VersaBank (TSE:VBNK) Shares Down 10.1% – Here’s Why

VersaBank (TSE:VBNK)’s share price fell 10.1% on Wednesday . The company traded as low as C$15.21 and last traded at C$15.60. 105,626 shares were traded during trading, an increase of 260% from the average session volume of 29,380 shares. The stock had previously closed at C$17.36.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reduced their price objective on VersaBank from C$27.00 to C$22.00 and set an “outperform” rating for the company in a research report on Thursday.

VersaBank Stock Up 0.3 %

The firm’s 50 day simple moving average is C$19.21 and its 200 day simple moving average is C$19.90. The company has a market cap of C$488.32 million, a price-to-earnings ratio of 9.81 and a beta of 1.07.

VersaBank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 31st were paid a $0.025 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.10 annualized dividend and a dividend yield of 0.66%. VersaBank’s payout ratio is 6.50%.

VersaBank Company Profile

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.