VersaBank (NASDAQ:VBNK) Upgraded by Roth Capital to Strong-Buy

Roth Capital upgraded shares of VersaBank (NASDAQ:VBNK) to a strong-buy rating in a research report released on Friday morning, Zacks.com reports.

A number of other analysts also recently issued reports on VBNK. Keefe, Bruyette & Woods started coverage on shares of VersaBank in a report on Tuesday, August 27th. They set an outperform rating and a $22.00 price objective for the company. Roth Mkm started coverage on shares of VersaBank in a report on Friday. They set a buy rating and a $18.00 price objective for the company. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, VersaBank presently has an average rating of Buy and an average target price of $16.67.

VersaBank Trading Up 1.9 %

VersaBank stock opened at $13.28 on Friday. VersaBank has a 1-year low of $7.24 and a 1-year high of $14.22. The firm has a market capitalization of $344.75 million, a price-to-earnings ratio of 10.06 and a beta of 0.79. The firm’s fifty day moving average price is $12.43 and its two-hundred day moving average price is $11.07.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.08). VersaBank had a net margin of 16.24% and a return on equity of 11.85%. The firm had revenue of $19.72 million for the quarter, compared to the consensus estimate of $21.83 million. On average, research analysts forecast that VersaBank will post 1.23 EPS for the current year.

VersaBank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 4th will be given a dividend of $0.018 per share. The ex-dividend date is Friday, October 4th. This represents a $0.07 annualized dividend and a yield of 0.54%. VersaBank’s payout ratio is presently 5.30%.

Institutional Investors Weigh In On VersaBank

Hedge funds have recently made changes to their positions in the business. Pembroke Management LTD bought a new stake in shares of VersaBank in the 2nd quarter worth approximately $377,000. Cumberland Partners Ltd bought a new stake in VersaBank during the 1st quarter valued at $472,000. Dimensional Fund Advisors LP raised its holdings in VersaBank by 44.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock valued at $540,000 after buying an additional 15,462 shares during the last quarter. Acadian Asset Management LLC raised its holdings in VersaBank by 52.4% during the 1st quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock valued at $689,000 after buying an additional 22,699 shares during the last quarter. Finally, ELCO Management Co. LLC raised its holdings in VersaBank by 4.1% during the 2nd quarter. ELCO Management Co. LLC now owns 82,942 shares of the company’s stock valued at $892,000 after buying an additional 3,234 shares during the last quarter. 56.86% of the stock is currently owned by institutional investors.

About VersaBank

VersaBank provides various banking products and services in Canada and the United States. It offers deposit products, such as web-based chequing accounts, guaranteed investment certificates, registered retirement savings plans, and tax-free savings accounts, as well as deposit insurance products. The company also provides lending services, including point of sale financing that covers purchasing loan and lease receivables from finance companies operating in various industries; commercial banking services comprising commercial real estate, public sector/infrastructure financing, and condominium financing; and residential mortgages.