Cibc World Market Inc. Cuts Stock Holdings in VersaBank (NASDAQ:VBNK)

Cibc World Market Inc. lowered its position in VersaBank (NASDAQ:VBNK) by 9.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,290,859 shares of the company’s stock after selling 130,575 shares during the period. Cibc World Market Inc.’s holdings in VersaBank were worth $17,720,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Barclays PLC bought a new stake in VersaBank in the 3rd quarter worth about $32,000. Mark Sheptoff Financial Planning LLC bought a new position in shares of VersaBank in the third quarter valued at approximately $137,000. Dimensional Fund Advisors LP increased its position in shares of VersaBank by 44.7% during the second quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock valued at $540,000 after acquiring an additional 15,462 shares during the last quarter. Pembroke Management LTD lifted its holdings in VersaBank by 45.2% during the third quarter. Pembroke Management LTD now owns 50,864 shares of the company’s stock worth $675,000 after acquiring an additional 15,834 shares during the period. Finally, K2 Principal Fund L.P. purchased a new position in VersaBank in the third quarter worth $211,000. 56.86% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Raymond James reaffirmed an “outperform” rating and set a $17.00 target price (up from $15.00) on shares of VersaBank in a research report on Friday, November 8th.

VersaBank Stock Up 2.7 %

Shares of VBNK stock opened at $13.84 on Friday. The firm has a market cap of $449.94 million, a P/E ratio of 12.58 and a beta of 0.91. The company has a 50 day moving average of $14.63 and a 200-day moving average of $13.95. VersaBank has a 12-month low of $9.48 and a 12-month high of $18.38.

VersaBank (NASDAQ:VBNK) last released its earnings results on Monday, December 9th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. VersaBank had a return on equity of 11.20% and a net margin of 13.52%. As a group, equities analysts expect that VersaBank will post 1.46 EPS for the current year.

VersaBank Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 10th were issued a dividend of $0.0177 per share. This represents a $0.07 annualized dividend and a yield of 0.51%. The ex-dividend date was Friday, January 10th. VersaBank’s dividend payout ratio (DPR) is presently 6.36%.

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.