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

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

A number of other institutional investors have also modified their holdings of the stock. Alliancebernstein L.P. boosted its stake 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 purchased a new stake in VersaBank during the fourth quarter worth $12,389,000. Mendon Capital Advisors Corp boosted its position in 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 in the last quarter. Curi RMB Capital LLC boosted its position in VersaBank by 42.6% during the 4th quarter. Curi RMB Capital LLC now owns 636,663 shares of the company's stock valued at $8,818,000 after acquiring an additional 190,341 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new position in shares of VersaBank in the 4th quarter valued at $5,886,000. 56.86% of the stock is owned by hedge funds and other institutional investors.

VersaBank Price Performance

NASDAQ VBNK traded up $0.03 on Friday, hitting $11.63. The stock had a trading volume of 5,339 shares, compared to its average volume of 67,632. The business's fifty day moving average price is $10.54 and its 200 day moving average price is $12.94. The stock has a market cap of $378.03 million, a price-to-earnings ratio of 10.57 and a beta of 0.99. VersaBank has a 52-week low of $8.51 and a 52-week high of $18.38.

VersaBank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Friday, April 4th were given a dividend of $0.025 per share. This is a positive change from VersaBank's previous quarterly dividend of $0.02. This represents a $0.10 annualized dividend and a yield of 0.86%. The ex-dividend date was Friday, April 4th. VersaBank's dividend payout ratio is currently 6.38%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on VBNK shares. Raymond James restated an "outperform" rating on shares of VersaBank in a research note on Thursday, March 6th. Roth Capital set a $10.40 target price on shares of VersaBank in a report on Thursday, March 6th. Finally, Roth Mkm lowered shares of VersaBank from a "buy" rating to a "neutral" rating and decreased their price target for the company from $22.00 to $10.40 in a research report on Thursday, March 6th.

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.