Acadian Asset Management LLC Acquires 34,462 Shares of VersaBank (NASDAQ:VBNK)

Acadian Asset Management LLC lifted its holdings in shares of VersaBank (NASDAQ:VBNK) by 52.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,466 shares of the company’s stock after purchasing an additional 34,462 shares during the period. Acadian Asset Management LLC owned 0.39% of VersaBank worth $1,067,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Wellington Management Group LLP boosted its position in shares of VersaBank by 287.0% during the 4th quarter. Wellington Management Group LLP now owns 124,283 shares of the company’s stock worth $1,357,000 after purchasing an additional 92,166 shares in the last quarter. Hillsdale Investment Management Inc. increased its holdings in shares of VersaBank by 17.5% during the first quarter. Hillsdale Investment Management Inc. now owns 408,794 shares of the company’s stock valued at $4,321,000 after acquiring an additional 60,881 shares in the last quarter. Cumberland Partners Ltd acquired a new position in shares of VersaBank during the first quarter worth approximately $472,000. Pembroke Management LTD bought a new position in shares of VersaBank in the 2nd quarter worth $377,000. Finally, Cox Capital Mgt LLC grew its position in VersaBank by 5.3% in the 1st quarter. Cox Capital Mgt LLC now owns 195,649 shares of the company’s stock valued at $2,074,000 after purchasing an additional 9,802 shares during the period. Institutional investors and hedge funds own 56.86% of the company’s stock.

VersaBank Price Performance

Shares of VersaBank stock opened at $13.20 on Tuesday. The firm has a market cap of $342.59 million, a PE ratio of 10.00 and a beta of 0.79. VersaBank has a 1 year low of $7.24 and a 1 year high of $14.22. The stock has a fifty day moving average price of $12.09 and a 200-day moving average price of $10.92.

VersaBank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 4th will be given a $0.018 dividend. This represents a $0.07 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend is Friday, October 4th. VersaBank’s dividend payout ratio is 5.30%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods initiated coverage on shares of VersaBank in a research report on Tuesday, August 27th. They set an “outperform” rating and a $22.00 target price for the company.

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.