Raymond James Reaffirms Outperform Rating for VersaBank (NASDAQ:VBNK)

Raymond James reissued their outperform rating on shares of VersaBank (NASDAQ:VBNK) in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has a $17.00 target price on the stock, up from their previous target price of $15.00.

Several other equities research analysts also recently issued reports on VBNK. Roth Mkm started coverage on VersaBank in a report on Friday, September 27th. They issued a “buy” rating and a $18.00 price target for the company. Roth Capital upgraded VersaBank to a “strong-buy” rating in a report on Friday, September 27th. Finally, Keefe, Bruyette & Woods started coverage on VersaBank in a report on Tuesday, August 27th. They issued an “outperform” rating and a $22.00 price target for the company. Three research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $19.00.

VersaBank Trading Up 4.8 %

NASDAQ:VBNK opened at $16.87 on Friday. VersaBank has a 1-year low of $7.48 and a 1-year high of $17.06. The business’s 50-day moving average price is $14.03 and its two-hundred day moving average price is $11.97. The firm has a market capitalization of $437.92 million, a price-to-earnings ratio of 12.91 and a beta of 0.76.

VersaBank (NASDAQ:VBNK) last released its earnings results on Thursday, September 5th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.08). VersaBank had a net margin of 16.24% and a return on equity of 11.85%. The company had revenue of $19.72 million during the quarter, compared to analyst estimates of $21.83 million. Sell-side analysts predict that VersaBank will post 1.21 earnings per share for the current year.

VersaBank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 4th were issued a dividend of $0.018 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.43%. VersaBank’s payout ratio is presently 5.38%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of VBNK. Cumberland Partners Ltd bought a new position in shares of VersaBank during the first quarter worth about $472,000. Acadian Asset Management LLC grew its holdings in shares of VersaBank by 52.4% during the first quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock worth $689,000 after buying an additional 22,699 shares in the last quarter. Hillsdale Investment Management Inc. boosted its position in VersaBank by 17.5% during the first quarter. Hillsdale Investment Management Inc. now owns 408,794 shares of the company’s stock valued at $4,321,000 after purchasing an additional 60,881 shares during the last quarter. Pembroke Management LTD acquired a new position in VersaBank during the second quarter valued at approximately $377,000. Finally, Dimensional Fund Advisors LP boosted its position in VersaBank by 44.7% during the second quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock valued at $540,000 after purchasing an additional 15,462 shares during the last quarter. 56.86% of the stock is currently owned by institutional investors.

About VersaBank

VersaBank provides various banking products and services in Canada and the United States. It offers deposit products, such as web-based chequing accounts, guaranteed investment certificates, registered retirement savings plans, and tax-free savings accounts, as well as deposit insurance products. The company also provides lending services, including point of sale financing that covers purchasing loan and lease receivables from finance companies operating in various industries; commercial banking services comprising commercial real estate, public sector/infrastructure financing, and condominium financing; and residential mortgages.