Polar Asset Management Partners Inc. Invests $579,000 in VersaBank (NASDAQ:VBNK)

Polar Asset Management Partners Inc. purchased a new position in shares of VersaBank (NASDAQ:VBNK - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 41,800 shares of the company's stock, valued at approximately $579,000. Polar Asset Management Partners Inc. owned about 0.13% of VersaBank at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in VBNK. Salzhauer Michael acquired a new stake in VersaBank in the 4th quarter valued at approximately $137,000. XTX Topco Ltd acquired a new stake in VersaBank in the 4th quarter valued at approximately $159,000. First Trust Advisors LP acquired a new stake in VersaBank in the 4th quarter valued at approximately $217,000. Mark Sheptoff Financial Planning LLC increased its holdings in VersaBank by 55.3% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 16,000 shares of the company's stock valued at $222,000 after purchasing an additional 5,700 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in VersaBank by 11.8% in the 4th quarter. Bank of Montreal Can now owns 17,431 shares of the company's stock valued at $239,000 after purchasing an additional 1,841 shares during the last quarter. Institutional investors and hedge funds own 56.86% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Roth Mkm downgraded shares of VersaBank from a "buy" rating to a "neutral" rating and dropped their target price for the company from $22.00 to $10.40 in a report on Thursday, March 6th. Roth Capital set a $10.40 price target on shares of VersaBank in a research report on Thursday, March 6th. Finally, Raymond James reissued an "outperform" rating on shares of VersaBank in a research report on Thursday, March 6th.

VersaBank Stock Down 0.8%

VBNK stock traded down $0.10 during midday trading on Friday, hitting $11.68. The company's stock had a trading volume of 24,440 shares, compared to its average volume of 68,384. VersaBank has a 52-week low of $8.51 and a 52-week high of $18.38. The firm has a market capitalization of $379.82 million, a P/E ratio of 10.62 and a beta of 0.99. The firm has a 50-day simple moving average of $10.71 and a 200-day simple moving average of $12.70.

VersaBank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Friday, April 4th were given a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.86%. The ex-dividend date was Friday, April 4th. This is a boost from VersaBank's previous quarterly dividend of $0.02. VersaBank's dividend payout ratio (DPR) is currently 6.38%.

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.