Hillsdale Investment Management Inc. Sells 119,447 Shares of VersaBank (NASDAQ:VBNK)

Hillsdale Investment Management Inc. reduced its holdings in shares of VersaBank (NASDAQ:VBNK) by 58.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 84,400 shares of the company’s stock after selling 119,447 shares during the period. Hillsdale Investment Management Inc.’s holdings in VersaBank were worth $1,158,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in VBNK. Barclays PLC bought a new position in shares of VersaBank during the third quarter valued at about $32,000. Mark Sheptoff Financial Planning LLC bought a new position in VersaBank during the 3rd quarter worth approximately $137,000. Salzhauer Michael purchased a new stake in shares of VersaBank during the fourth quarter valued at approximately $137,000. K2 Principal Fund L.P. bought a new position in shares of VersaBank in the third quarter worth approximately $211,000. Finally, Round Rock Advisors LLC purchased a new position in shares of VersaBank in the fourth quarter worth $273,000. Institutional investors own 56.86% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Raymond James reissued an “outperform” rating on shares of VersaBank in a report on Thursday, March 6th. Roth Capital set a $10.40 price objective on shares of VersaBank in a report on Thursday, March 6th. Finally, Roth Mkm cut shares of VersaBank from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $22.00 to $10.40 in a research report on Thursday, March 6th.

VersaBank Stock Down 2.1 %

NASDAQ VBNK opened at $10.11 on Monday. The business has a 50-day moving average price of $12.57 and a 200-day moving average price of $14.00. VersaBank has a twelve month low of $9.48 and a twelve month high of $18.38. The firm has a market cap of $328.77 million, a price-to-earnings ratio of 9.19 and a beta of 0.93.

VersaBank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, April 4th will be given a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.99%. The ex-dividend date is Friday, April 4th. This is an increase from VersaBank’s previous quarterly dividend of $0.02. VersaBank’s dividend payout ratio is 6.38%.

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.