VersaBank (VBNK) to Issue Quarterly Dividend of C$0.03 on July 31st

VersaBank (NASDAQ:VBNK) announced a quarterly dividend on Tuesday, June 2nd. Investors of record on Friday, July 10th will be given a dividend of 0.025 per share on Friday, July 31st. This represents a c) dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, July 10th.

VersaBank has a dividend payout ratio of 3.8% meaning 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 Up 10.7%

NASDAQ VBNK opened at $20.07 on Thursday. The company has a market capitalization of $646.25 million, a price-to-earnings ratio of 28.67 and a beta of 1.10. VersaBank has a twelve month low of $10.10 and a twelve month high of $20.77. The stock has a fifty day simple moving average of $16.90 and a 200 day simple moving average of $15.45.

VersaBank (NASDAQ:VBNK) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported $0.27 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.27. The business had revenue of $26.80 million during the quarter, compared to the consensus estimate of $26.92 million. VersaBank had a return on equity of 7.70% and a net margin of 10.03%. Research analysts expect that VersaBank will post 1.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

VBNK has been the subject of a number of recent research reports. Weiss Ratings upgraded VersaBank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 1st. Zacks Research upgraded VersaBank from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, VersaBank presently has an average rating of “Moderate Buy” and an average target price of $13.00.

VersaBank Company Profile

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.