position in VeriSign during the second quarter valued at approximately $34,000. Ameritas Advisory Services LLC bought a new position in VeriSign during the second quarter valued at approximately $34,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in VeriSign during the first quarter valued at approximately $34,000. 92.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of VeriSign in a research report on Wednesday, October 8th. Citigroup reiterated a “buy” rating on shares of VeriSign in a research report on Tuesday, July 8th. Finally, Robert W. Baird increased their price target on shares of VeriSign from $285.00 to $305.00 and gave the company an “outperform” rating in a research report on Tuesday, July 1st. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, 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 $264.79 on Monday. 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 $24.73 billion, a price-to-earnings ratio of 31.60 and a beta of 0.79. The company’s 50 day moving average price is $274.72 and its 200-day moving average price is $274.30.

VeriSign (NASDAQ:VRSN) last issued its earnings results on Thursday, July 24th. The information services provider reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.01. VeriSign had a net margin of 50.05% and a negative return on equity of 40.87%. The firm had revenue of $409.90 million for the quarter, compared to analysts’ expectations of $410.35 million. During the same quarter last year, the business earned $2.01 earnings per share. The business’s revenue was up 5.9% on a year-over-year basis. VeriSign has set its FY 2025 guidance at EPS.

VeriSign Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 27th. Stockholders of record on Tuesday, August 19th were issued a $0.77 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $3.08 annualized dividend and a dividend yield of 1.2%. VeriSign’s dividend payout ratio (DPR) is currently 36.75%.

VeriSign announced that its Board of Directors has authorized a share buyback program 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 stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at VeriSign

In related news, CEO D James Bidzos sold 2,000 shares of VeriSign stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $264.06, for a total value of $528,120.00. Following the sale, the chief executive officer owned 469,439 shares in the company, valued at $123,960,062.34. The trade was a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Thomas C. Indelicarto sold 501 shares of VeriSign stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $262.92, for a total transaction of $131,722.92. Following the completion of the sale, the executive vice president owned 34,189 shares in the company, valued at approximately $8,988,971.88. This trade represents a 1.44% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,706 shares of company stock worth $10,591,676. 0.84% of the stock is currently owned by company 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.