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

Zacks Investment Research downgraded shares of VersaBank (NASDAQ:VBNKGet Rating) from a buy rating to a hold rating in a research report report published on Wednesday morning, Zacks.com reports.

According to Zacks, “VersaBank is a Schedule I chartered bank. It provides deposit and lending solutions for financial intermediaries as well as internally developed IT security software. VersaBank is based in LONDON, ON. “

Shares of NASDAQ VBNK opened at $9.92 on Wednesday. The firm has a market cap of $272.20 million and a price-to-earnings ratio of 13.41. The business’s 50-day simple moving average is $11.01 and its 200-day simple moving average is $11.68. VersaBank has a 52 week low of $9.81 and a 52 week high of $14.30.

VersaBank (NASDAQ:VBNKGet Rating) last announced its quarterly earnings data on Wednesday, March 2nd. The company reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.01). VersaBank had a return on equity of 10.16% and a net margin of 23.07%. The firm had revenue of $14.42 million during the quarter, compared to the consensus estimate of $14.81 million. As a group, analysts predict that VersaBank will post 0.74 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Saturday, April 30th. Stockholders of record on Friday, April 8th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend was Thursday, April 7th. VersaBank’s dividend payout ratio (DPR) is presently 10.81%.

Several large investors have recently made changes to their positions in the stock. Patriot Financial Partners GP LP raised its holdings in VersaBank by 13.8% during the 1st quarter. Patriot Financial Partners GP LP now owns 1,239,724 shares of the company’s stock worth $14,133,000 after buying an additional 150,000 shares during the period. John W. Rosenthal Capital Management Inc. bought a new stake in shares of VersaBank in the 1st quarter valued at about $798,000. Cox Capital Mgt LLC lifted its stake in VersaBank by 170.6% in the 1st quarter. Cox Capital Mgt LLC now owns 145,276 shares of the company’s stock valued at $1,656,000 after purchasing an additional 91,590 shares during the last quarter. Stifel Financial Corp acquired a new stake in VersaBank in the 4th quarter valued at about $1,267,000. Finally, Kennedy Capital Management Inc. lifted its stake in VersaBank by 3.7% in the 4th quarter. Kennedy Capital Management Inc. now owns 239,679 shares of the company’s stock valued at $2,852,000 after purchasing an additional 8,624 shares during the last quarter. Institutional investors and hedge funds own 24.31% of the company’s stock.

About VersaBank (Get Rating)

VersaBank, a schedule I chartered bank, provides various banking products and services in Canada. The company offers deposit products, such as guaranteed investment certificates, registered retirement savings plans, daily interest savings accounts, and tax-free savings accounts, as well as deposit insurance products.

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