Intact Investment Management Inc. Makes New $1.22 Million Investment in VersaBank (NASDAQ:VBNK)

Intact Investment Management Inc. bought a new stake in VersaBank (NASDAQ:VBNK - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 89,100 shares of the company's stock, valued at approximately $1,223,000. Intact Investment Management Inc. owned approximately 0.27% of VersaBank at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Barclays PLC acquired a new stake in VersaBank in the third quarter valued at approximately $32,000. Salzhauer Michael bought a new position in shares of VersaBank during the fourth quarter valued at $137,000. Mark Sheptoff Financial Planning LLC bought a new position in shares of VersaBank during the third quarter valued at $137,000. K2 Principal Fund L.P. bought a new position in shares of VersaBank during the third quarter valued at $211,000. Finally, Round Rock Advisors LLC bought a new position in shares of VersaBank during the fourth quarter valued at $273,000. Institutional investors and hedge funds own 56.86% of the company's stock.

Analyst Upgrades and Downgrades

VBNK has been the subject of several analyst reports. Roth Capital set a $10.40 price target on shares of VersaBank in a research note on Thursday, March 6th. Roth Mkm downgraded shares of VersaBank from a "buy" rating to a "neutral" rating and dropped their price target for the company from $22.00 to $10.40 in a research note on Thursday, March 6th. Finally, Raymond James reaffirmed an "outperform" rating on shares of VersaBank in a research note on Thursday, March 6th.

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VersaBank Price Performance

NASDAQ VBNK traded up $0.06 during mid-day trading on Wednesday, reaching $10.42. 37,490 shares of the stock were exchanged, compared to its average volume of 59,381. VersaBank has a one year low of $9.48 and a one year high of $18.38. The stock has a 50 day simple moving average of $12.76 and a 200-day simple moving average of $14.06. The stock has a market cap of $338.85 million, a P/E ratio of 9.47 and a beta of 0.93.

VersaBank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, April 4th will be paid a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Friday, April 4th. This is an increase from VersaBank's previous quarterly dividend of $0.02. VersaBank's dividend payout ratio (DPR) is currently 6.38%.

VersaBank Profile

VersaBank provides various banking products and services in Canada and the United States. It offers deposit products, such as web-based chequing accounts, guaranteed investment certificates, registered retirement savings plans, and tax-free savings accounts, as well as deposit insurance products. The company also provides lending services, including point of sale financing that covers purchasing loan and lease receivables from finance companies operating in various industries; commercial banking services comprising commercial real estate, public sector/infrastructure financing, and condominium financing; and residential mortgages.