VersaBank’s (VBNK) “Outperform” Rating Reiterated at Raymond James

Raymond James reaffirmed their outperform rating on shares of VersaBank (NASDAQ:VBNK) in a report issued on Thursday,Benzinga reports. The brokerage currently has a $13.00 price target on the stock, down from their previous price target of $15.00.

Several other brokerages also recently commented on VBNK. Roth Mkm downgraded shares of VersaBank from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $22.00 to $10.40 in a research note on Thursday, March 6th. Roth Capital set a $10.40 price objective on shares of VersaBank in a research note on Thursday, March 6th.

VersaBank Trading Down 0.1%

Shares of VersaBank stock opened at $10.39 on Thursday. The company has a 50 day moving average of $10.79 and a 200-day moving average of $12.55. VersaBank has a 1-year low of $8.51 and a 1-year high of $18.38. The company has a market cap of $337.87 million, a PE ratio of 9.45 and a beta of 0.99.

VersaBank (NASDAQ:VBNK) last issued its quarterly earnings results on Wednesday, June 4th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.03). The firm had revenue of $21.87 million for the quarter, compared to the consensus estimate of $20.77 million. VersaBank had a return on equity of 11.20% and a net margin of 13.52%. Research analysts forecast that VersaBank will post 1.46 earnings per share for the current year.

VersaBank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 4th will be paid a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Thursday, July 3rd. VersaBank’s payout ratio is 6.38%.

Hedge Funds Weigh In On VersaBank

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. TCW Group Inc. acquired a new position in VersaBank in the 4th quarter valued at approximately $4,155,000. Raymond James Financial Inc. acquired a new position in VersaBank in the 4th quarter valued at approximately $1,442,000. Mendon Capital Advisors Corp increased its position in VersaBank by 65.6% in the 4th quarter. Mendon Capital Advisors Corp now owns 887,253 shares of the company’s stock valued at $12,288,000 after acquiring an additional 351,511 shares during the period. Intact Investment Management Inc. acquired a new position in VersaBank in the 4th quarter valued at approximately $1,223,000. Finally, Russell Investments Group Ltd. acquired a new position in VersaBank in the 4th quarter valued at approximately $307,000. 56.86% of the stock is currently 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.