VersaBank (NASDAQ:VBNK) Sees Large Volume Increase – Time to Buy?

VersaBank (NASDAQ:VBNK) shares saw unusually-strong trading volume on Thursday . 127,686 shares were traded during mid-day trading, an increase of 60% from the previous session’s volume of 79,895 shares.The stock last traded at $19.2090 and had previously closed at $19.28.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on VBNK shares. Roth Capital upgraded VersaBank from a “neutral” rating to a “buy” rating and upped their price target for the stock from $20.00 to $25.00 in a report on Tuesday, June 30th. Weiss Ratings downgraded shares of VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, June 9th. Finally, Zacks Research downgraded VersaBank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $25.00.

VersaBank Stock Up 1.8%

The stock’s 50-day moving average price is $20.31 and its 200-day moving average price is $18.07. The company has a market capitalization of $634.55 million, a price-to-earnings ratio of 28.42 and a beta of 1.06.

VersaBank (NASDAQ:VBNK) last announced its earnings results on Thursday, September 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.12). VersaBank had a net margin of 9.34% and a return on equity of 8.32%. On average, equities research analysts anticipate that VersaBank will post 1.29 EPS for the current year.

Institutional Investors Weigh In On VersaBank

Several large investors have recently made changes to their positions in VBNK. K2 Principal Fund L.P. bought a new stake in shares of VersaBank in the second quarter valued at $239,000. BlackRock Inc. bought a new position in shares of VersaBank during the 2nd quarter valued at about $274,000. Quadrature Capital Ltd purchased a new stake in VersaBank in the fourth quarter worth $201,000. Citadel Advisors LLC purchased a new position in shares of VersaBank in the 3rd quarter worth about $198,000. Finally, Salzhauer Michael boosted its position in VersaBank by 68.4% in the second 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 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.