Keefe, Bruyette & Woods Begins Coverage on VersaBank (NASDAQ:VBNK)

Keefe, Bruyette & Woods assumed coverage on shares of VersaBank (NASDAQ:VBNK) in a report published on Tuesday, Marketbeat reports. The brokerage issued an outperform rating and a $22.00 target price on the stock.

VersaBank Price Performance

NASDAQ VBNK opened at $13.35 on Tuesday. VersaBank has a 1-year low of $7.24 and a 1-year high of $13.49. The firm has a market capitalization of $346.57 million, a P/E ratio of 10.11 and a beta of 0.77. The business’s 50-day simple moving average is $11.53 and its 200-day simple moving average is $10.78.

VersaBank (NASDAQ:VBNK) last announced its quarterly earnings results on Wednesday, June 5th. The company reported $0.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.33. VersaBank had a net margin of 17.02% and a return on equity of 12.26%. The firm had revenue of $21.01 million for the quarter, compared to analysts’ expectations of $21.54 million. On average, equities research analysts expect that VersaBank will post 1.4 EPS for the current fiscal year.

VersaBank Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 5th were given a $0.018 dividend. This represents a $0.07 annualized dividend and a yield of 0.54%. The ex-dividend date was Friday, July 5th. VersaBank’s dividend payout ratio (DPR) is presently 5.30%.

Institutional Investors Weigh In On VersaBank

Institutional investors and hedge funds have recently modified their holdings of the stock. Pembroke Management LTD purchased a new position in VersaBank in the 2nd quarter worth approximately $377,000. Cumberland Partners Ltd purchased a new position in shares of VersaBank in the first quarter valued at $472,000. Dimensional Fund Advisors LP grew its holdings in VersaBank by 44.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock valued at $540,000 after purchasing an additional 15,462 shares in the last quarter. Acadian Asset Management LLC increased its stake in VersaBank by 52.4% during the 1st quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock worth $689,000 after buying an additional 22,699 shares during the period. Finally, ELCO Management Co. LLC lifted its holdings in VersaBank by 4.1% in the 2nd quarter. ELCO Management Co. LLC now owns 82,942 shares of the company’s stock worth $892,000 after buying an additional 3,234 shares in the last quarter. Hedge funds and other institutional investors own 56.86% of the company’s stock.

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.