VersaBank $VBNK Shares Sold by Mendon Capital Advisors Corp

Mendon Capital Advisors Corp lessened its stake in shares of VersaBank (NASDAQ:VBNK) by 10.6% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 945,241 shares of the company’s stock after selling 112,452 shares during the period. VersaBank accounts for 3.9% of Mendon Capital Advisors Corp’s holdings, making the stock its 5th largest position. Mendon Capital Advisors Corp’s holdings in VersaBank were worth $13,394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in VBNK. Salzhauer Michael boosted its position in VersaBank by 68.4% during the second quarter. Salzhauer Michael now owns 16,843 shares of the company’s stock worth $192,000 after purchasing an additional 6,843 shares during the period. Citadel Advisors LLC acquired a new stake in shares of VersaBank during the 3rd quarter worth $198,000. Quadrature Capital Ltd bought a new stake in VersaBank during the fourth quarter worth $201,000. First Trust Advisors LP lifted its stake in VersaBank by 33.0% in the 2nd quarter. First Trust Advisors LP now owns 20,753 shares of the company’s stock valued at $237,000 after purchasing an additional 5,144 shares during the last quarter. Finally, Geode Capital Management LLC acquired a new stake in shares of VersaBank during the 2nd quarter valued at $293,000. Institutional investors own 56.86% of the company’s stock.

VersaBank Price Performance

Shares of VBNK opened at $19.85 on Monday. VersaBank has a 52 week low of $10.10 and a 52 week high of $25.05. The stock has a market cap of $641.75 million, a price-to-earnings ratio of 28.77 and a beta of 1.04. The business has a 50-day simple moving average of $19.86 and a two-hundred day simple moving average of $17.31.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings data 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 the consensus estimate of $26.86 million. VersaBank had a return on equity of 8.32% and a net margin of 9.34%. On average, equities analysts anticipate that VersaBank will post 1.3 earnings per share for the current fiscal year.

VersaBank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 10th will be given a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, July 10th. VersaBank’s dividend payout ratio (DPR) is 10.14%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Roth Capital upgraded shares of VersaBank from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $25.00 in a research note on Tuesday, June 30th. Zacks Research upgraded shares of VersaBank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. Finally, Weiss Ratings lowered shares of VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $25.00.

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.