VersaBank (NASDAQ:VBNK) Raised to “Hold” at Zacks Research

VersaBank (NASDAQ:VBNK) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Separately, Weiss Ratings raised shares of VersaBank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $13.00.

VersaBank Trading Up 1.8%

Shares of VersaBank stock opened at $18.20 on Monday. The stock has a market capitalization of $585.49 million, a price-to-earnings ratio of 26.00 and a beta of 1.11. VersaBank has a 1-year low of $10.10 and a 1-year high of $18.89. The firm’s 50-day moving average price is $15.64 and its two-hundred day moving average price is $14.54.

VersaBank (NASDAQ:VBNK) last issued its quarterly earnings data on Tuesday, March 3rd. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. The firm had revenue of $26.80 million for the quarter, compared to analysts’ expectations of $26.92 million. VersaBank had a net margin of 10.03% and a return on equity of 7.70%. As a group, equities research analysts predict that VersaBank will post 1.27 EPS for the current year.

Hedge Funds Weigh In On VersaBank

Several large investors have recently bought and sold shares of the business. Connors Investor Services Inc. lifted 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 valued at $159,000 after buying an additional 2,000 shares during the period. First Trust Advisors LP lifted 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 period. Salzhauer Michael lifted its holdings in VersaBank by 68.4% in the second quarter. Salzhauer Michael now owns 16,843 shares of the company’s stock valued at $192,000 after buying an additional 6,843 shares during the period. TD Waterhouse Canada Inc. lifted its holdings in VersaBank by 5.8% in the third quarter. TD Waterhouse Canada Inc. now owns 148,391 shares of the company’s stock valued at $1,804,000 after buying an additional 8,080 shares during the period. Finally, Militia Capital Partners LP lifted its holdings in VersaBank by 16.7% in the third quarter. Militia Capital Partners LP now owns 70,000 shares of the company’s stock valued at $855,000 after buying an additional 10,000 shares during the period. 56.86% of the stock is currently owned by institutional investors and hedge funds.

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.