VersaBank (NASDAQ:VBNK – Get Free Report) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.
VBNK has been the subject of several other reports. Weiss Ratings cut 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 target for the company from $20.00 to $25.00 in a research note on Tuesday, June 30th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, VersaBank presently has an average rating of “Hold” and a consensus price target of $25.00.
View Our Latest Stock Analysis on VBNK
VersaBank Price Performance
VersaBank (NASDAQ:VBNK – Get Free Report) last posted its earnings results on Wednesday, June 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. The business had revenue of $28.17 million during the quarter, compared to analysts’ expectations of $26.86 million. VersaBank had a return on equity of 8.32% and a net margin of 9.34%. As a group, analysts predict that VersaBank will post 1.3 EPS for the current fiscal year.
Hedge Funds Weigh In On VersaBank
Several large investors have recently bought and sold shares of the company. Alliancebernstein L.P. increased its stake in shares of VersaBank by 2.7% in the third quarter. Alliancebernstein L.P. now owns 2,915,984 shares of the company’s stock valued at $35,604,000 after buying an additional 75,358 shares during the period. Cibc World Market Inc. bought a new position in VersaBank in the 2nd quarter valued at approximately $26,781,000. Mendon Capital Advisors Corp boosted its position in VersaBank by 2.6% during the 4th quarter. Mendon Capital Advisors Corp now owns 1,057,693 shares of the company’s stock worth $15,392,000 after buying an additional 26,559 shares during the period. Curi Capital LLC grew its stake in shares of VersaBank by 5.0% in the second quarter. Curi Capital LLC now owns 800,000 shares of the company’s stock worth $9,120,000 after purchasing an additional 38,337 shares during the last quarter. Finally, Pembroke Management LTD raised its position in shares of VersaBank by 40.7% in the 4th quarter. Pembroke Management LTD now owns 736,222 shares of the company’s stock worth $11,029,000 after acquiring an additional 213,037 shares in the last quarter. 56.86% of the stock is currently owned by institutional investors.
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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