ELCO Management Co. LLC Raises Stock Position in VersaBank (NASDAQ:VBNK)

ELCO Management Co. LLC boosted its stake in shares of VersaBank (NASDAQ:VBNK) by 4.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 82,942 shares of the company’s stock after purchasing an additional 3,234 shares during the period. ELCO Management Co. LLC’s holdings in VersaBank were worth $892,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of VBNK. Pembroke Management LTD purchased a new stake in VersaBank during the second quarter worth $377,000. Cumberland Partners Ltd purchased a new stake in shares of VersaBank during the 1st quarter worth about $472,000. Dimensional Fund Advisors LP boosted its stake in shares of VersaBank by 44.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock worth $540,000 after acquiring an additional 15,462 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of VersaBank by 52.4% during the 1st quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock valued at $689,000 after acquiring an additional 22,699 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of VersaBank by 287.0% in the 4th quarter. Wellington Management Group LLP now owns 124,283 shares of the company’s stock valued at $1,357,000 after purchasing an additional 92,166 shares in the last quarter. Hedge funds and other institutional investors own 56.86% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods started coverage on VersaBank in a report on Tuesday, August 27th. They issued an “outperform” rating and a $22.00 price objective on the stock.

VersaBank Stock Down 0.4 %

VBNK opened at $13.20 on Wednesday. The firm’s fifty day simple moving average is $12.36 and its two-hundred day simple moving average is $11.00. VersaBank has a 52-week low of $7.24 and a 52-week high of $14.22. The company has a market cap of $342.67 million, a price-to-earnings ratio of 10.00 and a beta of 0.79.

VersaBank Dividend Announcement

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

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.