Pacific Ridge Capital Partners LLC Takes $5.59 Million Position in VersaBank (NASDAQ:VBNK)

Pacific Ridge Capital Partners LLC purchased a new position in shares of VersaBank (NASDAQ:VBNK) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 403,463 shares of the company’s stock, valued at approximately $5,588,000. VersaBank accounts for 1.3% of Pacific Ridge Capital Partners LLC’s investment portfolio, making the stock its 29th largest holding. Pacific Ridge Capital Partners LLC owned 1.24% of VersaBank as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of VBNK. TCW Group Inc. acquired a new stake in shares of VersaBank during the fourth quarter worth about $4,155,000. Pembroke Management LTD raised its stake in 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 acquiring an additional 281,900 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in VersaBank during the 4th quarter valued at approximately $1,442,000. Intact Investment Management Inc. acquired a new stake in VersaBank during the 4th quarter worth approximately $1,223,000. Finally, JPMorgan Chase & Co. grew its stake in shares of VersaBank by 519.9% in the 4th quarter. JPMorgan Chase & Co. now owns 36,427 shares of the company’s stock valued at $505,000 after purchasing an additional 30,551 shares during the last quarter. 56.86% of the stock is owned by hedge funds and other institutional investors.

VersaBank Price Performance

VBNK opened at $10.22 on Thursday. VersaBank has a 12 month low of $9.48 and a 12 month high of $18.38. The stock has a market capitalization of $332.34 million, a P/E ratio of 9.29 and a beta of 0.93. The business has a 50 day simple moving average of $12.37 and a 200-day simple moving average of $13.94.

VersaBank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, April 4th will be issued a $0.025 dividend. The ex-dividend date is Friday, April 4th. This represents a $0.10 dividend on an annualized basis and a yield of 0.98%. This is an increase from VersaBank’s previous quarterly dividend of $0.02. VersaBank’s dividend payout ratio (DPR) is 6.38%.

Analyst Ratings Changes

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

About VersaBank

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.