Zacks Investment Research Lowers VersaBank (NASDAQ:VBNK) to Sell

VersaBank (NASDAQ:VBNKGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, 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. “

VBNK traded up $0.03 on Wednesday, hitting $8.60. 1,853 shares of the stock traded hands, compared to its average volume of 14,716. The business has a fifty day moving average price of $10.58 and a two-hundred day moving average price of $11.48. The firm has a market capitalization of $235.98 million and a PE ratio of 11.62. VersaBank has a 52 week low of $8.02 and a 52 week high of $14.30.

VersaBank (NASDAQ:VBNKGet Rating) last released its quarterly earnings data on Wednesday, March 2nd. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The firm had revenue of $14.42 million for the quarter, compared to the consensus estimate of $14.81 million. VersaBank had a net margin of 23.07% and a return on equity of 10.16%. On average, research analysts forecast that VersaBank will post 0.71 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the business. Marshall Wace LLP acquired a new stake in shares of VersaBank in the 4th quarter valued at $135,000. Prelude Capital Management LLC boosted its stake in shares of VersaBank by 30.3% in the 1st quarter. Prelude Capital Management LLC now owns 16,753 shares of the company’s stock valued at $191,000 after purchasing an additional 3,900 shares in the last quarter. Invesco Ltd. acquired a new stake in shares of VersaBank in the 4th quarter valued at $270,000. Morgan Stanley acquired a new stake in shares of VersaBank in the 3rd quarter valued at $305,000. Finally, Raymond James & Associates acquired a new stake in shares of VersaBank in the 4th quarter valued at $331,000. 24.31% of the stock is currently owned by hedge funds and other institutional investors.

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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