Wellington Management Group LLP Invests $5.89 Million in VersaBank (NASDAQ:VBNK)

Wellington Management Group LLP bought a new stake in VersaBank (NASDAQ:VBNK) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 425,000 shares of the company’s stock, valued at approximately $5,886,000. Wellington Management Group LLP owned about 1.31% of VersaBank at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Pacific Ridge Capital Partners LLC purchased a new stake in VersaBank in the 4th quarter valued at about $5,588,000. TCW Group Inc. bought a new position in shares of VersaBank in the fourth quarter valued at approximately $4,155,000. Pembroke Management LTD increased its position in shares of VersaBank by 554.2% during the fourth 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. bought a new stake in VersaBank during the fourth quarter worth $1,442,000. Finally, Intact Investment Management Inc. purchased a new position in VersaBank in the fourth quarter worth $1,223,000. 56.86% of the stock is owned by institutional investors.

VersaBank Stock Down 8.6 %

VBNK opened at $9.05 on Friday. The company has a market capitalization of $294.30 million, a price-to-earnings ratio of 8.23 and a beta of 1.01. VersaBank has a twelve month low of $8.51 and a twelve month high of $18.38. The firm has a 50-day moving average price of $11.38 and a 200-day moving average price of $13.62.

VersaBank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, April 4th will be given a dividend of $0.025 per share. The ex-dividend date is Friday, April 4th. This is a boost from VersaBank’s previous quarterly dividend of $0.02. This represents a $0.10 annualized dividend and a dividend yield of 1.10%. VersaBank’s dividend payout ratio is currently 6.38%.

Wall Street Analyst Weigh In

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

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.