VersaBank $VBNK Shares Acquired by TD Waterhouse Canada Inc.

TD Waterhouse Canada Inc. grew its stake in shares of VersaBank (NASDAQ:VBNK) by 17.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 219,393 shares of the company’s stock after acquiring an additional 32,070 shares during the period. TD Waterhouse Canada Inc.’s holdings in VersaBank were worth $4,796,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of VBNK. Wellington Management Group LLP purchased a new stake in shares of VersaBank in the second quarter valued at approximately $6,171,000. Brasada Capital Management LP bought a new position in VersaBank in the second quarter worth approximately $1,606,000. Bank of America Corp DE purchased a new position in VersaBank during the 2nd quarter worth $1,133,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in VersaBank during the 2nd quarter worth $16,364,000. Finally, Cibc World Market Inc. purchased a new position in VersaBank during the 2nd quarter worth $26,781,000. Institutional investors own 56.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Raymond James Financial set a $20.00 target price on VersaBank in a research report on Thursday, September 3rd. Roth Capital increased their price target on VersaBank from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Weiss Ratings raised VersaBank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Finally, Zacks Research lowered VersaBank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, VersaBank has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

VersaBank Stock Performance

NASDAQ VBNK opened at $22.43 on Tuesday. The firm’s 50 day moving average price is $21.49 and its 200-day moving average price is $19.77. VersaBank has a 52-week low of $11.25 and a 52-week high of $25.05. The company has a market cap of $728.53 million, a PE ratio of 21.02 and a beta of 1.04.

VersaBank (NASDAQ:VBNK) last issued its quarterly earnings data on Thursday, September 3rd. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.07). The business had revenue of $27.67 million for the quarter, compared to analysts’ expectations of $28.76 million. VersaBank had a net margin of 9.92% and a return on equity of 8.66%. On average, analysts forecast that VersaBank will post 1.19 earnings per share for the current fiscal year.

VersaBank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, October 31st. Shareholders of record on Friday, October 9th will be given a dividend of C$0.03 per share. This represents a $0.10 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, October 9th. VersaBank’s dividend payout ratio (DPR) is 9.21%.

About VersaBank

VersaBank is a digital-first, Schedule I chartered bank headquartered in London, Ontario, Canada. The bank operates primarily through electronic channels rather than a traditional branch network and gathers deposits through financial intermediaries, including deposit brokers and other financial institutions.

The company provides commercial lending and deposit products to businesses, financial intermediaries and specialty finance companies. Its lending activities include point-of-sale financing, commercial real estate and other asset-backed loans, as well as financing for public-sector and municipal projects.