VersaBank (NASDAQ:VBNK) Plans $0.02 Quarterly Dividend

VersaBank (NASDAQ:VBNK) announced a quarterly dividend on Tuesday, December 10th,Wall Street Journal reports. Shareholders of record on Friday, January 10th will be paid a dividend of 0.0177 per share on Friday, January 31st. This represents a $0.07 dividend on an annualized basis and a yield of 0.45%. 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. Equities 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 Stock Performance

Shares of VBNK stock traded down $0.47 during mid-day trading on Tuesday, reaching $15.58. 112,899 shares of the company’s stock traded hands, compared to its average volume of 30,989. The firm has a market capitalization of $405.13 million, a PE ratio of 14.75 and a beta of 0.83. VersaBank has a 12 month low of $7.89 and a 12 month high of $18.38. The firm has a 50 day moving average price of $15.76 and a two-hundred day moving average price of $13.08.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on VBNK shares. Raymond James reissued an “outperform” rating and issued a $17.00 price objective (up from $15.00) on shares of VersaBank in a research note on Friday, November 8th. Roth Capital raised VersaBank to a “strong-buy” rating in a report on Friday, September 27th. Roth Mkm started coverage on VersaBank in a research note on Friday, September 27th. They issued a “buy” rating and a $18.00 price objective for the company. Finally, Keefe, Bruyette & Woods began coverage on VersaBank in a research report on Tuesday, August 27th. They set an “outperform” rating and a $22.00 target price for the company. Three investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target 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.