Raymond James Financial Inc. Invests $1.44 Million in VersaBank (NASDAQ:VBNK)

Raymond James Financial Inc. acquired a new position in shares of VersaBank (NASDAQ:VBNK - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 104,100 shares of the company's stock, valued at approximately $1,442,000. Raymond James Financial Inc. owned about 0.32% of VersaBank at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of VBNK. Alliancebernstein L.P. boosted its stake in shares of 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 purchasing an additional 1,144,620 shares during the period. Wellington Management Group LLP acquired a new stake in VersaBank during the 4th quarter worth approximately $5,886,000. Pacific Ridge Capital Partners LLC acquired a new stake in shares of VersaBank in the 4th quarter worth $5,588,000. Pembroke Management LTD increased its position in VersaBank by 554.2% during the 4th quarter. Pembroke Management LTD now owns 332,764 shares of the company's stock worth $4,609,000 after purchasing an additional 281,900 shares during the period. Finally, TCW Group Inc. acquired a new stake in VersaBank in the fourth quarter valued at $4,155,000. 56.86% of the stock is currently owned by hedge funds and other institutional investors.

VersaBank Trading Up 0.1 %

Shares of NASDAQ VBNK traded up $0.01 during midday trading on Thursday, reaching $11.05. 469 shares of the stock were exchanged, compared to its average volume of 66,648. The company has a market capitalization of $359.33 million, a P/E ratio of 10.05 and a beta of 0.99. The stock has a 50 day moving average price of $10.37 and a 200-day moving average price of $13.20. VersaBank has a 52-week low of $8.51 and a 52-week high of $18.38.

VersaBank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Friday, April 4th were given a $0.025 dividend. This is a positive change from VersaBank's previous quarterly dividend of $0.02. This represents a $0.10 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend was Friday, April 4th. VersaBank's dividend payout ratio (DPR) is 6.38%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Roth Mkm lowered 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 report on Thursday, March 6th. Roth Capital set a $10.40 price objective on shares of VersaBank in a research note on Thursday, March 6th. Finally, Raymond James reiterated an "outperform" rating 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.