VersaBank (NASDAQ:VBNK) Sees Large Volume Increase – Here’s What Happened

VersaBank (NASDAQ:VBNK) shares saw unusually-high trading volume on Monday . Approximately 41,961 shares traded hands during trading, an increase of 5% from the previous session’s volume of 39,815 shares.The stock last traded at $15.7540 and had previously closed at $16.21.

Analysts Set New Price Targets

A number of research firms have recently issued reports on VBNK. Weiss Ratings reiterated a “hold (c)” rating on shares of VersaBank in a research note on Wednesday. Zacks Research lowered VersaBank from a “hold” rating to a “strong sell” rating in a research report on Monday, December 15th. Finally, Roth Mkm increased their price target on VersaBank from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Thursday, December 11th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $13.00.

VersaBank Trading Down 0.5%

The firm has a market cap of $501.39 million, a price-to-earnings ratio of 24.15 and a beta of 0.94. The stock has a 50-day moving average of $14.00 and a 200-day moving average of $12.50.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings data on Wednesday, December 10th. The company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. The business had revenue of $25.05 million for the quarter, compared to analysts’ expectations of $24.48 million. VersaBank had a net margin of 9.33% and a return on equity of 7.02%. As a group, research analysts expect that VersaBank will post 1.46 earnings per share for the current fiscal year.

VersaBank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, January 31st. Shareholders of record on Friday, January 9th will be issued a $0.025 dividend. The ex-dividend date of this dividend is Friday, January 9th. This represents a $0.10 annualized dividend and a dividend yield of 0.6%. VersaBank’s dividend payout ratio is currently 10.77%.

Institutional Investors Weigh In On VersaBank

Several large investors have recently modified their holdings of the stock. CSM Advisors LLC acquired a new position in shares of VersaBank in the 3rd quarter valued at $3,418,000. Pembroke Management LTD grew its position in VersaBank by 21.8% during the 3rd quarter. Pembroke Management LTD now owns 523,185 shares of the company’s stock worth $6,388,000 after purchasing an additional 93,578 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of VersaBank by 2.7% in the third quarter. Alliancebernstein L.P. now owns 2,915,984 shares of the company’s stock worth $35,604,000 after buying an additional 75,358 shares during the period. Compass Rose Asset Management LP acquired a new stake in shares of VersaBank in the third quarter worth $720,000. Finally, Kennedy Capital Management LLC grew its holdings in shares of VersaBank by 18.9% during the third quarter. Kennedy Capital Management LLC now owns 354,642 shares of the company’s stock valued at $4,330,000 after buying an additional 56,422 shares in the last quarter. 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.