Orchard Capital Management LLC Sells 7,793 Shares of VersaBank (NASDAQ:VBNK)

Orchard Capital Management LLC reduced its holdings in VersaBank (NASDAQ:VBNK) by 4.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 188,192 shares of the company’s stock after selling 7,793 shares during the quarter. Orchard Capital Management LLC owned about 0.72% of VersaBank worth $2,033,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Cumberland Partners Ltd bought a new stake in shares of VersaBank in the 1st quarter worth approximately $472,000. Acadian Asset Management LLC grew its position in shares of VersaBank by 52.4% in the 1st quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock worth $689,000 after buying an additional 22,699 shares during the last quarter. Wellington Management Group LLP grew its position 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 worth $1,357,000 after buying an additional 92,166 shares during the last quarter. Pembroke Management LTD bought a new stake in shares of VersaBank in the 2nd quarter worth approximately $377,000. Finally, Dimensional Fund Advisors LP grew its position in shares of VersaBank by 44.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock worth $540,000 after buying an additional 15,462 shares during the last quarter. 56.86% of the stock is currently owned by institutional investors.

VersaBank Stock Up 4.5 %

NASDAQ VBNK opened at $13.58 on Friday. VersaBank has a twelve month low of $7.24 and a twelve month high of $14.22. The firm has a market capitalization of $352.54 million, a PE ratio of 10.29 and a beta of 0.79. The stock’s 50 day moving average is $12.24 and its 200 day moving average is $10.96.

VersaBank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 4th will be given a dividend of $0.018 per share. The ex-dividend date is Friday, October 4th. This represents a $0.07 annualized dividend and a dividend yield of 0.53%. VersaBank’s dividend payout ratio is presently 5.30%.

Wall Street Analyst Weigh In

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

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.