VersaBank (NASDAQ:VBNK) Announces Quarterly Dividend of $0.03

VersaBank (NASDAQ:VBNK) announced a quarterly dividend on Wednesday, March 5th, RTT News reports. Investors of record on Friday, April 4th will be paid a dividend of 0.025 per share on Wednesday, April 30th. This represents a $0.10 annualized dividend and a dividend yield of 0.96%. This is a 41.2% increase from VersaBank’s previous quarterly dividend of $0.02.

VersaBank has a payout ratio of 3.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect VersaBank to earn $2.23 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 3.1%.

VersaBank Stock Down 12.5 %

Shares of VBNK stock opened at $10.43 on Thursday. VersaBank has a twelve month low of $9.48 and a twelve month high of $18.38. The company has a market cap of $339.17 million, a P/E ratio of 9.48 and a beta of 0.91. The business has a fifty day simple moving average of $13.39 and a 200 day simple moving average of $14.21.

VersaBank (NASDAQ:VBNK) last announced its quarterly earnings data on Monday, December 9th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. VersaBank had a return on equity of 11.20% and a net margin of 13.52%. As a group, equities research analysts anticipate that VersaBank will post 1.46 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Raymond James restated an “outperform” rating and set a $17.00 price objective (up from $15.00) on shares of VersaBank in a research report on Friday, November 8th.

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.