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

Alliancebernstein L.P. lifted its position in shares of VersaBank (NASDAQ:VBNK) by 73.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,708,715 shares of the company’s stock after acquiring an additional 1,144,620 shares during the period. Alliancebernstein L.P. owned approximately 8.33% of VersaBank worth $37,516,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. K2 Principal Fund L.P. bought a new stake in shares of VersaBank in the 3rd quarter worth $211,000. Barclays PLC purchased a new position in VersaBank in the 3rd quarter worth about $32,000. Round Rock Advisors LLC bought a new position in VersaBank during the 4th quarter valued at about $273,000. Salzhauer Michael purchased a new stake in shares of VersaBank during the 4th quarter valued at about $137,000. Finally, Pembroke Management LTD grew its stake in shares of VersaBank by 554.2% in the fourth 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 during the period. 56.86% of the stock is owned by institutional investors.

VersaBank Trading Down 4.6 %

VersaBank stock opened at $9.19 on Friday. VersaBank has a 12-month low of $8.71 and a 12-month high of $18.38. The firm has a market capitalization of $298.85 million, a price-to-earnings ratio of 8.35 and a beta of 1.01. The firm has a 50 day moving average of $11.89 and a 200 day moving average of $13.79.

VersaBank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, April 4th will be given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 1.09%. This is an increase from VersaBank’s previous quarterly dividend of $0.02. The ex-dividend date of this dividend is Friday, April 4th. VersaBank’s dividend payout ratio (DPR) is presently 6.38%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on VBNK shares. Roth Mkm downgraded 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. Roth Capital set a $10.40 price target on VersaBank in a report on Thursday, March 6th. Finally, Raymond James reaffirmed an “outperform” rating on shares of VersaBank in a report on Thursday, March 6th.

VersaBank 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.