VersaBank (NASDAQ:VBNK) Hits New 12-Month High – What’s Next?

VersaBank (NASDAQ:VBNK)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $16.12 and last traded at $16.05, with a volume of 40461 shares changing hands. The stock had previously closed at $15.53.

Wall Street Analyst Weigh In

Several brokerages have issued reports on VBNK. Zacks Research downgraded shares of VersaBank from a “hold” rating to a “strong sell” rating in a report on Monday, December 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of VersaBank in a report on Wednesday, October 8th. Finally, Roth Mkm raised their price target on VersaBank from $10.00 to $13.00 and gave the stock a “neutral” rating in a research report on Thursday, December 11th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, VersaBank has a consensus rating of “Hold” and an average target price of $13.00.

VersaBank Stock Performance

The company’s fifty day moving average price is $13.83 and its two-hundred day moving average price is $12.44. The firm has a market capitalization of $510.56 million, a PE ratio of 24.58 and a beta of 0.94.

VersaBank (NASDAQ:VBNK) last posted its quarterly earnings results on Wednesday, December 10th. The company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. The company had revenue of $25.05 million for the quarter, compared to the consensus estimate of $24.48 million. VersaBank had a net margin of 9.33% and a return on equity of 7.02%. On average, equities analysts expect that VersaBank will post 1.46 earnings per share for the current year.

VersaBank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, January 31st. Stockholders of record on Friday, January 9th will be paid 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 is Friday, January 9th. VersaBank’s dividend payout ratio (DPR) is currently 10.77%.

Institutional Investors Weigh In On VersaBank

Several institutional investors and hedge funds have recently modified their holdings of the stock. Connors Investor Services Inc. acquired a new position in VersaBank during the 2nd quarter worth $125,000. Citadel Advisors LLC bought a new position in shares of VersaBank during the third quarter worth about $198,000. Salzhauer Michael lifted its position in shares of VersaBank by 68.4% during the second quarter. Salzhauer Michael now owns 16,843 shares of the company’s stock worth $192,000 after purchasing an additional 6,843 shares during the last quarter. First Trust Advisors LP increased its holdings in VersaBank by 33.0% in the second quarter. First Trust Advisors LP now owns 20,753 shares of the company’s stock valued at $237,000 after buying an additional 5,144 shares during the last quarter. Finally, Geode Capital Management LLC acquired a new stake in VersaBank during the second quarter valued at approximately $293,000. 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.