VersaBank (NASDAQ:VBNK – Get Free Report) shares gapped up before the market opened on Tuesday. The stock had previously closed at $22.95, but opened at $24.64. VersaBank shares last traded at $24.7290, with a volume of 14,365 shares trading hands.
Analyst Upgrades and Downgrades
VBNK has been the subject of a number of research reports. Roth Capital increased their price target on shares of VersaBank from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Zacks Research lowered shares of VersaBank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Raymond James Financial set a $20.00 price objective on VersaBank in a research report on Thursday, September 3rd. Finally, Weiss Ratings upgraded VersaBank from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.
Check Out Our Latest Report on VersaBank
VersaBank Price Performance
The firm has a market cap of $785.04 million, a PE ratio of 31.72 and a beta of 1.03. The firm has a 50-day simple moving average of $22.33 and a 200 day simple moving average of $18.95.
VersaBank (NASDAQ:VBNK – Get Free Report) last issued its quarterly earnings results on Thursday, September 3rd. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.07). VersaBank had a return on equity of 8.66% and a net margin of 9.92%. The business had revenue of $27.67 million during the quarter, compared to the consensus estimate of $28.76 million. Sell-side analysts forecast that VersaBank will post 1.19 earnings per share for the current fiscal year.
VersaBank Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Saturday, October 31st. Shareholders of record on Friday, October 9th were paid a dividend of C$0.03 per share. The ex-dividend date of this dividend was Friday, October 9th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.4%. VersaBank’s dividend payout ratio (DPR) is currently 9.21%.
Institutional Trading of VersaBank
A number of hedge funds have recently made changes to their positions in VBNK. Cibc World Market Inc. purchased a new stake in shares of VersaBank in the 2nd quarter worth approximately $26,781,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in VersaBank during the second quarter valued at $16,364,000. Wellington Management Group LLP bought a new stake in VersaBank in the second quarter worth $6,171,000. TD Waterhouse Canada Inc. boosted its holdings in VersaBank by 17.1% in the third quarter. TD Waterhouse Canada Inc. now owns 219,393 shares of the company’s stock worth $4,796,000 after acquiring an additional 32,070 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in VersaBank by 29.7% in the first quarter. Renaissance Technologies LLC now owns 112,700 shares of the company’s stock worth $1,597,000 after acquiring an additional 25,800 shares in the last quarter. 56.86% of the stock is owned by institutional investors.
VersaBank Company Profile
VersaBank (NASDAQ:VBNK) is a Canadian digital bank that provides commercial banking and financial technology services. The bank operates primarily through a highly automated, branchless model and focuses on serving niche markets that can be efficiently supported through technology and relationships with intermediaries.
VersaBank offers deposit products and lending solutions to businesses and other organizations. Its activities include commercial loans, point-of-sale financing and other forms of specialty lending, with loan origination often conducted through financial technology companies, retailers and other third-party partners.
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