VersaBank (NASDAQ:VBNK) Upgraded to Strong-Buy at Zacks Research

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

VBNK has been the subject of several other reports. Roth Capital upgraded shares of VersaBank from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $20.00 to $25.00 in a research report on Tuesday, June 30th. Weiss Ratings downgraded VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $25.00.

VersaBank Price Performance

Shares of VBNK opened at $20.76 on Monday. The company’s 50-day moving average is $19.70 and its 200-day moving average is $17.21. The firm has a market capitalization of $668.47 million, a PE ratio of 30.09 and a beta of 1.04. VersaBank has a fifty-two week low of $10.10 and a fifty-two week high of $25.05.

VersaBank (NASDAQ:VBNK) last announced its earnings results on Wednesday, June 3rd. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.26 by $0.02. VersaBank had a net margin of 9.34% and a return on equity of 8.32%. The business had revenue of $28.17 million during the quarter, compared to the consensus estimate of $26.86 million. Analysts predict that VersaBank will post 1.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On VersaBank

A number of hedge funds have recently bought and sold shares of VBNK. Salzhauer Michael raised its stake in VersaBank by 68.4% in the 2nd quarter. Salzhauer Michael now owns 16,843 shares of the company’s stock worth $192,000 after purchasing an additional 6,843 shares in the last quarter. Citadel Advisors LLC acquired 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 fourth quarter worth approximately $201,000. First Trust Advisors LP increased its holdings 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 worth $237,000 after purchasing an additional 5,144 shares during the period. Finally, Geode Capital Management LLC acquired a new stake in shares of VersaBank in the second quarter valued at approximately $293,000. 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.