VersaBank (NASDAQ:VBNK) Upgraded to Hold at Zacks Research

VersaBank (NASDAQ:VBNK) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Separately, Weiss Ratings raised VersaBank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

VersaBank Stock Up 1.8%

Shares of VBNK opened at $18.20 on Monday. The firm has a 50-day moving average price of $15.64 and a 200 day moving average price of $14.54. The firm has a market capitalization of $585.49 million, a PE ratio of 26.00 and a beta of 1.11. VersaBank has a 52-week low of $10.10 and a 52-week high of $18.89.

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

Institutional Investors Weigh In On VersaBank

A number of institutional investors and hedge funds have recently modified their holdings of VBNK. Pembroke Management LTD boosted its position in shares of VersaBank by 21.8% in the 3rd quarter. Pembroke Management LTD now owns 523,185 shares of the company’s stock valued at $6,388,000 after purchasing an additional 93,578 shares during the period. CSM Advisors LLC purchased a new position in VersaBank during the 3rd quarter valued at about $3,418,000. Compass Rose Asset Management LP purchased a new stake in VersaBank in the 3rd quarter worth approximately $720,000. Militia Capital Partners LP raised its holdings 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 worth $855,000 after acquiring an additional 10,000 shares in the last quarter. Finally, TD Waterhouse Canada Inc. lifted its holdings in shares of VersaBank by 5.8% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 148,391 shares of the company’s stock valued at $1,804,000 after buying an additional 8,080 shares during the last quarter. 56.86% of the stock is owned by institutional investors and hedge funds.

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.