K2 Principal Fund L.P. Has $435,000 Stake in VersaBank $VBNK

Key Points

• K2 Principal Fund L.P. increased its stake in VersaBank by 103.3% in Q1, now owning approximately 0.13% of the bank, valued at $435,000.
• VersaBank recently announced a quarterly dividend of $0.025 per share, with a payout ratio of 8.86%, and expects to post an earnings per share of 1.46 for the current year.
• Shares of VersaBank rose by 5.3%, and the stock has a market cap of $384.75 million with a current PE ratio of 15.14.

K2 Principal Fund L.P. increased its holdings in shares of VersaBank (NASDAQ:VBNK - Free Report) by 103.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 41,982 shares of the company's stock after purchasing an additional 21,336 shares during the quarter. K2 Principal Fund L.P. owned 0.13% of VersaBank worth $435,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Pacific Ridge Capital Partners LLC increased its stake in VersaBank by 46.4% during the 1st quarter. Pacific Ridge Capital Partners LLC now owns 590,623 shares of the company's stock worth $6,119,000 after purchasing an additional 187,160 shares in the last quarter. Rhino Investment Partners Inc grew its stake in shares of VersaBank by 5.4% during the 1st quarter. Rhino Investment Partners Inc now owns 943,064 shares of the company's stock worth $9,770,000 after acquiring an additional 48,547 shares in the last quarter. Bank of America Corp DE grew its stake in shares of 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 in the last quarter. Polar Asset Management Partners Inc. bought a new position in shares of VersaBank during the 4th quarter worth approximately $579,000. Finally, TCW Group Inc. grew its stake in shares of VersaBank by 7.3% during the 1st quarter. TCW Group Inc. now owns 321,853 shares of the company's stock worth $3,334,000 after acquiring an additional 21,853 shares in the last quarter. 56.86% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on VBNK shares. Raymond James Financial reaffirmed an "outperform" rating and set a $13.00 price target (down from $15.00) on shares of VersaBank in a research note on Thursday, June 5th. Wall Street Zen raised shares of VersaBank from a "sell" rating to a "hold" rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $11.27.

VersaBank Price Performance

NASDAQ:VBNK traded up $0.24 during trading hours on Tuesday, reaching $12.05. 60,053 shares of the company were exchanged, compared to its average volume of 81,231. The company has a market capitalization of $387.65 million, a P/E ratio of 17.72 and a beta of 0.96. The business has a 50 day moving average of $11.25 and a 200 day moving average of $11.01. 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 quarterly earnings results on Thursday, September 4th. The company reported $0.22 EPS for the quarter, beating analysts' consensus estimates of $0.20 by $0.02. The business had revenue of $22.81 million during the quarter, compared to the consensus estimate of $24.01 million. VersaBank had a return on equity of 7.47% and a net margin of 9.56%. As a group, equities research analysts anticipate that VersaBank will post 1.46 earnings per share for the current fiscal year.

VersaBank Announces Dividend

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