VersaBank (NASDAQ:VBNK) Sees Large Volume Increase – Here’s What Happened

Shares of VersaBank (NASDAQ:VBNK) saw an uptick in trading volume on Thursday . Approximately 90,129 shares changed hands during trading, an increase of 25% from the previous session’s volume of 71,879 shares.The stock last traded at $22.2420 and had previously closed at $21.70.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. 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 downgraded VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, June 9th. Finally, Roth Capital upgraded VersaBank from a “neutral” rating to a “buy” rating and upped their price objective for the company from $20.00 to $25.00 in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $25.00.

VersaBank Price Performance

The company has a market cap of $700.67 million, a P/E ratio of 31.54 and a beta of 1.04. The business’s 50 day moving average price is $19.29 and its 200-day moving average price is $16.89.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings results on Wednesday, June 3rd. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. VersaBank had a return on equity of 8.32% and a net margin of 9.34%.The business had revenue of $28.17 million for the quarter, compared to analyst estimates of $26.86 million. As a group, research analysts forecast that VersaBank will post 1.3 EPS for the current year.

VersaBank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 10th will be paid a $0.025 dividend. The ex-dividend date is Friday, July 10th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.5%. VersaBank’s dividend payout ratio (DPR) is 10.14%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC grew its holdings in VersaBank by 29.7% during the 1st quarter. Renaissance Technologies LLC now owns 112,700 shares of the company’s stock worth $1,597,000 after acquiring an additional 25,800 shares during the last quarter. Sei Investments Co. lifted its position in shares of VersaBank by 100.0% during the first quarter. Sei Investments Co. now owns 36,578 shares of the company’s stock worth $518,000 after purchasing an additional 18,289 shares in the last quarter. Mendon Capital Advisors Corp lifted its position in shares of VersaBank by 2.6% during the fourth quarter. Mendon Capital Advisors Corp now owns 1,057,693 shares of the company’s stock worth $15,392,000 after purchasing an additional 26,559 shares in the last quarter. Quadrature Capital Ltd bought a new stake in shares of VersaBank during the fourth quarter valued at approximately $201,000. Finally, Millennium Management LLC bought a new stake in shares of VersaBank during the fourth quarter valued at approximately $587,000. 56.86% of the stock is owned by institutional investors.

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.