VersaBank (NASDAQ:VBNK) Sees Unusually-High Trading Volume – What’s Next?

Shares of VersaBank (NASDAQ:VBNK) saw unusually-strong trading volume on Friday . Approximately 114,054 shares traded hands during mid-day trading, an increase of 52% from the previous session’s volume of 74,826 shares.The stock last traded at $21.1950 and had previously closed at $21.49.

Analyst Ratings Changes

VBNK has been the topic of several research analyst reports. Weiss Ratings cut shares of VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, June 9th. Zacks Research raised VersaBank from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Finally, Roth Capital raised VersaBank from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $25.00 in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, VersaBank currently has a consensus rating of “Hold” and a consensus price target of $25.00.

VersaBank Price Performance

The business’s 50 day moving average is $19.59 and its two-hundred day moving average is $17.11. The firm has a market capitalization of $681.03 million, a PE ratio of 30.65 and a beta of 1.04.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings results on Wednesday, June 3rd. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. VersaBank had a net margin of 9.34% and a return on equity of 8.32%. The business had revenue of $28.17 million during the quarter, compared to analysts’ expectations of $26.86 million. Analysts expect that VersaBank will post 1.3 EPS for the current fiscal year.

VersaBank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 10th will be issued a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, July 10th. VersaBank’s payout ratio is currently 10.14%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Salzhauer Michael raised its position in VersaBank by 68.4% during the second quarter. Salzhauer Michael now owns 16,843 shares of the company’s stock valued at $192,000 after purchasing an additional 6,843 shares in the last quarter. Citadel Advisors LLC purchased a new position in shares of VersaBank in the 3rd quarter worth about $198,000. Quadrature Capital Ltd purchased a new position in shares of VersaBank in the 4th quarter worth about $201,000. First Trust Advisors LP increased 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 valued at $237,000 after purchasing an additional 5,144 shares during the last quarter. Finally, Geode Capital Management LLC bought a new position in shares of VersaBank during the 2nd quarter valued at about $293,000. 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.