Wellington Management Group LLP Buys New Position in VersaBank (NASDAQ:VBNK)

Wellington Management Group LLP purchased a new position in VersaBank (NASDAQ:VBNK) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 425,000 shares of the company’s stock, valued at approximately $5,886,000.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC purchased a new position in VersaBank in the third quarter worth $32,000. Salzhauer Michael purchased a new position in shares of VersaBank in the 4th quarter worth about $137,000. Mark Sheptoff Financial Planning LLC raised its holdings in shares of VersaBank by 55.3% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 16,000 shares of the company’s stock valued at $222,000 after buying an additional 5,700 shares in the last quarter. Round Rock Advisors LLC bought a new stake in VersaBank in the 4th quarter worth approximately $273,000. Finally, JPMorgan Chase & Co. boosted its stake in VersaBank by 519.9% in the fourth quarter. JPMorgan Chase & Co. now owns 36,427 shares of the company’s stock worth $505,000 after buying an additional 30,551 shares in the last quarter. Institutional investors own 56.86% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on VBNK shares. Roth Mkm cut VersaBank from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $22.00 to $10.40 in a research note on Thursday, March 6th. Raymond James reaffirmed 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 VersaBank in a research note on Thursday, March 6th.

VersaBank Stock Performance

NASDAQ:VBNK opened at $9.05 on Friday. The firm has a market cap of $294.30 million, a P/E ratio of 8.23 and a beta of 1.01. The firm has a 50-day simple moving average of $11.38 and a two-hundred day simple moving average of $13.62. VersaBank has a fifty-two week low of $8.51 and a fifty-two week high of $18.38.

VersaBank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, April 4th will be issued a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 1.10%. This is an increase from VersaBank’s previous quarterly dividend of $0.02. The ex-dividend date of this dividend is Friday, April 4th. VersaBank’s dividend payout ratio (DPR) is presently 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.