VersaBank (NASDAQ:VBNK – Get Free Report) posted its quarterly earnings results on Thursday. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.12), Zacks reports. VersaBank had a return on equity of 8.32% and a net margin of 9.34%.
VersaBank Price Performance
VBNK opened at $19.28 on Thursday. VersaBank has a fifty-two week low of $11.00 and a fifty-two week high of $25.05. The firm has a market capitalization of $623.26 million, a PE ratio of 27.94 and a beta of 1.06. The company’s 50-day moving average is $20.31 and its 200 day moving average is $18.07.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on VBNK. Zacks Research cut VersaBank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Roth Capital upgraded VersaBank from a “neutral” rating to a “buy” rating and increased their target price for the stock from $20.00 to $25.00 in a report on Tuesday, June 30th. Finally, Weiss Ratings downgraded shares of VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, June 9th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, VersaBank has a consensus rating of “Hold” and a consensus price target of $25.00.
Hedge Funds Weigh In On VersaBank
A number of hedge funds have recently added to or reduced their stakes in VBNK. Alliancebernstein L.P. increased its holdings in VersaBank by 2.7% during the 3rd quarter. Alliancebernstein L.P. now owns 2,915,984 shares of the company’s stock worth $35,604,000 after purchasing an additional 75,358 shares in the last quarter. Mendon Capital Advisors Corp boosted its position in shares of VersaBank by 2.6% during the fourth quarter. Mendon Capital Advisors Corp now owns 1,057,693 shares of the company’s stock valued at $15,392,000 after buying an additional 26,559 shares during the last quarter. Curi Capital LLC boosted its position in shares of VersaBank by 5.0% during the second quarter. Curi Capital LLC now owns 800,000 shares of the company’s stock valued at $9,120,000 after buying an additional 38,337 shares during the last quarter. Pembroke Management LTD boosted its position in shares of VersaBank by 40.7% during the fourth quarter. Pembroke Management LTD now owns 736,222 shares of the company’s stock valued at $11,029,000 after buying an additional 213,037 shares during the last quarter. Finally, TCW Group Inc. grew its holdings in VersaBank by 8.2% during the fourth quarter. TCW Group Inc. now owns 674,277 shares of the company’s stock worth $10,101,000 after buying an additional 50,900 shares in the last quarter. Institutional investors and hedge funds own 56.86% of the company’s stock.
About VersaBank
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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