VersaBank (NASDAQ:VBNK) Announces $0.02 Quarterly Dividend

VersaBank (NASDAQ:VBNK) declared a quarterly dividend on Tuesday, December 10th,Wall Street Journal reports. Shareholders of record on Friday, January 10th will be given a dividend of 0.0177 per share on Friday, January 31st. This represents a $0.07 annualized dividend and a yield of 0.52%. The ex-dividend date is Friday, January 10th.

VersaBank has a payout ratio of 3.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect VersaBank to earn $2.40 per share next year, which means the company should continue to be able to cover its $0.07 annual dividend with an expected future payout ratio of 2.9%.

VersaBank Stock Performance

NASDAQ:VBNK opened at $13.65 on Wednesday. VersaBank has a 52 week low of $9.48 and a 52 week high of $18.38. The firm’s fifty day moving average is $15.65 and its 200-day moving average is $13.63. The firm has a market cap of $443.79 million, a P/E ratio of 12.41 and a beta of 0.91.

Analyst Upgrades and Downgrades

A number of brokerages have commented on VBNK. Raymond James reaffirmed an “outperform” rating and set a $17.00 price target (up previously from $15.00) on shares of VersaBank in a research report on Friday, November 8th. Roth Mkm assumed coverage on VersaBank in a research note on Friday, September 27th. They set a “buy” rating and a $18.00 target price for the company. Finally, Roth Capital raised shares of VersaBank to a “strong-buy” rating in a research report on Friday, September 27th.

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.