Pacific Ridge Capital Partners LLC Boosts Stock Holdings in VersaBank (NASDAQ:VBNK)

Key Points

• Pacific Ridge Capital Partners LLC increased its stake in VersaBank by 46.4%, owning 590,623 shares valued at approximately $6.12 million at the end of the recent reporting period.
• VersaBank's shares have experienced a decline of 3.8% recently, trading at $11.37, with a twelve month high of $18.38.
• The company declared a quarterly dividend of $0.025 per share, representing an annualized amount of $0.10 and a yield of 0.9%.

Pacific Ridge Capital Partners LLC boosted its stake in VersaBank (NASDAQ:VBNK - Free Report) by 46.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 590,623 shares of the company's stock after acquiring an additional 187,160 shares during the period. VersaBank comprises approximately 1.6% of Pacific Ridge Capital Partners LLC's portfolio, making the stock its 20th largest position. Pacific Ridge Capital Partners LLC owned approximately 1.82% of VersaBank worth $6,119,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Canton Hathaway LLC purchased a new stake in shares of VersaBank in the first quarter valued at about $51,000. Salzhauer Michael purchased a new stake in shares of VersaBank in the fourth quarter valued at about $137,000. XTX Topco Ltd purchased a new stake in shares of VersaBank in the fourth quarter valued at about $159,000. First Trust Advisors LP purchased a new stake in shares of VersaBank in the fourth quarter valued at about $217,000. Finally, Bank of Montreal Can raised its holdings in shares of VersaBank by 11.8% in the fourth quarter. Bank of Montreal Can now owns 17,431 shares of the company's stock valued at $239,000 after buying an additional 1,841 shares during the last quarter. 56.86% of the stock is owned by hedge funds and other institutional investors.

VersaBank Stock Performance

VBNK traded down $0.02 on Wednesday, hitting $11.10. 34,150 shares of the company were exchanged, compared to its average volume of 75,572. The business's fifty day moving average is $11.41 and its 200 day moving average is $11.48. 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 $357.77 million, a P/E ratio of 14.05 and a beta of 0.96.

VersaBank (NASDAQ:VBNK - Get Free Report) last released 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 during the quarter, compared to analyst estimates of $20.77 million. VersaBank had a net margin of 10.70% and a return on equity of 7.97%. Analysts forecast that VersaBank will post 1.46 EPS for the current fiscal year.

VersaBank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 4th were paid a dividend of $0.025 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.10 dividend on an annualized basis and a yield of 0.9%. VersaBank's dividend payout ratio (DPR) is currently 8.86%.

Wall Street Analyst Weigh In

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

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.