TCW Group Inc. Has $3.33 Million Stock Holdings in VersaBank (NASDAQ:VBNK)

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. increased its holdings in shares of VersaBank (NASDAQ:VBNK - Free Report) by 7.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 321,853 shares of the company's stock after purchasing an additional 21,853 shares during the quarter. TCW Group Inc. owned 0.99% of VersaBank worth $3,334,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Mount Lucas Management LP bought a new stake in shares of VersaBank during the first quarter worth $881,000. Round Rock Advisors LLC boosted its stake in VersaBank by 126.7% in the 1st quarter. Round Rock Advisors LLC now owns 44,665 shares of the company's stock worth $463,000 after purchasing an additional 24,965 shares during the period. Canton Hathaway LLC bought a new position in VersaBank during the 1st quarter worth about $51,000. Wellington Management Group LLP acquired a new stake in shares of VersaBank in the 4th quarter valued at about $5,886,000. Finally, Polar Asset Management Partners Inc. bought a new stake in shares of VersaBank in the fourth quarter valued at about $579,000. Institutional investors own 56.86% of the company's stock.

Wall Street Analysts Forecast Growth

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

VersaBank Trading Down 0.1%

Shares of VBNK opened at $11.57 on Monday. VersaBank has a 12 month low of $8.51 and a 12 month high of $18.38. The firm has a fifty day simple moving average of $11.43 and a 200 day simple moving average of $11.56. The stock has a market capitalization of $376.26 million, a price-to-earnings ratio of 14.65 and a beta of 0.96.

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

VersaBank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 4th will be given a dividend of $0.025 per share. The ex-dividend date is Thursday, July 3rd. This represents a $0.10 annualized dividend and a yield of 0.86%. VersaBank's dividend payout ratio (DPR) is presently 8.86%.

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.

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