VersaBank (NASDAQ:VBNK) Shares Down 6.6% – What’s Next?

VersaBank (NASDAQ:VBNK) shares dropped 6.6% during mid-day trading on Thursday . The company traded as low as $18.30 and last traded at $18.74. Approximately 47,027 shares changed hands during trading, a decline of 21% from the average daily volume of 59,616 shares. The stock had previously closed at $20.07.

Wall Street Analysts Forecast Growth

VBNK has been the topic of a number of recent analyst reports. Weiss Ratings upgraded VersaBank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 1st. Zacks Research upgraded shares of VersaBank from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $13.00.

VersaBank Stock Down 6.3%

The business’s fifty day moving average is $16.90 and its 200 day moving average is $15.45. The firm has a market capitalization of $605.68 million, a price-to-earnings ratio of 26.87 and a beta of 1.10.

VersaBank (NASDAQ:VBNK) last issued its quarterly earnings data on Tuesday, March 3rd. The company reported $0.27 EPS for the quarter, hitting analysts’ consensus estimates of $0.27. VersaBank had a net margin of 10.03% and a return on equity of 7.70%. The business had revenue of $26.80 million for the quarter, compared to analyst estimates of $26.92 million. Equities research analysts expect that VersaBank will post 1.27 EPS for the current year.

VersaBank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 10th will be issued a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Friday, July 10th. VersaBank’s dividend payout ratio (DPR) is presently 10.00%.

Hedge Funds Weigh In On VersaBank

Hedge funds have recently made changes to their positions in the business. Connors Investor Services Inc. grew its stake in shares of VersaBank by 18.2% during the 3rd quarter. Connors Investor Services Inc. now owns 13,000 shares of the company’s stock worth $159,000 after acquiring an additional 2,000 shares in the last quarter. Salzhauer Michael grew its stake in shares of VersaBank by 68.4% during the 2nd quarter. Salzhauer Michael now owns 16,843 shares of the company’s stock worth $192,000 after acquiring an additional 6,843 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of VersaBank during the 3rd quarter worth approximately $198,000. Quadrature Capital Ltd bought a new position in shares of VersaBank during the 4th quarter worth approximately $201,000. Finally, First Trust Advisors LP grew its stake in shares of 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 acquiring an additional 5,144 shares in the last quarter. 56.86% of the stock is owned by institutional investors.

VersaBank Company Profile

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.