VersaBank (NASDAQ:VBNK) Sees Large Volume Increase – Here’s What Happened

VersaBank (NASDAQ:VBNK) saw unusually-strong trading volume on Monday . Approximately 41,961 shares traded hands during mid-day trading, an increase of 5% from the previous session’s volume of 39,815 shares.The stock last traded at $15.7540 and had previously closed at $16.21.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on VBNK shares. Roth Mkm upped their price objective on VersaBank from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Thursday, December 11th. Weiss Ratings restated a “hold (c)” rating on shares of VersaBank in a research report on Wednesday, January 21st. Finally, Zacks Research downgraded shares of VersaBank from a “hold” rating to a “strong sell” rating in a research note on Monday, December 15th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, VersaBank currently has an average rating of “Hold” and a consensus target price of $13.00.

VersaBank Stock Down 0.5%

The firm’s fifty day moving average price is $14.25 and its 200-day moving average price is $12.58. The stock has a market cap of $497.78 million, a P/E ratio of 23.97 and a beta of 0.94.

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

VersaBank Dividend Announcement

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

Hedge Funds Weigh In On VersaBank

Several hedge funds and other institutional investors have recently bought and sold shares of VBNK. Connors Investor Services Inc. bought a new stake in shares of VersaBank in the second quarter worth approximately $125,000. Salzhauer Michael grew its position in VersaBank by 68.4% in the 2nd 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 period. Citadel Advisors LLC purchased a new stake in VersaBank during the 3rd quarter valued at $198,000. First Trust Advisors LP lifted its holdings in shares of VersaBank by 33.0% during the 2nd 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. Finally, Geode Capital Management LLC purchased a new position in shares of VersaBank in the 2nd quarter worth $293,000. 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.