Raymond James Financial Inc. Buys New Stake in VersaBank (NASDAQ:VBNK)

Raymond James Financial Inc. purchased a new position in VersaBank (NASDAQ:VBNK) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 104,100 shares of the company’s stock, valued at approximately $1,442,000. Raymond James Financial Inc. owned approximately 0.32% of VersaBank as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in VBNK. TCW Group Inc. purchased a new stake in shares of VersaBank in the fourth quarter worth about $4,155,000. Pembroke Management LTD raised its holdings in shares of VersaBank by 554.2% during the 4th quarter. Pembroke Management LTD now owns 332,764 shares of the company’s stock worth $4,609,000 after acquiring an additional 281,900 shares in the last quarter. Salzhauer Michael bought a new position in shares of VersaBank during the 4th quarter valued at approximately $137,000. Round Rock Advisors LLC purchased a new position in shares of VersaBank in the fourth quarter valued at $273,000. Finally, Barclays PLC bought a new stake in VersaBank in the third quarter worth $32,000. Institutional investors own 56.86% of the company’s stock.

VersaBank Stock Down 1.3 %

NASDAQ VBNK opened at $10.23 on Wednesday. VersaBank has a 52 week low of $9.48 and a 52 week high of $18.38. The firm has a market capitalization of $332.67 million, a price-to-earnings ratio of 9.30 and a beta of 0.93. The company has a fifty day moving average of $12.11 and a two-hundred day moving average of $13.86.

VersaBank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, April 4th will be paid a dividend of $0.025 per share. The ex-dividend date is Friday, April 4th. This is a boost from VersaBank’s previous quarterly dividend of $0.02. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.98%. VersaBank’s payout ratio is currently 6.38%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Roth Mkm lowered shares of VersaBank from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $22.00 to $10.40 in a research report on Thursday, March 6th. Raymond James reaffirmed an “outperform” rating on shares of VersaBank in a report on Thursday, March 6th. Finally, Roth Capital set a $10.40 price objective on VersaBank in a research note 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.