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

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

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

VersaBank Price Performance

Shares of VersaBank stock traded down $0.14 on Monday, hitting $16.34. The company had a trading volume of 1,423 shares, compared to its average volume of 48,022. The business has a 50-day simple moving average of $15.01 and a 200-day simple moving average of $12.87. VersaBank has a 52 week low of $8.51 and a 52 week high of $16.99. The company has a market cap of $522.09 million, a PE ratio of 25.18 and a beta of 0.95.

VersaBank (NASDAQ:VBNK) last issued its earnings results on Wednesday, December 10th. The company reported $0.24 EPS for the quarter, hitting the consensus estimate 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 return on equity of 7.02% and a net margin of 9.33%. On average, equities research analysts predict that VersaBank will post 1.46 earnings per share for the current fiscal year.

Institutional Trading of VersaBank

Several institutional investors have recently made changes to their positions in the business. TD Asset Management Inc purchased a new stake in shares of VersaBank in the fourth quarter worth about $494,000. TD Waterhouse Canada Inc. lifted its stake in shares of VersaBank by 5.5% in the 4th quarter. TD Waterhouse Canada Inc. now owns 156,540 shares of the company’s stock valued at $2,316,000 after purchasing an additional 8,149 shares during the last quarter. Connors Investor Services Inc. increased its position in shares of VersaBank by 18.2% during the 3rd quarter. Connors Investor Services Inc. now owns 13,000 shares of the company’s stock valued at $159,000 after purchasing an additional 2,000 shares during the last quarter. Militia Capital Partners LP raised its holdings in VersaBank by 16.7% during the 3rd quarter. Militia Capital Partners LP now owns 70,000 shares of the company’s stock valued at $855,000 after buying an additional 10,000 shares during the period. Finally, Citadel Advisors LLC purchased a new position in VersaBank during the third quarter worth $198,000. Hedge funds and other institutional investors own 56.86% of the company’s stock.

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.