Triasima Portfolio Management inc. bought a new stake in shares of VersaBank (NASDAQ:VBNK – Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 64,440 shares of the company’s stock, valued at approximately $1,434,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of VBNK. Cibc World Market Inc. purchased a new stake in shares of VersaBank during the 2nd quarter worth approximately $26,781,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in VersaBank in the second quarter valued at approximately $16,364,000. Wellington Management Group LLP purchased a new position in VersaBank in the second quarter valued at approximately $6,171,000. Brasada Capital Management LP purchased a new position in VersaBank in the second quarter valued at approximately $1,606,000. Finally, Bank of America Corp DE bought a new position in VersaBank during the second quarter valued at $1,133,000. 56.86% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of analysts have issued reports on the company. Raymond James Financial set a $20.00 target price on VersaBank in a research report on Thursday, September 3rd. Roth Capital boosted their target price on VersaBank from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Zacks Research cut VersaBank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Weiss Ratings upgraded VersaBank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, VersaBank presently has a consensus rating of “Moderate Buy” and an average price target of $24.00.
Check Out Our Latest Report on VersaBank
VersaBank Stock Up 2.3%
Shares of NASDAQ:VBNK opened at $22.39 on Friday. The firm has a market capitalization of $727.20 million, a PE ratio of 29.46 and a beta of 1.04. VersaBank has a twelve month low of $11.25 and a twelve month high of $25.05. The company has a 50-day moving average price of $21.36 and a two-hundred day moving average price of $19.66.
VersaBank (NASDAQ:VBNK – Get Free Report) last posted its earnings results on Thursday, September 3rd. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.07). The business had revenue of $27.67 million during the quarter, compared to analysts’ expectations of $28.76 million. VersaBank had a return on equity of 8.66% and a net margin of 9.92%. Analysts anticipate that VersaBank will post 1.19 earnings per share for the current fiscal year.
VersaBank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 31st. Investors of record on Friday, October 9th will be paid a C$0.03 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Friday, October 9th. VersaBank’s payout ratio is currently 9.21%.
About VersaBank
VersaBank is a digital-first, Schedule I chartered bank headquartered in London, Ontario, Canada. The bank operates primarily through electronic channels rather than a traditional branch network and gathers deposits through financial intermediaries, including deposit brokers and other financial institutions.
The company provides commercial lending and deposit products to businesses, financial intermediaries and specialty finance companies. Its lending activities include point-of-sale financing, commercial real estate and other asset-backed loans, as well as financing for public-sector and municipal projects.
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