Bank of America Corp DE Increases Holdings in VersaBank (NASDAQ:VBNK)

Bank of America Corp DE boosted its holdings in shares of VersaBank (NASDAQ:VBNK - Free Report) by 182.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,648 shares of the company's stock after purchasing an additional 30,131 shares during the period. Bank of America Corp DE owned about 0.14% of VersaBank worth $646,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Alliancebernstein L.P. lifted its holdings in shares of 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 in the last quarter. Rhino Investment Partners Inc bought a new position in VersaBank during the 4th quarter valued at about $12,389,000. Mendon Capital Advisors Corp boosted its holdings in shares of VersaBank by 65.6% during the 4th quarter. Mendon Capital Advisors Corp now owns 887,253 shares of the company's stock valued at $12,288,000 after acquiring an additional 351,511 shares during the last quarter. Curi RMB Capital LLC grew its stake in shares of VersaBank by 42.6% in the fourth quarter. Curi RMB Capital LLC now owns 636,663 shares of the company's stock worth $8,818,000 after acquiring an additional 190,341 shares during the period. Finally, Wellington Management Group LLP bought a new position in VersaBank during the fourth quarter valued at approximately $5,886,000. 56.86% of the stock is owned by institutional investors.

VersaBank Trading Down 2.0%

VersaBank stock traded down $0.22 during midday trading on Friday, hitting $11.03. The stock had a trading volume of 122,323 shares, compared to its average volume of 85,152. VersaBank has a 52-week low of $8.51 and a 52-week high of $18.38. The company has a market capitalization of $358.68 million, a PE ratio of 10.03 and a beta of 0.99. The firm's fifty day moving average is $10.92 and its two-hundred day moving average is $12.39.

VersaBank (NASDAQ:VBNK - Get Free Report) last issued its earnings results on Wednesday, June 4th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.03). VersaBank had a net margin of 13.52% and a return on equity of 11.20%. The business had revenue of $21.87 million for the quarter, compared to the consensus estimate of $20.77 million. As a group, equities research analysts predict that VersaBank will post 1.46 earnings per share for the current fiscal year.

VersaBank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 4th will be paid a dividend of $0.025 per share. The ex-dividend date is Thursday, July 3rd. This represents a $0.10 annualized dividend and a yield of 0.91%. VersaBank's payout ratio is 8.86%.

Analysts Set New Price Targets

Several research firms have recently commented on VBNK. Raymond James reaffirmed an "outperform" rating and set a $13.00 price target (down previously from $15.00) on shares of VersaBank in a research report on Thursday, June 5th. Roth Mkm cut shares of VersaBank from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $22.00 to $10.40 in a research note on Thursday, March 6th. Finally, Roth Capital set a $10.40 price objective on 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.