VersaBank (NASDAQ:VBNK) Hits New 1-Year High – Here’s Why

by · The Markets Daily

Shares of VersaBank (NASDAQ:VBNKGet Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $16.38 and last traded at $16.19, with a volume of 64136 shares traded. The stock had previously closed at $15.90.

Wall Street Analyst Weigh In

VBNK has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of VersaBank in a research report on Wednesday, January 21st. Roth Mkm raised their price target on shares of VersaBank from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, December 11th. Finally, Zacks Research lowered shares of VersaBank from a “hold” rating to a “strong sell” rating in a report on Monday, December 15th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $13.00.

Get Our Latest Analysis on VersaBank

VersaBank Trading Up 1.8%

The firm has a market capitalization of $517.21 million, a P/E ratio of 24.91 and a beta of 0.95. The company has a 50-day moving average of $14.57 and a 200-day moving average of $12.71.

VersaBank (NASDAQ:VBNKGet Free Report) last announced its earnings results on Wednesday, December 10th. The company reported $0.24 EPS for the quarter, meeting the consensus estimate of $0.24. The business had revenue of $25.05 million for the quarter, compared to analysts’ expectations of $24.48 million. VersaBank had a return on equity of 7.02% and a net margin of 9.33%. Research analysts predict that VersaBank will post 1.46 EPS for the current year.

VersaBank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, January 31st. Investors of record on Friday, January 9th were issued a $0.025 dividend. The ex-dividend date was Friday, January 9th. This represents a $0.10 annualized dividend and a yield of 0.6%. VersaBank’s payout ratio is presently 10.77%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Connors Investor Services Inc. boosted its position in shares of VersaBank by 18.2% during the 3rd quarter. Connors Investor Services Inc. now owns 13,000 shares of the company’s stock valued at $159,000 after purchasing an additional 2,000 shares in the last quarter. Salzhauer Michael boosted its holdings in shares of VersaBank by 27.3% during the 3rd quarter. Salzhauer Michael now owns 21,443 shares of the company’s stock worth $262,000 after buying an additional 4,600 shares in the last quarter. First Trust Advisors LP grew its position in shares of 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 buying an additional 5,144 shares during the period. TD Waterhouse Canada Inc. increased its stake in shares of VersaBank by 5.8% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 148,391 shares of the company’s stock valued at $1,804,000 after acquiring an additional 8,080 shares in the last quarter. Finally, Militia Capital Partners LP increased its stake in shares of VersaBank by 16.7% in the 3rd quarter. Militia Capital Partners LP now owns 70,000 shares of the company’s stock valued at $855,000 after acquiring an additional 10,000 shares in the last quarter. 56.86% of the stock is owned by institutional investors.

VersaBank Company Profile

(Get Free Report)

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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