VersaBank (NASDAQ:VBNK) Sees Strong Trading Volume – Here’s What Happened

Shares of VersaBank (NASDAQ:VBNK) saw an uptick in trading volume on Tuesday . Approximately 50,639 shares changed hands during mid-day trading, a decline of 20% from the previous session’s volume of 63,212 shares.The stock last traded at $21.5910 and had previously closed at $20.46.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Zacks Research upgraded VersaBank from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Weiss Ratings cut shares of VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, June 9th. Finally, Roth Mkm raised shares of VersaBank from a “neutral” rating to a “buy” rating and increased their price objective for the company from $20.00 to $25.00 in a research report on Tuesday. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, VersaBank currently has an average rating of “Hold” and a consensus price target of $25.00.

VersaBank Trading Up 11.7%

The company has a market capitalization of $735.84 million, a PE ratio of 33.02 and a beta of 1.10. The business’s fifty day moving average is $18.48 and its two-hundred day moving average is $16.40.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings data on Wednesday, June 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. VersaBank had a return on equity of 8.32% and a net margin of 9.34%.The business had revenue of $28.17 million for the quarter, compared to analysts’ expectations of $26.86 million. As a group, equities research analysts anticipate that VersaBank will post 1.3 EPS for the current year.

VersaBank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 10th will be paid a $0.025 dividend. The ex-dividend date is Friday, July 10th. This represents a $0.10 annualized dividend and a dividend yield of 0.4%. VersaBank’s payout ratio is currently 10.14%.

Institutional Investors Weigh In On VersaBank

Several institutional investors have recently modified their holdings of VBNK. Connors Investor Services Inc. increased its holdings in VersaBank by 18.2% in the 3rd quarter. Connors Investor Services Inc. now owns 13,000 shares of the company’s stock worth $159,000 after buying an additional 2,000 shares in the last quarter. Salzhauer Michael raised 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 buying an additional 6,843 shares during the last quarter. Citadel Advisors LLC bought a new position in VersaBank during the 3rd quarter valued at about $198,000. Quadrature Capital Ltd bought a new position in VersaBank during the 4th quarter valued at about $201,000. Finally, First Trust Advisors LP boosted 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 acquiring an additional 5,144 shares during the last quarter. 56.86% of the stock is owned by hedge funds and other institutional investors.

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.