VersaBank (NASDAQ:VBNK) Sees Strong Trading Volume – Here’s What Happened

VersaBank (NASDAQ:VBNK) saw an uptick in trading volume on Friday . Approximately 114,054 shares were traded during trading, an increase of 52% from the previous session’s volume of 74,826 shares.The stock last traded at $21.1950 and had previously closed at $21.49.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Zacks Research upgraded VersaBank from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Weiss Ratings lowered shares of VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, June 9th. Finally, Roth Capital raised shares of VersaBank from a “neutral” rating to a “buy” rating and upped their price objective for the company from $20.00 to $25.00 in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $25.00.

VersaBank Stock Down 1.3%

The firm’s fifty day moving average price is $19.54 and its 200-day moving average price is $17.08. The stock has a market cap of $683.32 million, a P/E ratio of 30.76 and a beta of 1.04.

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

VersaBank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 10th will be issued a $0.025 dividend. The ex-dividend date is Friday, July 10th. This represents a $0.10 annualized dividend and a yield of 0.5%. VersaBank’s dividend payout ratio is 10.14%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in VBNK. Alliancebernstein L.P. boosted its position in shares of VersaBank by 2.7% during the third quarter. Alliancebernstein L.P. now owns 2,915,984 shares of the company’s stock valued at $35,604,000 after purchasing an additional 75,358 shares in the last quarter. Mendon Capital Advisors Corp raised its stake in VersaBank by 2.6% during the fourth quarter. Mendon Capital Advisors Corp now owns 1,057,693 shares of the company’s stock valued at $15,392,000 after buying an additional 26,559 shares during the last quarter. Curi Capital LLC grew its stake in shares of VersaBank by 5.0% in the second quarter. Curi Capital LLC now owns 800,000 shares of the company’s stock worth $9,120,000 after acquiring an additional 38,337 shares during the last quarter. Pembroke Management LTD grew its position in VersaBank by 40.7% during the 4th quarter. Pembroke Management LTD now owns 736,222 shares of the company’s stock valued at $11,029,000 after purchasing an additional 213,037 shares during the last quarter. Finally, TCW Group Inc. increased its stake in VersaBank by 8.2% during the 4th quarter. TCW Group Inc. now owns 674,277 shares of the company’s stock valued at $10,101,000 after purchasing an additional 50,900 shares in the last quarter. Institutional investors own 56.86% of the company’s stock.

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.