VersaBank (NASDAQ:VBNK) Hits New 1-Year High – Time to Buy?

VersaBank (NASDAQ:VBNK) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $16.12 and last traded at $16.05, with a volume of 40461 shares. The stock had previously closed at $15.53.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on VBNK shares. Roth Mkm raised their price objective on VersaBank from $10.00 to $13.00 and gave the stock a “neutral” rating in a research note on Thursday, December 11th. Zacks Research cut shares of VersaBank from a “hold” rating to a “strong sell” rating in a report on Monday, December 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of VersaBank in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $13.00.

VersaBank Price Performance

The business has a fifty day moving average price of $13.83 and a 200 day moving average price of $12.44. The company has a market capitalization of $510.56 million, a price-to-earnings ratio of 24.58 and a beta of 0.94.

VersaBank (NASDAQ:VBNK) last released its earnings results on Wednesday, December 10th. The company reported $0.24 EPS for the quarter, meeting the consensus estimate of $0.24. VersaBank had a net margin of 9.33% and a return on equity of 7.02%. The firm had revenue of $25.05 million for the quarter, compared to analysts’ expectations of $24.48 million. Research analysts anticipate that VersaBank will post 1.46 earnings per share for the current year.

VersaBank Announces Dividend

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

Hedge Funds Weigh In On VersaBank

Several hedge funds have recently modified their holdings of the company. Pembroke Management LTD lifted its stake in VersaBank by 27.3% during the second 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 last quarter. Connors Investor Services Inc. acquired a new position in VersaBank in the second quarter worth approximately $125,000. TD Waterhouse Canada Inc. increased its holdings in shares of VersaBank by 13.5% in the second quarter. TD Waterhouse Canada Inc. now owns 140,311 shares of the company’s stock valued at $1,604,000 after buying an additional 16,739 shares in the last quarter. Salzhauer Michael lifted its position in shares of VersaBank by 27.3% during the 3rd quarter. Salzhauer Michael now owns 21,443 shares of the company’s stock valued at $262,000 after acquiring an additional 4,600 shares during the last quarter. Finally, Militia Capital Partners LP boosted its stake in shares of VersaBank by 16.7% during the 3rd quarter. Militia Capital Partners LP now owns 70,000 shares of the company’s stock worth $855,000 after acquiring an additional 10,000 shares in the last quarter. 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.