Allegiance Financial Group Advisory Services LLC Increases Stock Holdings in VeriSign, Inc. $VRSN

Allegiance Financial Group Advisory Services LLC lifted its stake in shares of VeriSign, Inc. (NASDAQ:VRSN) by 5.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,691 shares of the information services provider’s stock after acquiring an additional 81 shares during the period. Allegiance Financial Group Advisory Services LLC’s holdings in VeriSign were worth $488,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of VRSN. UMB Bank n.a. raised 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 buying an additional 82 shares during the period. Miracle Mile Advisors LLC purchased a new stake in shares of VeriSign during the 1st quarter valued at about $233,000. Farther Finance Advisors LLC increased its holdings in VeriSign by 6.7% during the 1st quarter. Farther Finance Advisors LLC now owns 1,017 shares of the information services provider’s stock worth $259,000 after purchasing an additional 64 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of VeriSign by 35.6% during the 1st quarter. GAMMA Investing LLC now owns 2,746 shares of the information services provider’s stock valued at $697,000 after buying an additional 721 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of VeriSign by 1,306.9% during the 1st quarter. SG Americas Securities LLC now owns 23,580 shares of the information services provider’s stock valued at $5,986,000 after buying an additional 21,904 shares during the last quarter. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at VeriSign

In related news, Director Timothy Tomlinson sold 700 shares of VeriSign stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $270.00, for a total transaction of $189,000.00. Following the sale, the director directly owned 15,284 shares in the company, valued at $4,126,680. The trade was a 4.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thomas C. Indelicarto sold 501 shares of VeriSign stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $270.87, for a total transaction of $135,705.87. Following the sale, the executive vice president owned 34,690 shares in the company, valued at approximately $9,396,480.30. This represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,205 shares of company stock worth $10,577,083 over the last ninety days. 0.84% of the stock is currently owned by corporate insiders.

VeriSign Price Performance

NASDAQ:VRSN opened at $267.88 on Thursday. VeriSign, Inc. has a 12-month low of $175.62 and a 12-month high of $310.60. The firm has a market capitalization of $25.02 billion, a P/E ratio of 31.97 and a beta of 0.79. The business has a 50 day simple moving average of $275.68 and a 200 day simple moving average of $273.43.

VeriSign (NASDAQ:VRSN) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $410.35 million. During the same quarter in the previous year, the firm posted $2.01 EPS. The business’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 has approved a share buyback program on Thursday, July 24th that permits the company to repurchase $1.11 billion in outstanding shares. This repurchase authorization permits the information services provider to reacquire up to 4.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

VeriSign Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have recently commented on VRSN. Robert W. Baird increased their target price on VeriSign from $285.00 to $305.00 and gave the company an “outperform” rating in a research note on Tuesday, July 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of VeriSign in a research report on Wednesday. Finally, Citigroup reiterated a “buy” rating on shares of VeriSign in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $277.50.

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.