VersaBank (NASDAQ:VBNK) Declares $0.02 Quarterly Dividend

VersaBank (NASDAQ:VBNK) announced a quarterly dividend on Tuesday, December 10th,Wall Street Journal reports. Stockholders of record on Friday, January 10th will be given a dividend of 0.0177 per share on Friday, January 31st. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date is Friday, January 10th.

VersaBank has a dividend payout ratio of 4.0% meaning its dividend is sufficiently covered by earnings. Analysts expect VersaBank to earn $1.69 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 4.1%.

VersaBank Price Performance

VBNK stock traded up $0.50 during midday trading on Wednesday, reaching $16.08. The company had a trading volume of 3,341 shares, compared to its average volume of 30,874. The company has a market capitalization of $418.13 million, a price-to-earnings ratio of 14.16 and a beta of 0.83. The stock has a 50 day moving average price of $15.81 and a 200-day moving average price of $13.12. VersaBank has a 1-year low of $7.97 and a 1-year high of $18.38.

Analyst Ratings Changes

Several research analysts have commented on VBNK shares. Roth Mkm initiated coverage on VersaBank in a research note on Friday, September 27th. They set a “buy” rating and a $18.00 target price for the company. Raymond James reiterated an “outperform” rating and issued a $17.00 target price (up from $15.00) on shares of VersaBank in a report on Friday, November 8th. Keefe, Bruyette & Woods assumed coverage on VersaBank in a report on Tuesday, August 27th. They issued an “outperform” rating and a $22.00 target price on the stock. Finally, Roth Capital raised VersaBank to a “strong-buy” rating in a research report on Friday, September 27th. Three analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, VersaBank presently has an average rating of “Buy” and an average target price of $19.00.

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.