Raymond James Financial Inc. Invests $1.44 Million in VersaBank (NASDAQ:VBNK)

Raymond James Financial Inc. purchased a new stake in VersaBank (NASDAQ:VBNK - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 104,100 shares of the company's stock, valued at approximately $1,442,000. Raymond James Financial Inc. owned 0.32% of VersaBank at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Barclays PLC bought a new stake in VersaBank in the 3rd quarter valued at approximately $32,000. Salzhauer Michael bought a new stake in shares of VersaBank in the fourth quarter worth $137,000. K2 Principal Fund L.P. acquired a new position in VersaBank during the third quarter worth $211,000. Round Rock Advisors LLC acquired a new position in VersaBank during the fourth quarter worth $273,000. Finally, Pembroke Management LTD grew its position in VersaBank by 554.2% in the fourth quarter. Pembroke Management LTD now owns 332,764 shares of the company's stock valued at $4,609,000 after purchasing an additional 281,900 shares in the last quarter. 56.86% of the stock is currently owned by institutional investors.

VersaBank Stock Performance

NASDAQ:VBNK traded down $0.44 during mid-day trading on Friday, hitting $9.19. The stock had a trading volume of 425,198 shares, compared to its average volume of 62,352. VersaBank has a twelve month low of $8.71 and a twelve month high of $18.38. The stock has a market cap of $298.85 million, a price-to-earnings ratio of 8.35 and a beta of 1.01. The company's 50 day simple moving average is $11.89 and its 200 day simple moving average is $13.79.

VersaBank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, April 4th will be paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date is Friday, April 4th. This is a boost from VersaBank's previous quarterly dividend of $0.02. VersaBank's dividend payout ratio is 6.38%.

Wall Street Analyst Weigh In

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

VersaBank Company 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.