VersaBank (NASDAQ:VBNK) Releases Earnings Results, Meets Expectations

VersaBank (NASDAQ:VBNK) announced its earnings results on Wednesday. The company reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28, Zacks reports. VersaBank had a return on equity of 7.70% and a net margin of 10.03%.

VersaBank Stock Up 1.5%

Shares of VersaBank stock opened at $18.40 on Wednesday. VersaBank has a 12 month low of $10.10 and a 12 month high of $19.02. The stock has a market cap of $591.97 million, a PE ratio of 26.29 and a beta of 1.10. The business has a fifty day simple moving average of $16.67 and a 200-day simple moving average of $15.35.

Analyst Ratings Changes

A number of research firms have commented on VBNK. Zacks Research raised shares of VersaBank from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Weiss Ratings raised shares of VersaBank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, VersaBank presently has an average rating of “Moderate Buy” and a consensus target price of $13.00.

Institutional Investors Weigh In On VersaBank

Institutional investors have recently bought and sold shares of the business. Salzhauer Michael grew its stake in VersaBank by 68.4% during the 2nd quarter. Salzhauer Michael now owns 16,843 shares of the company’s stock valued at $192,000 after acquiring an additional 6,843 shares in the last quarter. Citadel Advisors LLC purchased a new stake in shares of VersaBank in the third quarter worth approximately $198,000. Quadrature Capital Ltd acquired a new stake in shares of VersaBank during the fourth quarter worth approximately $201,000. First Trust Advisors LP grew its position in VersaBank by 33.0% during the second 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 in the last quarter. Finally, Geode Capital Management LLC acquired a new position in VersaBank in the 2nd quarter valued at approximately $293,000. 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.