VersaBank (NASDAQ:VBNK) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research lowered shares of VersaBank (NASDAQ:VBNK) from a hold rating to a strong sell rating in a research note published on Monday morning,Zacks.com reports.

VBNK has been the subject of several other research reports. Roth Capital lifted their price target on VersaBank from $10.00 to $13.00 and gave the stock a “neutral” rating in a research note on Thursday, December 11th. Wall Street Zen raised VersaBank from a “sell” rating to a “hold” rating in a report on Saturday, September 6th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of VersaBank in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, VersaBank currently has an average rating of “Hold” and an average price target of $12.13.

VersaBank Stock Performance

Shares of VersaBank stock remained flat at $14.45 during midday trading on Monday. 20,926 shares of the company traded hands, compared to its average volume of 73,988. The business has a 50 day simple moving average of $12.14 and a two-hundred day simple moving average of $11.73. The stock has a market capitalization of $461.62 million, a PE ratio of 22.24 and a beta of 0.97. VersaBank has a 12 month low of $8.51 and a 12 month high of $14.69.

VersaBank (NASDAQ:VBNK) last issued its earnings results on Wednesday, December 10th. The company reported $0.24 earnings per share for the quarter, hitting 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 the consensus estimate of $24.48 million. As a group, equities research analysts predict that VersaBank will post 1.46 earnings per share for the current year.

VersaBank Dividend Announcement

The business 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 dividend of $0.025 per share. The ex-dividend date of this dividend is Friday, January 9th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.7%. VersaBank’s payout ratio is currently 10.77%.

Hedge Funds Weigh In On VersaBank

Institutional investors have recently bought and sold shares of the company. Trexquant Investment LP purchased a new position in shares of VersaBank in the 1st quarter valued at about $112,000. Connors Investor Services Inc. purchased a new position in VersaBank during the 2nd quarter valued at about $125,000. Citadel Advisors LLC purchased a new position in VersaBank in the 3rd quarter valued at about $198,000. Salzhauer Michael boosted its position in shares of VersaBank by 68.4% in the second quarter. Salzhauer Michael now owns 16,843 shares of the company’s stock worth $192,000 after acquiring an additional 6,843 shares during the last quarter. Finally, First Trust Advisors LP increased its position in VersaBank by 33.0% during the 2nd 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 in the last quarter. 56.86% of the stock is owned by institutional investors and hedge funds.

VersaBank Company Profile

VersaBank provides various banking products and services in Canada and the United States. It offers deposit products, such as web-based chequing accounts, guaranteed investment certificates, registered retirement savings plans, and tax-free savings accounts, as well as deposit insurance products. The company also provides lending services, including point of sale financing that covers purchasing loan and lease receivables from finance companies operating in various industries; commercial banking services comprising commercial real estate, public sector/infrastructure financing, and condominium financing; and residential mortgages.