VersaBank (NASDAQ:VBNK) Stake Raised by TCW Group Inc.

Key Points

• TCW Group Inc. increased its stake in VersaBank by 7.3% in the first quarter, owning 321,853 shares valued at approximately $3.33 million.
• Raymond James Financial reaffirmed an "outperform" rating for VersaBank, lowering its price target to $13.00 from $15.00.
• VersaBank has announced a quarterly dividend of $0.025 per share, resulting in a dividend yield of 0.86% with a payout ratio of 8.86%.

TCW Group Inc. grew its holdings in shares of VersaBank (NASDAQ:VBNK - Free Report) by 7.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 321,853 shares of the company's stock after purchasing an additional 21,853 shares during the quarter. TCW Group Inc. owned approximately 0.99% of VersaBank worth $3,334,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Bank of Montreal Can boosted its holdings in shares of VersaBank by 11.8% during the fourth quarter. Bank of Montreal Can now owns 17,431 shares of the company's stock worth $239,000 after purchasing an additional 1,841 shares during the last quarter. K2 Principal Fund L.P. raised its position in shares of VersaBank by 30.1% in the 4th quarter. K2 Principal Fund L.P. now owns 20,646 shares of the company's stock worth $286,000 after buying an additional 4,780 shares during the period. Canton Hathaway LLC purchased a new position in shares of VersaBank in the 1st quarter worth $51,000. Salzhauer Michael purchased a new position in shares of VersaBank in the 4th quarter worth $137,000. Finally, XTX Topco Ltd purchased a new position in shares of VersaBank in the 4th quarter worth $159,000. Institutional investors and hedge funds own 56.86% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial reaffirmed an "outperform" rating and issued a $13.00 target price (down from $15.00) on shares of VersaBank in a research report on Thursday, June 5th.

VersaBank Stock Down 0.3%

VBNK stock traded down $0.03 during midday trading on Thursday, reaching $11.77. The company had a trading volume of 6,376 shares, compared to its average volume of 75,763. The stock has a 50 day moving average price of $11.44 and a 200 day moving average price of $11.55. VersaBank has a fifty-two week low of $8.51 and a fifty-two week high of $18.38. The firm has a market capitalization of $382.76 million, a PE ratio of 14.90 and a beta of 0.96.

VersaBank (NASDAQ:VBNK - Get Free Report) last issued its earnings results on Wednesday, June 4th. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.21 by ($0.03). VersaBank had a net margin of 10.70% and a return on equity of 7.97%. The company had revenue of $21.87 million during the quarter, compared to analyst estimates of $20.77 million. Research analysts predict that VersaBank will post 1.46 EPS for the current year.

VersaBank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 4th will be paid a $0.025 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $0.10 dividend on an annualized basis and a yield of 0.85%. VersaBank's payout ratio is currently 8.86%.

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.