VersaBank (NASDAQ:VBNK) Releases Earnings Results, Misses Estimates By $0.12 EPS

VersaBank (NASDAQ:VBNK) issued its quarterly earnings data on Thursday. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.12), Zacks reports. VersaBank had a return on equity of 8.32% and a net margin of 9.34%.

VersaBank Price Performance

VBNK opened at $19.28 on Thursday. VersaBank has a fifty-two week low of $11.00 and a fifty-two week high of $25.05. The firm has a market capitalization of $623.26 million, a PE ratio of 27.94 and a beta of 1.06. The company’s 50-day moving average is $20.31 and its 200 day moving average is $18.07.

Institutional Trading of VersaBank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. lifted its stake in VersaBank by 1.1% during the 2nd quarter. Alliancebernstein L.P. now owns 2,840,626 shares of the company’s stock valued at $32,383,000 after acquiring an additional 29,613 shares in the last quarter. Mendon Capital Advisors Corp grew its stake in shares of VersaBank by 2.6% in the 4th quarter. Mendon Capital Advisors Corp now owns 1,057,693 shares of the company’s stock worth $15,392,000 after acquiring an additional 26,559 shares in the last quarter. TCW Group Inc. grew its stake in shares of VersaBank by 8.2% in the 4th quarter. TCW Group Inc. now owns 674,277 shares of the company’s stock worth $10,101,000 after acquiring an additional 50,900 shares in the last quarter. Curi Capital LLC raised its holdings in shares of VersaBank by 5.0% in the second quarter. Curi Capital LLC now owns 800,000 shares of the company’s stock valued at $9,120,000 after purchasing an additional 38,337 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in shares of VersaBank in the fourth quarter valued at about $587,000. 56.86% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on VBNK shares. Roth Capital upgraded VersaBank from a “neutral” rating to a “buy” rating and increased their price target for the stock from $20.00 to $25.00 in a report on Tuesday, June 30th. Zacks Research lowered VersaBank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Weiss Ratings cut VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, VersaBank has an average rating of “Hold” and an average target price of $25.00.

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.