Wellington Management Group LLP Invests $5.89 Million in VersaBank (NASDAQ:VBNK)

Wellington Management Group LLP purchased a new stake in VersaBank (NASDAQ:VBNK - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 425,000 shares of the company's stock, valued at approximately $5,886,000. Wellington Management Group LLP owned approximately 1.31% of VersaBank at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Alliancebernstein L.P. boosted its holdings in VersaBank by 73.2% in the fourth quarter. Alliancebernstein L.P. now owns 2,708,715 shares of the company's stock valued at $37,516,000 after acquiring an additional 1,144,620 shares during the last quarter. Rhino Investment Partners Inc bought a new position in VersaBank in the fourth quarter valued at about $12,389,000. Mendon Capital Advisors Corp boosted its holdings in VersaBank by 65.6% in the fourth 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 during the last quarter. Curi RMB Capital LLC increased its holdings in VersaBank by 42.6% in the fourth quarter. Curi RMB Capital LLC now owns 636,663 shares of the company's stock valued at $8,818,000 after purchasing an additional 190,341 shares during the last quarter. Finally, Pacific Ridge Capital Partners LLC bought a new stake in VersaBank in the fourth quarter valued at about $5,588,000. Institutional investors and hedge funds own 56.86% of the company's stock.

VersaBank Stock Performance

NASDAQ VBNK traded down $0.41 during trading hours on Thursday, reaching $10.40. 228,161 shares of the company's stock were exchanged, compared to its average volume of 70,021. VersaBank has a one year low of $8.51 and a one year high of $18.38. The company's 50-day moving average is $10.77 and its two-hundred day moving average is $12.66. The company has a market capitalization of $338.20 million, a price-to-earnings ratio of 9.45 and a beta of 0.99.

VersaBank (NASDAQ:VBNK - Get Free Report) last announced its quarterly earnings results on Wednesday, June 4th. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.21 by ($0.03). VersaBank had a net margin of 13.52% and a return on equity of 11.20%. The company had revenue of $21.87 million during the quarter, compared to the consensus estimate of $20.77 million. Research analysts predict that VersaBank will post 1.46 earnings per share for the current fiscal year.

VersaBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders 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 dividend yield of 0.96%. VersaBank's dividend payout ratio is currently 6.38%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Raymond James reiterated an "outperform" rating and issued a $13.00 price objective (down previously from $15.00) on shares of VersaBank in a report on Thursday. Roth Mkm downgraded shares of VersaBank from a "buy" rating to a "neutral" rating and lowered their target price for the company from $22.00 to $10.40 in a research note on Thursday, March 6th. Finally, Roth Capital set a $10.40 target price on shares of VersaBank in a 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.