Zacks Research downgraded shares of VersaBank (NASDAQ:VBNK – Free Report) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday morning,Zacks.com reports.
Several other brokerages have also issued reports on VBNK. Weiss Ratings lowered VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, June 9th. Roth Capital upgraded VersaBank from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $20.00 to $25.00 in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, VersaBank presently has an average rating of “Hold” and a consensus price target of $25.00.
Read Our Latest Stock Report on VersaBank
VersaBank Price Performance
VersaBank (NASDAQ:VBNK – Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.02. The firm had revenue of $28.17 million for the quarter, compared to the consensus estimate of $26.86 million. VersaBank had a return on equity of 8.32% and a net margin of 9.34%. As a group, analysts anticipate that VersaBank will post 1.3 EPS for the current year.
VersaBank Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 10th were paid a dividend of $0.025 per share. The ex-dividend date of this dividend was Friday, July 10th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.5%. VersaBank’s payout ratio is 10.14%.
Hedge Funds Weigh In On VersaBank
Several hedge funds have recently added to or reduced their stakes in VBNK. Salzhauer Michael grew its position in shares of VersaBank by 68.4% during the 2nd quarter. Salzhauer Michael now owns 16,843 shares of the company’s stock worth $192,000 after buying an additional 6,843 shares during the period. Citadel Advisors LLC acquired a new stake in shares of VersaBank in the 3rd quarter valued at approximately $198,000. Quadrature Capital Ltd bought a new position in VersaBank during the 4th quarter worth approximately $201,000. First Trust Advisors LP boosted its stake in VersaBank by 33.0% during the 2nd quarter. First Trust Advisors LP now owns 20,753 shares of the company’s stock worth $237,000 after acquiring an additional 5,144 shares during the last quarter. Finally, K2 Principal Fund L.P. acquired a new position in VersaBank during the second quarter valued at approximately $239,000. Institutional investors and hedge funds own 56.86% of the company’s stock.
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.
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