VersaBank (NASDAQ:VBNK) Shares Acquired by Mendon Capital Advisors Corp

Mendon Capital Advisors Corp raised its position in shares of VersaBank (NASDAQ:VBNK - Free Report) by 65.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 887,253 shares of the company's stock after buying an additional 351,511 shares during the quarter. VersaBank comprises 6.0% of Mendon Capital Advisors Corp's portfolio, making the stock its 2nd largest position. Mendon Capital Advisors Corp owned approximately 2.73% of VersaBank worth $12,288,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in VBNK. Alliancebernstein L.P. increased its stake in VersaBank by 73.2% during the fourth quarter. Alliancebernstein L.P. now owns 2,708,715 shares of the company's stock valued at $37,516,000 after purchasing an additional 1,144,620 shares during the last quarter. Wellington Management Group LLP acquired a new stake in VersaBank during the fourth quarter worth about $5,886,000. Pacific Ridge Capital Partners LLC bought a new position in shares of VersaBank during the fourth quarter valued at approximately $5,588,000. Kennedy Capital Management LLC acquired a new stake in shares of VersaBank during the 4th quarter worth approximately $5,235,000. Finally, TCW Group Inc. bought a new stake in shares of VersaBank in the 4th quarter worth approximately $4,155,000. Institutional investors and hedge funds own 56.86% of the company's stock.

VersaBank Trading Down 3.9 %

Shares of VersaBank stock opened at $10.78 on Tuesday. The stock has a market cap of $350.55 million, a PE ratio of 9.80 and a beta of 1.01. VersaBank has a 52 week low of $8.51 and a 52 week high of $18.38. The company's 50-day moving average price is $10.85 and its two-hundred day moving average price is $13.47.

VersaBank Increases Dividend

The business 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. The ex-dividend date of this dividend is Friday, April 4th. This represents a $0.10 dividend on an annualized basis and a yield of 0.93%. This is a boost from VersaBank's previous quarterly dividend of $0.02. VersaBank's dividend payout ratio (DPR) is currently 6.38%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on VBNK shares. Roth Mkm cut VersaBank from a "buy" rating to a "neutral" rating and cut their target price for the company from $22.00 to $10.40 in a research note on Thursday, March 6th. Roth Capital set a $10.40 price target on shares of VersaBank in a research note on Thursday, March 6th. Finally, Raymond James reissued an "outperform" rating on shares of VersaBank in a report on Thursday, March 6th.

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.

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