VersaBank (NASDAQ:VBNK) Sets New 52-Week High – Time to Buy?

VersaBank (NASDAQ:VBNK)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $17.68 and last traded at $17.66, with a volume of 233296 shares trading hands. The stock had previously closed at $16.07.

Wall Street Analyst Weigh In

Several research firms have issued reports on VBNK. Weiss Ratings restated a “hold (c)” rating on shares of VersaBank in a research note on Wednesday, January 21st. Zacks Research lowered VersaBank from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $13.00.

VersaBank Stock Up 1.1%

The firm has a 50 day simple moving average of $15.41 and a 200-day simple moving average of $14.24. The stock has a market cap of $579.36 million, a P/E ratio of 25.80 and a beta of 0.99.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings data on Tuesday, March 3rd. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. The firm had revenue of $26.80 million for the quarter, compared to analyst estimates of $26.92 million. VersaBank had a return on equity of 7.70% and a net margin of 10.03%. On average, equities analysts anticipate that VersaBank will post 1.27 earnings per share for the current year.

VersaBank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Friday, April 10th will be paid a dividend of $0.025 per share. The ex-dividend date is Friday, April 10th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.6%. VersaBank’s dividend payout ratio (DPR) is 10.00%.

Hedge Funds Weigh In On VersaBank

A number of large investors have recently made changes to their positions in the company. Connors Investor Services Inc. increased its stake 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 worth $159,000 after purchasing an additional 2,000 shares during the period. Salzhauer Michael increased its stake in shares of VersaBank by 27.3% during 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 period. First Trust Advisors LP increased its stake in shares of VersaBank by 33.0% during the second quarter. First Trust Advisors LP now owns 20,753 shares of the company’s stock worth $237,000 after purchasing an additional 5,144 shares during the period. TD Waterhouse Canada Inc. increased its stake in shares of VersaBank by 5.8% during the third quarter. TD Waterhouse Canada Inc. now owns 148,391 shares of the company’s stock worth $1,804,000 after purchasing an additional 8,080 shares during the period. Finally, Militia Capital Partners LP increased its stake in shares of VersaBank by 16.7% during the third quarter. Militia Capital Partners LP now owns 70,000 shares of the company’s stock worth $855,000 after purchasing an additional 10,000 shares during the period. 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.