ELCO Management Co. LLC Grows Stock Holdings in VersaBank (NASDAQ:VBNK)

ELCO Management Co. LLC boosted its holdings in VersaBank (NASDAQ:VBNK - Free Report) by 47.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 132,121 shares of the company's stock after buying an additional 42,701 shares during the quarter. VersaBank accounts for approximately 1.0% of ELCO Management Co. LLC's holdings, making the stock its 26th biggest position. ELCO Management Co. LLC owned approximately 0.41% of VersaBank worth $1,830,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Barclays PLC purchased a new stake in VersaBank during the third quarter valued at $32,000. Salzhauer Michael purchased a new position in shares of VersaBank in the fourth quarter worth approximately $137,000. Mark Sheptoff Financial Planning LLC lifted its position in shares of VersaBank by 55.3% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 16,000 shares of the company's stock valued at $222,000 after buying an additional 5,700 shares in the last quarter. Bank of Montreal Can increased its holdings in VersaBank by 11.8% in the 4th quarter. Bank of Montreal Can now owns 17,431 shares of the company's stock worth $239,000 after acquiring an additional 1,841 shares in the last quarter. Finally, Round Rock Advisors LLC purchased a new position in VersaBank during the fourth quarter valued at approximately $273,000. Institutional investors own 56.86% of the company's stock.

VersaBank Stock Performance

VBNK stock traded up $0.16 during mid-day trading on Monday, reaching $9.51. 21,054 shares of the stock traded hands, compared to its average volume of 63,304. VersaBank has a one year low of $8.51 and a one year high of $18.38. The stock has a market capitalization of $309.26 million, a PE ratio of 8.65 and a beta of 1.01. The business has a 50-day moving average price of $11.28 and a two-hundred day moving average price of $13.59.

VersaBank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, April 4th will be given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Friday, April 4th. This is a positive change from VersaBank's previous quarterly dividend of $0.02. VersaBank's payout ratio is 6.38%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on VBNK shares. Roth Capital set a $10.40 target price on shares of VersaBank in a research note on Thursday, March 6th. Roth Mkm lowered VersaBank from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $22.00 to $10.40 in a research note on Thursday, March 6th. Finally, Raymond James reissued an "outperform" rating on shares of VersaBank in a research note on Thursday, March 6th.

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.