VersaBank (NASDAQ:VBNK) Declares C$0.03 Quarterly Dividend

VersaBank (NASDAQ:VBNK) declared a quarterly dividend on Thursday, September 3rd. Stockholders of record on Friday, October 9th will be paid a dividend of 0.025 per share on Saturday, October 31st. This represents a c) annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Friday, October 9th.

VersaBank has a dividend payout ratio of 3.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect VersaBank to earn $1.95 per share next year, which means the company should continue to be able to cover its $0.07 annual dividend with an expected future payout ratio of 3.6%.

VersaBank Stock Performance

Shares of NASDAQ VBNK traded up $1.31 during mid-day trading on Thursday, hitting $20.59. The stock had a trading volume of 424,245 shares, compared to its average volume of 81,842. The business has a 50 day moving average price of $20.31 and a two-hundred day moving average price of $18.07. VersaBank has a 1 year low of $11.15 and a 1 year high of $25.05. The firm has a market cap of $665.61 million, a P/E ratio of 29.84 and a beta of 1.06.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings data on Thursday, September 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.12). VersaBank had a net margin of 9.34% and a return on equity of 8.32%. Equities research analysts predict that VersaBank will post 1.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on VBNK. Raymond James Financial set a $20.00 price target on shares of VersaBank in a research report on Thursday. Roth Capital set a $28.00 price objective on VersaBank and gave the company a “buy” rating in a research report on Thursday. Zacks Research downgraded VersaBank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, Weiss Ratings lowered VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, June 9th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

About VersaBank

VersaBank is a Canadian Schedule I chartered bank that operates as a fully digital institution, offering a range of deposit and lending solutions through its proprietary technology platform. Headquartered in London, Ontario, the bank has chosen to forego a traditional branch network in favor of online and digital distribution, enabling it to serve clients across Canada and the United States with efficiency and lower overhead.

The bank’s primary business activities include the origination and securitization of commercial loans, equipment financing, residential mortgages and construction loans.