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VRRKF - VersaBank: Increasing Dividend Expectation Following Surprise Jump
VersaBank
VersaBank (OTC:VRRKF) posted earnings of CAD 0.21 (~USD 0.15) per common share in 2QFY19, which keeps the bank on track to meet our full year earnings expectation of CAD 0.81 (USD 0.59). The announced dividend of CAD 0.02 per common share, however, pleasantly surprised us, as its quarter on quarter growth of 33% was above our expectation. For the full year we had expected an increase in dividend of 22% only. Following the earnings announcement, we are maintaining our earnings expectations for the full year and our target price for October 2019 at