Securian Asset Management Inc. Cuts Stake in VeriSign, Inc. $VRSN

Securian Asset Management Inc. lessened its stake in VeriSign, Inc. (NASDAQ:VRSN) by 44.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,236 shares of the information services provider’s stock after selling 1,823 shares during the period. Securian Asset Management Inc.’s holdings in VeriSign were worth $543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strategy Asset Managers LLC purchased a new position in VeriSign in the third quarter valued at about $654,000. Allianz Asset Management GmbH grew its stake in VeriSign by 11.5% in the third quarter. Allianz Asset Management GmbH now owns 357,611 shares of the information services provider’s stock valued at $99,977,000 after purchasing an additional 36,829 shares during the last quarter. Perpetual Ltd grew its stake in VeriSign by 159.6% in the fourth quarter. Perpetual Ltd now owns 9,150 shares of the information services provider’s stock valued at $2,223,000 after purchasing an additional 5,626 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in VeriSign by 9.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,719 shares of the information services provider’s stock valued at $7,749,000 after purchasing an additional 2,435 shares during the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new position in VeriSign in the third quarter valued at about $26,647,000. Hedge funds and other institutional investors own 92.90% of the company’s stock.

VeriSign Stock Up 1.6%

Shares of VeriSign stock opened at $297.57 on Friday. The firm has a market capitalization of $27.08 billion, a P/E ratio of 32.88 and a beta of 0.68. The company has a 50 day moving average price of $262.13 and a 200 day moving average price of $248.59. VeriSign, Inc. has a 52 week low of $208.86 and a 52 week high of $310.60.

VeriSign (NASDAQ:VRSN) last announced its quarterly earnings data on Thursday, April 23rd. The information services provider reported $2.34 EPS for the quarter, beating the consensus estimate of $2.30 by $0.04. The firm had revenue of $428.90 million during the quarter, compared to analyst estimates of $424.50 million. VeriSign had a net margin of 49.95% and a negative return on equity of 39.98%. VeriSign’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the firm posted $2.10 EPS. As a group, research analysts anticipate that VeriSign, Inc. will post 9.46 earnings per share for the current fiscal year.

VeriSign Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 27th. Investors of record on Tuesday, May 19th will be given a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, May 19th. VeriSign’s dividend payout ratio (DPR) is presently 35.80%.

Insider Activity at VeriSign

In related news, EVP Danny R. Mcpherson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $271.02, for a total value of $1,355,100.00. Following the completion of the transaction, the executive vice president directly owned 35,195 shares of the company’s stock, valued at $9,538,548.90. This trade represents a 12.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Thomas C. Indelicarto sold 498 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $231.78, for a total transaction of $115,426.44. Following the completion of the transaction, the executive vice president directly owned 40,028 shares of the company’s stock, valued at $9,277,689.84. The trade was a 1.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,826 shares of company stock valued at $1,821,354 over the last ninety days. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on VRSN shares. JPMorgan Chase & Co. lifted their target price on VeriSign from $273.00 to $278.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Citigroup lifted their target price on VeriSign from $295.00 to $320.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Robert W. Baird lifted their target price on VeriSign from $305.00 to $355.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Weiss Ratings upgraded VeriSign from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 27th. Finally, Zacks Research upgraded VeriSign from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $317.67.

About VeriSign

VeriSign, Inc (NASDAQ: VRSN) is an internet infrastructure company that operates critical components of the global Domain Name System (DNS) and provides cybersecurity-related services. The company is best known as the authoritative registry operator for the .com and .net top-level domains, maintaining the central databases and zone files that enable domain name resolution for millions of websites. VeriSign’s registry role is performed under contractual agreements with Internet Corporation for Assigned Names and Numbers (ICANN) and involves high-availability, highly secure operations to support continuous internet connectivity.

In addition to its registry business, VeriSign offers a suite of services designed to protect and accelerate DNS and internet traffic for enterprises and service providers.