VersaBank (NASDAQ:VBNK) Sees Large Volume Increase – Here’s What Happened

VersaBank (NASDAQ:VBNK) saw strong trading volume on Monday . 38,716 shares traded hands during trading, a decline of 28% from the previous session’s volume of 53,562 shares.The stock last traded at $17.0610 and had previously closed at $16.07.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on VBNK shares. Weiss Ratings reissued a “hold (c)” rating on shares of VersaBank in a report on Wednesday, January 21st. Zacks Research cut shares of VersaBank from a “hold” rating to a “strong sell” rating in a report on Thursday, March 12th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $13.00.

VersaBank Price Performance

The business has a 50-day moving average of $15.33 and a 200 day moving average of $14.14. The company has a market cap of $562.27 million, a PE ratio of 25.06 and a beta of 0.99.

VersaBank (NASDAQ:VBNK) last announced its earnings results on Tuesday, March 3rd. The company reported $0.27 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.27. The business had revenue of $26.80 million for the quarter, compared to analysts’ expectations of $26.92 million. VersaBank had a return on equity of 7.70% and a net margin of 10.03%. On average, equities analysts predict that VersaBank will post 1.46 EPS for the current fiscal year.

VersaBank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Friday, April 10th will be issued a $0.025 dividend. The ex-dividend date of this dividend is Friday, April 10th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.6%. VersaBank’s dividend payout ratio (DPR) is presently 10.00%.

Institutional Trading of VersaBank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CSM Advisors LLC bought a new position in VersaBank in the third quarter worth approximately $3,418,000. Pembroke Management LTD increased its stake in shares of VersaBank by 40.7% in the 4th quarter. Pembroke Management LTD now owns 736,222 shares of the company’s stock worth $11,029,000 after purchasing an additional 213,037 shares in the last quarter. Mudita Advisors LLP purchased a new stake in shares of VersaBank in the 4th quarter worth $1,462,000. Alliancebernstein L.P. raised its holdings in VersaBank by 2.7% in the 3rd quarter. Alliancebernstein L.P. now owns 2,915,984 shares of the company’s stock worth $35,604,000 after purchasing an additional 75,358 shares during the period. Finally, Compass Rose Asset Management LP bought a new position in VersaBank in the 3rd quarter worth $720,000. 56.86% of the stock is owned by hedge funds and other institutional investors.

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.