Pembroke Management LTD Purchases 93,578 Shares of VersaBank $VBNK

Pembroke Management LTD boosted its position in VersaBank (NASDAQ:VBNK) by 21.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 523,185 shares of the company’s stock after purchasing an additional 93,578 shares during the quarter. Pembroke Management LTD’s holdings in VersaBank were worth $6,388,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mendon Capital Advisors Corp boosted its holdings in shares of VersaBank by 4.0% during the 2nd quarter. Mendon Capital Advisors Corp now owns 1,052,650 shares of the company’s stock valued at $12,000,000 after buying an additional 40,127 shares in the last quarter. Curi Capital LLC boosted its stake in VersaBank by 5.0% during the second quarter. Curi Capital LLC now owns 800,000 shares of the company’s stock worth $9,120,000 after acquiring an additional 38,337 shares in the last quarter. Benjamin Edwards Inc. bought a new stake in VersaBank during the second quarter worth about $413,000. Alliancebernstein L.P. grew its holdings in VersaBank by 1.1% in the second quarter. Alliancebernstein L.P. now owns 2,840,626 shares of the company’s stock worth $32,383,000 after purchasing an additional 29,613 shares during the period. Finally, Royal Bank of Canada increased its stake in shares of VersaBank by 107.2% during the first quarter. Royal Bank of Canada now owns 56,371 shares of the company’s stock valued at $585,000 after purchasing an additional 29,169 shares in the last quarter. Hedge funds and other institutional investors own 56.86% of the company’s stock.

VersaBank Price Performance

VBNK stock opened at $15.62 on Friday. VersaBank has a 1 year low of $8.51 and a 1 year high of $15.99. The company has a market cap of $499.06 million, a P/E ratio of 24.03 and a beta of 0.94. The stock’s fifty day moving average price is $13.58 and its 200-day moving average price is $12.34.

VersaBank (NASDAQ:VBNK) last posted its earnings results on Wednesday, December 10th. The company reported $0.24 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.24. The company had revenue of $25.05 million for the quarter, compared to the consensus estimate of $24.48 million. VersaBank had a return on equity of 7.02% and a net margin of 9.33%. As a group, analysts expect that VersaBank will post 1.46 earnings per share for the current year.

VersaBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, January 31st. Investors of record on Friday, January 9th will be issued a $0.025 dividend. The ex-dividend date of this dividend is Friday, January 9th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.6%. VersaBank’s dividend payout ratio (DPR) is presently 10.77%.

Analysts Set New Price Targets

VBNK has been the topic of a number of analyst reports. Roth Capital upped their price target on VersaBank from $10.00 to $13.00 and gave the stock a “neutral” rating in a research note on Thursday, December 11th. Zacks Research downgraded VersaBank from a “hold” rating to a “strong sell” rating in a report on Monday, December 15th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of VersaBank in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $12.13.

VersaBank Profile

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.