VersaBank (NASDAQ:VBNK) Sets New 1-Year High – Here’s Why

VersaBank (NASDAQ:VBNK) reached a new 52-week high during trading on Monday . The stock traded as high as $25.05 and last traded at $19.90, with a volume of 93623 shares traded. The stock had previously closed at $20.20.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on VBNK. Roth Mkm restated a “neutral” rating and set a $20.00 price target on shares of VersaBank in a research note on Monday, June 8th. Zacks Research upgraded VersaBank from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Finally, Weiss Ratings cut VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, June 9th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, VersaBank presently has an average rating of “Hold” and an average price target of $20.00.

VersaBank Stock Performance

The firm has a market capitalization of $629.75 million, a PE ratio of 28.35 and a beta of 1.10. The company has a fifty day moving average price of $17.68 and a 200-day moving average price of $15.85.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings results on Wednesday, June 3rd. The company reported $0.28 earnings per share for the quarter, beating 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 company had revenue of $28.17 million for the quarter, compared to analyst estimates of $26.86 million. On average, equities analysts predict that VersaBank will post 1.3 earnings per share for the current year.

VersaBank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 10th will be paid 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 (DPR) is presently 10.14%.

Institutional Trading of VersaBank

Hedge funds and other institutional investors have recently bought and sold shares of the business. Connors Investor Services Inc. increased its stake in shares of VersaBank by 18.2% during the third quarter. Connors Investor Services Inc. now owns 13,000 shares of the company’s stock valued at $159,000 after buying an additional 2,000 shares during the period. First Trust Advisors LP increased its stake in shares of VersaBank by 33.0% during the second quarter. First Trust Advisors LP now owns 20,753 shares of the company’s stock valued at $237,000 after buying an additional 5,144 shares during the period. Salzhauer Michael increased its stake in shares of VersaBank by 68.4% during the second quarter. Salzhauer Michael now owns 16,843 shares of the company’s stock valued at $192,000 after buying an additional 6,843 shares during the period. TD Waterhouse Canada Inc. increased its stake in shares of VersaBank by 5.5% during the fourth quarter. TD Waterhouse Canada Inc. now owns 156,540 shares of the company’s stock valued at $2,316,000 after buying an additional 8,149 shares during the period. Finally, Militia Capital Partners LP increased its stake in shares of VersaBank by 16.7% during the third quarter. Militia Capital Partners LP now owns 70,000 shares of the company’s stock valued at $855,000 after buying an additional 10,000 shares during the period. Hedge funds and other institutional investors own 56.86% of the company’s stock.

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.