89,100 Shares in VersaBank (NASDAQ:VBNK) Acquired by Intact Investment Management Inc.

Intact Investment Management Inc. purchased a new position in VersaBank (NASDAQ:VBNK) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 89,100 shares of the company’s stock, valued at approximately $1,223,000. Intact Investment Management Inc. owned 0.27% of VersaBank at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. TCW Group Inc. bought a new position in shares of VersaBank during the fourth quarter worth $4,155,000. Barclays PLC purchased a new stake in VersaBank in the 3rd quarter worth $32,000. Pembroke Management LTD boosted its holdings in shares of VersaBank by 554.2% during the 4th quarter. Pembroke Management LTD now owns 332,764 shares of the company’s stock valued at $4,609,000 after purchasing an additional 281,900 shares during the last quarter. Round Rock Advisors LLC bought a new position in shares of VersaBank during the 4th quarter valued at about $273,000. Finally, K2 Principal Fund L.P. purchased a new position in shares of VersaBank during the third quarter valued at about $211,000. 56.86% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on VBNK. Raymond James reiterated an “outperform” rating on shares of VersaBank in a research report on Thursday, March 6th. Roth Capital set a $10.40 price objective on VersaBank in a report on Thursday, March 6th. Finally, Roth Mkm lowered shares of VersaBank from a “buy” rating to a “neutral” rating and cut their target price for the company from $22.00 to $10.40 in a report on Thursday, March 6th.

VersaBank Trading Up 4.4 %

VBNK opened at $10.31 on Friday. The stock has a 50-day moving average of $12.90 and a 200 day moving average of $14.09. VersaBank has a 12 month low of $9.48 and a 12 month high of $18.38. The firm has a market cap of $335.27 million, a P/E ratio of 9.37 and a beta of 0.93.

VersaBank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, April 4th will be issued a $0.025 dividend. This is a boost from VersaBank’s previous quarterly dividend of $0.02. The ex-dividend date is Friday, April 4th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.97%. VersaBank’s 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.