VersaBank (NASDAQ:VBNK) Announces C$0.03 Quarterly Dividend

VersaBank (NASDAQ:VBNK) announced a quarterly dividend on Wednesday, June 3rd. Shareholders of record on Friday, July 10th will be given a dividend of 0.025 per share on Friday, July 31st. This represents a c) annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Friday, July 10th.

VersaBank has a payout ratio of 3.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect VersaBank to earn $1.95 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 3.6%.

VersaBank Stock Up 10.7%

VersaBank stock opened at $20.07 on Thursday. The company has a market capitalization of $646.25 million, a PE ratio of 28.67 and a beta of 1.10. The firm has a fifty day simple moving average of $16.90 and a two-hundred day simple moving average of $15.45. VersaBank has a twelve month low of $10.10 and a twelve month high of $20.77.

VersaBank (NASDAQ:VBNK) last posted its quarterly earnings results on Tuesday, March 3rd. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. VersaBank had a net margin of 10.03% and a return on equity of 7.70%. The business had revenue of $26.80 million during the quarter, compared to the consensus estimate of $26.92 million. As a group, equities analysts expect that VersaBank will post 1.27 earnings per share for the current fiscal year.

Institutional Trading of VersaBank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. increased its holdings in VersaBank by 2.7% during the third quarter. Alliancebernstein L.P. now owns 2,915,984 shares of the company’s stock valued at $35,604,000 after buying an additional 75,358 shares during the last quarter. Mendon Capital Advisors Corp increased its holdings in VersaBank by 2.6% during the fourth quarter. Mendon Capital Advisors Corp now owns 1,057,693 shares of the company’s stock valued at $15,392,000 after buying an additional 26,559 shares during the last quarter. Curi Capital LLC increased its holdings in VersaBank by 5.0% during the second quarter. Curi Capital LLC now owns 800,000 shares of the company’s stock valued at $9,120,000 after buying an additional 38,337 shares during the last quarter. Pembroke Management LTD increased its holdings in VersaBank by 40.7% during the fourth quarter. Pembroke Management LTD now owns 736,222 shares of the company’s stock valued at $11,029,000 after buying an additional 213,037 shares during the last quarter. Finally, TCW Group Inc. increased its holdings in VersaBank by 8.2% during the fourth quarter. TCW Group Inc. now owns 674,277 shares of the company’s stock valued at $10,101,000 after buying an additional 50,900 shares during the last quarter. 56.86% of the stock is owned by hedge funds and other institutional investors.

About VersaBank

VersaBank is a Canadian Schedule I chartered bank that operates as a fully digital institution, offering a range of deposit and lending solutions through its proprietary technology platform. Headquartered in London, Ontario, the bank has chosen to forego a traditional branch network in favor of online and digital distribution, enabling it to serve clients across Canada and the United States with efficiency and lower overhead.

The bank’s primary business activities include the origination and securitization of commercial loans, equipment financing, residential mortgages and construction loans.