VersaBank (NASDAQ:VBNK) Upgraded at Zacks Research

Zacks Research upgraded shares of VersaBank (NASDAQ:VBNK) from a hold rating to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

Several other brokerages have also commented on VBNK. Roth Capital raised shares of VersaBank from a “neutral” rating to a “buy” rating and increased their price objective for the company from $20.00 to $25.00 in a research report on Tuesday, June 30th. Weiss Ratings downgraded shares of VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $25.00.

VersaBank Price Performance

Shares of NASDAQ:VBNK opened at $20.21 on Monday. The business’s 50-day moving average is $19.76 and its 200 day moving average is $17.24. VersaBank has a 1 year low of $10.10 and a 1 year high of $25.05. The firm has a market capitalization of $650.76 million, a P/E ratio of 29.29 and a beta of 1.04.

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

VersaBank Dividend Announcement

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

Hedge Funds Weigh In On VersaBank

Several hedge funds and other institutional investors have recently bought and sold shares of VBNK. Mudita Advisors LLP purchased a new position in shares of VersaBank during the fourth quarter worth $1,462,000. TD Asset Management Inc purchased a new stake in VersaBank in the fourth quarter valued at $494,000. Two Sigma Investments LP purchased a new stake in VersaBank in the third quarter valued at $642,000. Benjamin Edwards Inc. acquired a new stake in VersaBank during the 2nd quarter worth about $413,000. Finally, First Trust Advisors LP grew its position in VersaBank by 33.0% during the 2nd quarter. First Trust Advisors LP now owns 20,753 shares of the company’s stock worth $237,000 after purchasing an additional 5,144 shares during the period. Institutional investors and hedge funds 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.