ELCO Management Co. LLC Sells 40,474 Shares of VersaBank $VBNK

ELCO Management Co. LLC cut its position in shares of VersaBank (NASDAQ:VBNK) by 36.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 70,285 shares of the company’s stock after selling 40,474 shares during the quarter. ELCO Management Co. LLC’s holdings in VersaBank were worth $1,053,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Alliancebernstein L.P. grew its stake in VersaBank by 2.7% in the third quarter. Alliancebernstein L.P. now owns 2,915,984 shares of the company’s stock valued at $35,604,000 after purchasing an additional 75,358 shares in the last quarter. Mendon Capital Advisors Corp grew its stake in VersaBank by 4.0% in the second quarter. Mendon Capital Advisors Corp now owns 1,052,650 shares of the company’s stock valued at $12,000,000 after purchasing an additional 40,127 shares in the last quarter. Curi Capital LLC grew its stake in VersaBank by 5.0% in the second quarter. Curi Capital LLC now owns 800,000 shares of the company’s stock valued at $9,120,000 after purchasing an additional 38,337 shares in the last quarter. Pembroke Management LTD grew its stake in VersaBank by 21.8% in the third quarter. Pembroke Management LTD now owns 523,185 shares of the company’s stock valued at $6,388,000 after purchasing an additional 93,578 shares in the last quarter. Finally, Kennedy Capital Management LLC grew its stake in VersaBank by 18.9% in the third quarter. Kennedy Capital Management LLC now owns 354,642 shares of the company’s stock valued at $4,330,000 after purchasing an additional 56,422 shares in the last quarter. 56.86% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Zacks Research upgraded VersaBank from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Weiss Ratings upgraded VersaBank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 1st. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

VersaBank Stock Down 3.7%

VBNK opened at $18.15 on Tuesday. VersaBank has a 12-month low of $10.10 and a 12-month high of $19.02. The stock has a market cap of $583.89 million, a price-to-earnings ratio of 25.93 and a beta of 1.11. The business has a 50 day moving average of $15.79 and a 200-day moving average of $14.73.

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 analysts’ consensus estimates of $0.27. VersaBank had a return on equity of 7.70% and a net margin of 10.03%.The company had revenue of $26.80 million during the quarter, compared to analysts’ expectations of $26.92 million. As a group, analysts expect that VersaBank will post 1.27 earnings per share for the current year.

VersaBank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Friday, April 10th were given a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Friday, April 10th. VersaBank’s dividend payout ratio (DPR) is presently 10.00%.

VersaBank 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.