VersaBank $VBNK is Mendon Capital Advisors Corp's 5th Largest Position

Key Points

• Mendon Capital Advisors Corp increased its holdings in VersaBank by 14.1% in the first quarter, owning 1,012,523 shares valued at approximately $10.49 million, making it the 5th largest holding in their portfolio.
• VersaBank recently declared a quarterly dividend of $0.025 per share, equating to an annualized dividend of $0.10 and a yield of 0.8%, with the ex-dividend date set for October 10th.
• Wall Street analysts have given VersaBank an average rating of "Hold," with a target price of $11.27, while Raymond James has set a $13.00 price objective after reaffirming an "outperform" rating.

Mendon Capital Advisors Corp boosted its position in shares of VersaBank (NASDAQ:VBNK - Free Report) by 14.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,012,523 shares of the company's stock after purchasing an additional 125,270 shares during the period. VersaBank comprises 5.1% of Mendon Capital Advisors Corp's holdings, making the stock its 5th biggest holding. Mendon Capital Advisors Corp owned approximately 3.11% of VersaBank worth $10,490,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in VBNK. Wellington Management Group LLP bought a new position in VersaBank during the 4th quarter valued at about $5,886,000. Pacific Ridge Capital Partners LLC grew its holdings in VersaBank by 46.4% during the 1st 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 last quarter. Curi RMB Capital LLC grew its holdings in VersaBank by 19.6% during the 1st quarter. Curi RMB Capital LLC now owns 761,663 shares of the company's stock valued at $7,891,000 after purchasing an additional 125,000 shares during the last quarter. Alliancebernstein L.P. grew its holdings in VersaBank by 3.8% during the 1st quarter. Alliancebernstein L.P. now owns 2,811,013 shares of the company's stock valued at $29,122,000 after purchasing an additional 102,298 shares during the last quarter. Finally, Mount Lucas Management LP bought a new position in VersaBank in the 1st quarter worth about $881,000. 56.86% of the stock is currently owned by institutional investors.

VersaBank Stock Up 2.3%

Shares of NASDAQ VBNK traded up $0.28 during midday trading on Monday, reaching $12.18. 42,232 shares of the company's stock traded hands, compared to its average volume of 80,793. The stock's 50 day simple moving average is $11.29 and its 200-day simple moving average is $10.99. VersaBank has a one year low of $8.51 and a one year high of $18.38. The company has a market cap of $391.67 million, a price-to-earnings ratio of 17.91 and a beta of 0.96.

VersaBank (NASDAQ:VBNK - Get Free Report) last released its quarterly earnings data on Thursday, September 4th. The company reported $0.22 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $22.81 million for the quarter, compared to the consensus estimate of $24.01 million. Equities analysts predict that VersaBank will post 1.46 EPS for the current fiscal year.

VersaBank Dividend Announcement

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

Wall Street Analysts Forecast Growth

VBNK has been the topic of a number of research analyst reports. Zacks Research downgraded shares of VersaBank from a "hold" rating to a "strong sell" rating in a research note on Tuesday, September 9th. Wall Street Zen upgraded shares of VersaBank from a "sell" rating to a "hold" rating in a research note on Saturday, September 6th. Finally, Raymond James Financial restated an "outperform" rating and issued a $13.00 target price (down from $15.00) on shares of VersaBank in a research note on Thursday, June 5th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $11.27.

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.