VersaBank (NASDAQ:VBNK) Reaches New 52-Week High – Here’s What Happened

VersaBank (NASDAQ:VBNK)’s share price hit a new 52-week high on Wednesday . The company traded as high as $17.47 and last traded at $16.65, with a volume of 22795 shares changing hands. The stock had previously closed at $16.94.

Analysts Set New Price Targets

VBNK has been the topic of several research analyst reports. 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. Zacks Research raised VersaBank from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Finally, 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 given a Hold rating to the stock. According to MarketBeat, VersaBank presently has a consensus rating of “Hold” and an average target price of $13.00.

VersaBank Stock Performance

The company has a market cap of $526.91 million, a P/E ratio of 25.28 and a beta of 0.93. The firm’s fifty day moving average is $15.83 and its two-hundred day moving average is $13.46.

VersaBank (NASDAQ:VBNK) last posted its quarterly earnings results on Wednesday, December 10th. The company reported $0.24 EPS for the quarter, meeting 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 return on equity of 7.02% and a net margin of 9.33%. On average, equities research analysts expect that VersaBank will post 1.46 EPS for the current year.

VersaBank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, January 31st. Stockholders of record on Friday, January 9th were given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Friday, January 9th. VersaBank’s dividend payout ratio is currently 10.77%.

Hedge Funds Weigh In On VersaBank

A number of institutional investors and hedge funds have recently modified their holdings of VBNK. Pembroke Management LTD increased its position 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 acquiring an additional 92,262 shares during the last quarter. TD Waterhouse Canada Inc. raised its position in VersaBank by 13.5% in 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 period. Salzhauer Michael lifted its stake in VersaBank by 27.3% in the third quarter. Salzhauer Michael now owns 21,443 shares of the company’s stock worth $262,000 after purchasing an additional 4,600 shares during the last quarter. Connors Investor Services Inc. boosted its position in shares of VersaBank by 18.2% during the third quarter. Connors Investor Services Inc. now owns 13,000 shares of the company’s stock valued at $159,000 after buying an additional 2,000 shares during the period. Finally, Militia Capital Partners LP raised its holdings in shares of VersaBank by 16.7% in the third quarter. Militia Capital Partners LP now owns 70,000 shares of the company’s stock worth $855,000 after buying an additional 10,000 shares during the period. Hedge funds and other institutional investors 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.