Raymond James Financial Inc. Buys Shares of 104,100 VersaBank (NASDAQ:VBNK)

Raymond James Financial Inc. acquired a new stake in VersaBank (NASDAQ:VBNK - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 104,100 shares of the company's stock, valued at approximately $1,442,000. Raymond James Financial Inc. owned 0.32% of VersaBank as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of VBNK. TCW Group Inc. bought a new stake in VersaBank during the 4th quarter valued at $4,155,000. Pembroke Management LTD increased its position in shares of VersaBank by 554.2% during the fourth quarter. Pembroke Management LTD now owns 332,764 shares of the company's stock worth $4,609,000 after acquiring an additional 281,900 shares in the last quarter. Salzhauer Michael acquired a new stake in shares of VersaBank in the 4th quarter worth about $137,000. Round Rock Advisors LLC bought a new position in VersaBank in the 4th quarter valued at about $273,000. Finally, Barclays PLC acquired a new position in VersaBank during the 3rd quarter valued at about $32,000. Institutional investors own 56.86% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Raymond James reaffirmed an "outperform" rating on shares of VersaBank in a research report on Thursday, March 6th. Roth Capital set a $10.40 target price on shares of VersaBank in a report on Thursday, March 6th. Finally, Roth Mkm cut shares of VersaBank from a "buy" rating to a "neutral" rating and cut their price target for the stock from $22.00 to $10.40 in a report on Thursday, March 6th.

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VersaBank Price Performance

Shares of VersaBank stock traded down $0.62 during trading hours on Thursday, hitting $9.63. 141,667 shares of the company's stock traded hands, compared to its average volume of 61,352. The stock has a market capitalization of $313.16 million, a price-to-earnings ratio of 8.75 and a beta of 0.93. VersaBank has a 12-month low of $9.48 and a 12-month high of $18.38. The company has a fifty day simple moving average of $12.04 and a 200-day simple moving average of $13.84.

VersaBank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, April 4th will be given a $0.025 dividend. This is a positive change from VersaBank's previous quarterly dividend of $0.02. The ex-dividend date is Friday, April 4th. This represents a $0.10 annualized dividend and a yield of 1.04%. VersaBank's payout ratio is currently 6.38%.

About VersaBank

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.