JPMorgan Chase & Co. Grows Stock Holdings in VersaBank (NASDAQ:VBNK)

JPMorgan Chase & Co. raised its holdings in shares of VersaBank (NASDAQ:VBNK - Free Report) by 519.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,427 shares of the company's stock after acquiring an additional 30,551 shares during the period. JPMorgan Chase & Co. owned about 0.11% of VersaBank worth $505,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in VBNK. Pembroke Management LTD grew its holdings in VersaBank by 554.2% in the 4th quarter. Pembroke Management LTD now owns 332,764 shares of the company's stock worth $4,609,000 after acquiring an additional 281,900 shares during the last quarter. TCW Group Inc. bought a new position in VersaBank in the 4th quarter worth about $4,155,000. Raymond James Financial Inc. bought a new stake in shares of VersaBank during the fourth quarter valued at approximately $1,442,000. Intact Investment Management Inc. bought a new position in shares of VersaBank during the fourth quarter valued at $1,223,000. Finally, Round Rock Advisors LLC purchased a new stake in shares of VersaBank during the fourth quarter valued at $273,000. 56.86% of the stock is owned by hedge funds and other institutional investors.

VersaBank Stock Up 0.4 %

VBNK traded up $0.05 during trading on Friday, hitting $11.26. The company's stock had a trading volume of 29,170 shares, compared to its average volume of 66,677. VersaBank has a one year low of $8.51 and a one year high of $18.38. The business's 50 day simple moving average is $10.47 and its 200-day simple moving average is $13.29. The firm has a market cap of $366.16 million, a PE ratio of 10.24 and a beta of 1.01.

VersaBank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Friday, April 4th were issued a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend was Friday, April 4th. This is a positive change from VersaBank's previous quarterly dividend of $0.02. VersaBank's payout ratio is currently 6.38%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Roth Capital set a $10.40 target price on shares of VersaBank in a research note on Thursday, March 6th. Raymond James reiterated an "outperform" rating on shares of VersaBank in a research note on Thursday, March 6th. Finally, Roth Mkm downgraded VersaBank from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $22.00 to $10.40 in a research note on Thursday, March 6th.

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.