VersaBank (NASDAQ:VBNK) Raised to Hold at Zacks Research

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

Several other brokerages also recently issued reports on VBNK. Roth Mkm upped their price target on shares of VersaBank from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Thursday, December 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of VersaBank in a report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.00.

VersaBank Trading Up 1.3%

VBNK stock opened at $16.70 on Monday. The firm has a 50-day moving average price of $15.01 and a 200-day moving average price of $12.87. VersaBank has a 12 month low of $8.51 and a 12 month high of $16.99. The stock has a market capitalization of $533.57 million, a P/E ratio of 25.69 and a beta of 0.95.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings data on Wednesday, December 10th. The company reported $0.24 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.24. The business had revenue of $25.05 million during 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, equities analysts predict that VersaBank will post 1.46 EPS for the current fiscal year.

Institutional Investors Weigh In On VersaBank

Several institutional investors and hedge funds have recently made changes to their positions in VBNK. Royal Bank of Canada raised its position in shares of VersaBank by 107.2% during the first quarter. Royal Bank of Canada now owns 56,371 shares of the company’s stock worth $585,000 after acquiring an additional 29,169 shares during the last quarter. Connors Investor Services Inc. bought a new stake in VersaBank in the second quarter valued at approximately $125,000. Pembroke Management LTD increased its position in VersaBank by 27.3% during the 2nd 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 during the period. Geode Capital Management LLC bought a new position in VersaBank during the 2nd quarter worth approximately $293,000. Finally, TD Waterhouse Canada Inc. raised its holdings in VersaBank by 13.5% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 140,311 shares of the company’s stock worth $1,604,000 after purchasing an additional 16,739 shares during the last quarter. Institutional investors and hedge funds 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.