VersaBank (NASDAQ:VBNK) Hits New 1-Year High – What’s Next?

VersaBank (NASDAQ:VBNK) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $17.47 and last traded at $16.65, with a volume of 22795 shares. The stock had previously closed at $16.94.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Roth Mkm upped their target price on VersaBank from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Zacks Research upgraded shares of VersaBank from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of VersaBank in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $13.00.

VersaBank Price 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 stock has a fifty day moving average price of $15.83 and a two-hundred day moving average price of $13.46.

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

VersaBank Announces Dividend

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

Hedge Funds Weigh In On VersaBank

Several hedge funds and other institutional investors have recently modified their holdings of VBNK. Connors Investor Services Inc. raised its holdings in VersaBank by 18.2% in 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 in the last quarter. Salzhauer Michael increased its position in shares of VersaBank by 27.3% during the third quarter. Salzhauer Michael now owns 21,443 shares of the company’s stock valued at $262,000 after acquiring an additional 4,600 shares in the last quarter. First Trust Advisors LP lifted its position in VersaBank by 33.0% in the 2nd quarter. First Trust Advisors LP now owns 20,753 shares of the company’s stock valued at $237,000 after acquiring an additional 5,144 shares in the last quarter. TD Waterhouse Canada Inc. boosted its stake in VersaBank by 5.8% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 148,391 shares of the company’s stock valued at $1,804,000 after purchasing an additional 8,080 shares during the last quarter. Finally, Militia Capital Partners LP lifted its stake 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 acquiring an additional 10,000 shares during the period. 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.