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

JPMorgan Chase & Co. boosted its position in VersaBank (NASDAQ:VBNK - Free Report) by 519.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 36,427 shares of the company's stock after purchasing an additional 30,551 shares during the period. JPMorgan Chase & Co. owned about 0.11% of VersaBank worth $505,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Raymond James restated an "outperform" rating on shares of VersaBank in a research report on Thursday, March 6th. Roth Mkm lowered shares of VersaBank from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $22.00 to $10.40 in a research note on Thursday, March 6th. Finally, Roth Capital set a $10.40 target price on VersaBank in a research report on Thursday, March 6th.

VersaBank Stock Performance

Shares of VersaBank stock traded down $0.05 during midday trading on Tuesday, reaching $11.05. 37,485 shares of the company's stock traded hands, compared to its average volume of 66,880. The stock has a 50 day moving average of $10.40 and a 200-day moving average of $13.22. The company has a market cap of $359.33 million, a PE ratio of 10.05 and a beta of 0.99. VersaBank has a 12 month low of $8.51 and a 12 month high of $18.38.

VersaBank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Friday, April 4th were given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 0.90%. This is an increase from VersaBank's previous quarterly dividend of $0.02. The ex-dividend date was Friday, April 4th. VersaBank's dividend payout ratio is 6.38%.

VersaBank 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.