VersaBank Plans Quarterly Dividend of $0.03 (NASDAQ:VBNK)

VersaBank (NASDAQ:VBNK - Get Free Report) declared a quarterly dividend on Wednesday, June 4th, RTT News reports. Investors of record on Friday, July 4th will be given a dividend of 0.025 per share on Thursday, July 31st. This represents a $0.10 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Thursday, July 3rd.

VersaBank has a payout ratio of 3.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect VersaBank to earn $2.23 per share next year, which means the company should continue to be able to cover its $0.07 annual dividend with an expected future payout ratio of 3.1%.

VersaBank Stock Down 0.1%

Shares of NASDAQ VBNK traded down $0.01 during midday trading on Friday, hitting $10.39. The company had a trading volume of 67,594 shares, compared to its average volume of 70,365. The firm has a market capitalization of $337.87 million, a price-to-earnings ratio of 9.45 and a beta of 0.99. VersaBank has a twelve month low of $8.51 and a twelve month high of $18.38. The business has a 50-day simple moving average of $10.79 and a two-hundred day simple moving average of $12.55.

VersaBank (NASDAQ:VBNK - Get Free Report) last posted 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). VersaBank had a net margin of 13.52% and a return on equity of 11.20%. The business had revenue of $21.87 million during the quarter, compared to analysts' expectations of $20.77 million. On average, equities analysts forecast that VersaBank will post 1.46 EPS for the current year.

Analyst Ratings Changes

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

Institutional Trading of VersaBank

A hedge fund recently raised its stake in VersaBank stock. Royal Bank of Canada lifted its position in VersaBank (NASDAQ:VBNK - Free Report) by 107.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 56,371 shares of the company's stock after buying an additional 29,169 shares during the quarter. Royal Bank of Canada owned about 0.17% of VersaBank worth $585,000 as of its most recent filing with the SEC. 56.86% of the stock is owned by institutional investors.

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.