VersaBank (NASDAQ:VBNK) Position Boosted by Mendon Capital Advisors Corp

Mendon Capital Advisors Corp raised its stake in shares of VersaBank (NASDAQ:VBNK - Free Report) by 65.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 887,253 shares of the company's stock after buying an additional 351,511 shares during the quarter. VersaBank comprises 6.0% of Mendon Capital Advisors Corp's portfolio, making the stock its 2nd largest holding. Mendon Capital Advisors Corp owned approximately 2.73% of VersaBank worth $12,288,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Alliancebernstein L.P. increased its position 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 worth $37,516,000 after purchasing an additional 1,144,620 shares during the last quarter. Wellington Management Group LLP bought a new stake in VersaBank during the 4th quarter valued at $5,886,000. Pacific Ridge Capital Partners LLC purchased a new stake in shares of VersaBank during the fourth quarter worth about $5,588,000. Kennedy Capital Management LLC purchased a new stake in VersaBank in the 4th quarter worth approximately $5,235,000. Finally, TCW Group Inc. bought a new stake in VersaBank in the fourth quarter valued at $4,155,000. Institutional investors own 56.86% of the company's stock.

Analyst Ratings Changes

VBNK has been the topic of a number of research analyst reports. Raymond James reiterated an "outperform" rating on shares of VersaBank in a report on Thursday, March 6th. Roth Mkm cut shares of VersaBank from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $22.00 to $10.40 in a report on Thursday, March 6th. Finally, Roth Capital set a $10.40 price target on VersaBank in a report on Thursday, March 6th.

VersaBank Stock Down 4.6 %

Shares of VersaBank stock traded down $0.52 during trading hours on Friday, reaching $10.83. 189,174 shares of the stock traded hands, compared to its average volume of 66,112. The firm has a market capitalization of $352.18 million, a price-to-earnings ratio of 9.85 and a beta of 1.01. The company has a 50 day moving average price of $10.65 and a 200 day moving average price of $13.41. VersaBank has a one year low of $8.51 and a one year high of $18.38.

VersaBank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, April 4th will be given a dividend of $0.025 per share. The ex-dividend date of this dividend is Friday, April 4th. This is an increase from VersaBank's previous quarterly dividend of $0.02. This represents a $0.10 annualized dividend and a yield of 0.92%. VersaBank's payout ratio is 6.38%.

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.