Alliancebernstein L.P. Buys 1,144,620 Shares of VersaBank (NASDAQ:VBNK)

Alliancebernstein L.P. lifted its position in VersaBank (NASDAQ:VBNK) by 73.2% during the 4th quarter, HoldingsChannel reports. The firm owned 2,708,715 shares of the company’s stock after acquiring an additional 1,144,620 shares during the quarter. Alliancebernstein L.P. owned 0.08% of VersaBank worth $37,516,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP purchased a new stake in shares of VersaBank during the 4th quarter worth approximately $5,886,000. Pacific Ridge Capital Partners LLC purchased a new stake in VersaBank during the fourth quarter valued at $5,588,000. JPMorgan Chase & Co. lifted its position in VersaBank by 519.9% during the fourth quarter. JPMorgan Chase & Co. now owns 36,427 shares of the company’s stock valued at $505,000 after purchasing an additional 30,551 shares during the last quarter. Mark Sheptoff Financial Planning LLC grew its stake in shares of VersaBank by 55.3% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 16,000 shares of the company’s stock worth $222,000 after buying an additional 5,700 shares in the last quarter. Finally, Intact Investment Management Inc. bought a new stake in shares of VersaBank in the 4th quarter worth about $1,223,000. 56.86% of the stock is currently owned by hedge funds and other institutional investors.

VersaBank Stock Performance

Shares of NASDAQ VBNK opened at $9.19 on Friday. VersaBank has a fifty-two week low of $8.71 and a fifty-two week high of $18.38. The company has a market cap of $298.85 million, a price-to-earnings ratio of 8.35 and a beta of 1.01. The business’s 50 day moving average price is $11.89 and its 200-day moving average price is $13.79.

VersaBank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, April 4th will be paid a $0.025 dividend. This is a positive change from VersaBank’s previous quarterly dividend of $0.02. The ex-dividend date of this dividend is Friday, April 4th. This represents a $0.10 dividend on an annualized basis and a yield of 1.09%. VersaBank’s dividend payout ratio (DPR) is presently 6.38%.

Analyst Ratings Changes

VBNK has been the subject of several recent research reports. Roth Mkm lowered VersaBank from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $22.00 to $10.40 in a research report on Thursday, March 6th. Raymond James reissued an “outperform” rating on shares of VersaBank in a research report on Thursday, March 6th. Finally, Roth Capital set a $10.40 price target on VersaBank in a research report on Thursday, March 6th.

VersaBank Company 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.