Acadian Asset Management LLC Acquires 115,300 Shares of VersaBank $VBNK

Key Points

• Acadian Asset Management LLC has increased its holdings in VersaBank by 66.2%, now owning approximately 0.89% of the company, equating to around $2.96 million in value.
• Research firms have shown mixed opinions on VersaBank, with Wall Street Zen upgrading it to a "hold" rating while Zacks Research downgraded it to a "strong sell".
• VersaBank is set to pay a quarterly dividend of $0.025 per share on October 31, representing a 0.8% dividend yield and a payout ratio of 10.29%.

Acadian Asset Management LLC raised its holdings in shares of VersaBank (NASDAQ:VBNK - Free Report) by 66.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 289,497 shares of the company's stock after purchasing an additional 115,300 shares during the period. Acadian Asset Management LLC owned about 0.89% of VersaBank worth $2,964,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Pacific Ridge Capital Partners LLC increased its stake in shares of VersaBank by 46.4% in the first quarter. Pacific Ridge Capital Partners LLC now owns 590,623 shares of the company's stock valued at $6,119,000 after purchasing an additional 187,160 shares during the period. Rhino Investment Partners Inc grew its holdings in VersaBank by 5.4% in the 1st quarter. Rhino Investment Partners Inc now owns 943,064 shares of the company's stock worth $9,770,000 after buying an additional 48,547 shares in the last quarter. Bank of America Corp DE boosted its position in VersaBank by 182.4% during the 4th quarter. Bank of America Corp DE now owns 46,648 shares of the company's stock worth $646,000 after acquiring an additional 30,131 shares during the period. Polar Asset Management Partners Inc. acquired a new position in VersaBank during the 4th quarter worth $579,000. Finally, TCW Group Inc. increased its stake in VersaBank by 7.3% during the 1st quarter. TCW Group Inc. now owns 321,853 shares of the company's stock valued at $3,334,000 after buying an additional 21,853 shares during the period. 56.86% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on VBNK. Wall Street Zen raised VersaBank from a "sell" rating to a "hold" rating in a research note on Saturday, September 6th. Zacks Research lowered shares of VersaBank from a "hold" rating to a "strong sell" rating in a research report on Tuesday, September 9th. Finally, Raymond James Financial reissued an "outperform" rating and set a $13.00 target price (down from $15.00) on shares of VersaBank in a research note on Thursday, June 5th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $11.27.

VersaBank Stock Performance

NASDAQ VBNK traded down $0.03 during trading on Friday, reaching $12.70. 99,628 shares of the company traded hands, compared to its average volume of 96,938. The stock's 50 day moving average price is $11.37 and its two-hundred day moving average price is $11.02. The company has a market cap of $408.56 million, a price-to-earnings ratio of 18.68 and a beta of 0.96. VersaBank has a 1-year low of $8.51 and a 1-year high of $18.38.

VersaBank (NASDAQ:VBNK - Get Free Report) last posted its earnings results on Thursday, September 4th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.02. The business had revenue of $22.81 million for the quarter, compared to analyst estimates of $24.01 million. VersaBank had a net margin of 9.56% and a return on equity of 7.47%. Equities research analysts expect that VersaBank will post 1.46 EPS for the current fiscal year.

VersaBank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 10th will be given a dividend of $0.025 per share. The ex-dividend date is Friday, October 10th. This represents a $0.10 annualized dividend and a dividend yield of 0.8%. VersaBank's payout ratio is currently 10.29%.

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.