VeriSign, Inc. $VRSN Stock Holdings Lifted by Schwartz Investment Counsel Inc.

Schwartz Investment Counsel Inc. increased its position in shares of VeriSign, Inc. (NASDAQ:VRSN) by 503.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 244,300 shares of the information services provider’s stock after acquiring an additional 203,800 shares during the quarter. VeriSign accounts for about 2.2% of Schwartz Investment Counsel Inc.’s holdings, making the stock its 12th largest position. Schwartz Investment Counsel Inc.’s holdings in VeriSign were worth $60,674,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in VRSN. DV Equities LLC acquired a new position in VeriSign in the 4th quarter worth approximately $28,000. Sunbelt Securities Inc. raised its stake in VeriSign by 429.2% during the 3rd quarter. Sunbelt Securities Inc. now owns 127 shares of the information services provider’s stock valued at $36,000 after purchasing an additional 103 shares during the period. Board of the Pension Protection Fund acquired a new stake in VeriSign during the 4th quarter valued at $39,000. Advisors Asset Management Inc. lifted its holdings in shares of VeriSign by 25.3% in the first quarter. Advisors Asset Management Inc. now owns 198 shares of the information services provider’s stock valued at $50,000 after purchasing an additional 40 shares in the last quarter. Finally, Activest Wealth Management lifted its holdings in shares of VeriSign by 788.0% in the fourth quarter. Activest Wealth Management now owns 222 shares of the information services provider’s stock valued at $54,000 after purchasing an additional 197 shares in the last quarter. Hedge funds and other institutional investors own 92.90% of the company’s stock.

Wall Street Analysts Forecast Growth

VRSN has been the subject of several recent analyst reports. Citigroup raised their target price on VeriSign from $295.00 to $320.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Robert W. Baird increased their price objective on VeriSign from $305.00 to $355.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. JPMorgan Chase & Co. increased their price objective on VeriSign from $285.00 to $308.00 and gave the stock a “neutral” rating in a research note on Thursday, June 18th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of VeriSign in a research report on Wednesday, June 24th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $327.67.

Insider Buying and Selling at VeriSign

In related news, CEO D James Bidzos sold 3,300 shares of VeriSign stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $266.09, for a total transaction of $878,097.00. Following the completion of the sale, the chief executive officer owned 422,839 shares of the company’s stock, valued at approximately $112,513,229.51. This trade represents a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas C. Indelicarto sold 250 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $269.23, for a total value of $67,307.50. Following the completion of the transaction, the executive vice president owned 36,051 shares in the company, valued at $9,706,010.73. This trade represents a 0.69% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 26,300 shares of company stock valued at $7,125,942. 0.56% of the stock is owned by corporate insiders.

VeriSign Stock Performance

VeriSign stock opened at $270.31 on Tuesday. The firm has a market cap of $24.60 billion, a PE ratio of 29.87 and a beta of 0.71. The firm’s 50 day moving average price is $279.26 and its two-hundred day moving average price is $257.67. VeriSign, Inc. has a twelve month low of $208.86 and a twelve month high of $312.48.

VeriSign (NASDAQ:VRSN) last released its earnings results on Thursday, April 23rd. The information services provider reported $2.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.04. The company had revenue of $428.90 million during the quarter, compared to the consensus estimate of $424.50 million. VeriSign had a net margin of 49.95% and a negative return on equity of 39.98%. The company’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.10 EPS. Equities analysts anticipate that VeriSign, Inc. will post 9.47 EPS for the current fiscal year.

VeriSign Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Tuesday, May 19th were paid a $0.81 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.2%. VeriSign’s dividend payout ratio is 35.80%.

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.