VersaBank (NASDAQ:VBNK) Upgraded by Zacks Research to “Hold” Rating

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

A number of other equities analysts also recently weighed in on VBNK. Weiss Ratings restated a “hold (c)” rating on shares of VersaBank in a report on Wednesday, January 21st. Roth Mkm lifted their price objective on shares of VersaBank from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, VersaBank presently has a consensus rating of “Hold” and an average price target of $13.00.

VersaBank Price Performance

Shares of NASDAQ:VBNK opened at $16.70 on Monday. The company’s 50-day moving average price is $15.01 and its two-hundred day moving average price is $12.87. VersaBank has a one year low of $8.51 and a one year high of $16.99. The stock has a market capitalization of $533.57 million, a PE ratio of 25.69 and a beta of 0.95.

VersaBank (NASDAQ:VBNK) last announced its quarterly earnings data on Wednesday, December 10th. The company reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. VersaBank had a return on equity of 7.02% and a net margin of 9.33%.The company had revenue of $25.05 million during the quarter, compared to analysts’ expectations of $24.48 million. On average, analysts anticipate that VersaBank will post 1.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On VersaBank

A number of hedge funds and other institutional investors have recently made changes to their positions in VBNK. Royal Bank of Canada raised its position in shares of VersaBank by 107.2% in the 1st quarter. Royal Bank of Canada now owns 56,371 shares of the company’s stock valued at $585,000 after buying an additional 29,169 shares in the last quarter. Connors Investor Services Inc. bought a new position in VersaBank in the second quarter valued at approximately $125,000. Pembroke Management LTD raised its position in VersaBank by 27.3% during the second quarter. Pembroke Management LTD now owns 429,607 shares of the company’s stock valued at $4,898,000 after purchasing an additional 92,262 shares in the last quarter. Geode Capital Management LLC acquired a new position in VersaBank during the second quarter valued at approximately $293,000. Finally, TD Waterhouse Canada Inc. boosted its holdings in shares of VersaBank by 13.5% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 140,311 shares of the company’s stock valued at $1,604,000 after purchasing an additional 16,739 shares in the last quarter. 56.86% of the stock is currently owned by institutional investors and hedge funds.

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.