Alliancebernstein L.P. Has $29.12 Million Stock Holdings in VersaBank $VBNK

Key Points

• Alliancebernstein L.P. increased its holdings in VersaBank by 3.8%, owning approximately 8.64% of the bank after acquiring 102,298 additional shares during the first quarter.
• VersaBank reported quarterly earnings of $0.22 EPS, exceeding the consensus estimate of $0.20, and announced a dividend of $0.025 per share to be paid on October 10th.
• Several analysts recently adjusted their ratings on VersaBank, with a consensus rating of "Hold" and a target price of $11.27.

Alliancebernstein L.P. raised its holdings in VersaBank (NASDAQ:VBNK - Free Report) by 3.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,811,013 shares of the company's stock after buying an additional 102,298 shares during the period. Alliancebernstein L.P. owned 8.64% of VersaBank worth $29,122,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Royal Bank of Canada increased its stake in shares of VersaBank by 107.2% during the 1st quarter. Royal Bank of Canada now owns 56,371 shares of the company's stock worth $585,000 after purchasing an additional 29,169 shares during the last quarter. Pembroke Management LTD grew its stake in VersaBank by 1.4% in the 1st quarter. Pembroke Management LTD now owns 337,345 shares of the company's stock valued at $3,495,000 after buying an additional 4,581 shares during the last quarter. Trexquant Investment LP acquired a new position in VersaBank in the 1st quarter valued at about $112,000. Rhino Investment Partners Inc grew its stake in VersaBank by 5.4% in the 1st quarter. Rhino Investment Partners Inc now owns 943,064 shares of the company's stock valued at $9,770,000 after buying an additional 48,547 shares during the last quarter. Finally, Pacific Ridge Capital Partners LLC grew its stake in VersaBank by 46.4% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 590,623 shares of the company's stock valued at $6,119,000 after buying an additional 187,160 shares during the last quarter. 56.86% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VBNK has been the topic of a number of research reports. Raymond James Financial reiterated an "outperform" rating and issued a $13.00 price target (down previously from $15.00) on shares of VersaBank in a research note on Thursday, June 5th. Zacks Research lowered shares of VersaBank from a "hold" rating to a "strong sell" rating in a research note on Tuesday, September 9th. Finally, Wall Street Zen upgraded shares of VersaBank from a "sell" rating to a "hold" rating in a research note on Saturday, September 6th. 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. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $11.27.

VersaBank Stock Performance

Shares of VersaBank stock traded up $0.36 on Monday, reaching $12.26. 79,459 shares of the stock were exchanged, compared to its average volume of 98,181. The firm's 50 day moving average is $11.30 and its 200-day moving average is $10.99. VersaBank has a one year low of $8.51 and a one year high of $18.38. The firm has a market cap of $394.40 million, a PE ratio of 18.03 and a beta of 0.96.

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

VersaBank Announces Dividend

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

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.