Wellington Management Group LLP Takes Position in VersaBank (NASDAQ:VBNK)

Wellington Management Group LLP acquired a new stake in VersaBank (NASDAQ:VBNK) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 425,000 shares of the company’s stock, valued at approximately $5,886,000.

Other hedge funds have also made changes to their positions in the company. Salzhauer Michael purchased a new position in shares of VersaBank in the 4th quarter valued at about $137,000. XTX Topco Ltd purchased a new position in shares of VersaBank in the 4th quarter valued at about $159,000. First Trust Advisors LP purchased a new position in shares of VersaBank in the 4th quarter valued at about $217,000. Mark Sheptoff Financial Planning LLC increased its holdings in shares of VersaBank by 55.3% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 16,000 shares of the company’s stock valued at $222,000 after acquiring an additional 5,700 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of VersaBank by 11.8% in the 4th quarter. Bank of Montreal Can now owns 17,431 shares of the company’s stock valued at $239,000 after acquiring an additional 1,841 shares during the last quarter. Hedge funds and other institutional investors own 56.86% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on VBNK. Roth Mkm downgraded VersaBank from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $22.00 to $10.40 in a research note on Thursday, March 6th. Raymond James restated an “outperform” rating on shares of VersaBank in a research note on Thursday, March 6th. Finally, Roth Capital set a $10.40 price target on VersaBank in a research note on Thursday, March 6th.

VersaBank Stock Up 2.6%

NASDAQ:VBNK opened at $11.56 on Wednesday. The stock’s 50 day moving average price is $10.77 and its 200 day moving average price is $12.66. VersaBank has a 52-week low of $8.51 and a 52-week high of $18.38. The company has a market capitalization of $375.92 million, a PE ratio of 10.51 and a beta of 0.99.

VersaBank 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.