VersaBank (NASDAQ:VBNK) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of VersaBank (NASDAQ:VBNK) from a strong sell rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

Separately, Weiss Ratings raised VersaBank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.00.

VersaBank Price Performance

Shares of VersaBank stock opened at $18.20 on Monday. VersaBank has a 1 year low of $10.10 and a 1 year high of $18.89. The firm has a market cap of $585.49 million, a PE ratio of 26.00 and a beta of 1.11. The stock has a fifty day moving average price of $15.64 and a 200-day moving average price of $14.54.

VersaBank (NASDAQ:VBNK) last announced its earnings results on Tuesday, March 3rd. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. VersaBank had a return on equity of 7.70% and a net margin of 10.03%.The firm had revenue of $26.80 million during the quarter, compared to analyst estimates of $26.92 million. As a group, equities analysts anticipate that VersaBank will post 1.27 EPS for the current fiscal year.

VersaBank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Friday, April 10th were issued a $0.025 dividend. The ex-dividend date of this dividend was Friday, April 10th. This represents a $0.10 annualized dividend and a yield of 0.5%. VersaBank’s dividend payout ratio (DPR) is 10.00%.

Institutional Investors Weigh In On VersaBank

Several large investors have recently added to or reduced their stakes in VBNK. Pembroke Management LTD boosted its stake in VersaBank by 21.8% in the 3rd quarter. Pembroke Management LTD now owns 523,185 shares of the company’s stock worth $6,388,000 after purchasing an additional 93,578 shares during the period. CSM Advisors LLC bought a new position in VersaBank in the 3rd quarter worth about $3,418,000. Compass Rose Asset Management LP bought a new position in VersaBank in the 3rd quarter worth about $720,000. Militia Capital Partners LP boosted its stake in VersaBank by 16.7% in the 3rd quarter. Militia Capital Partners LP now owns 70,000 shares of the company’s stock worth $855,000 after purchasing an additional 10,000 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its stake in VersaBank by 5.8% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 148,391 shares of the company’s stock worth $1,804,000 after purchasing an additional 8,080 shares during the period. Hedge funds and other institutional investors 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.