VersaBank (NASDAQ:VBNK) Upgraded by Roth Capital to Strong-Buy

Roth Capital upgraded shares of VersaBank (NASDAQ:VBNK) to a strong-buy rating in a research report released on Friday, Zacks.com reports.

Several other equities analysts also recently commented on the stock. Roth Mkm began coverage on shares of VersaBank in a research note on Friday. They issued a buy rating and a $18.00 price objective for the company. Keefe, Bruyette & Woods initiated coverage on shares of VersaBank in a research report on Tuesday, August 27th. They issued an outperform rating and a $22.00 price target for the company. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus price target of $16.67.

VersaBank Price Performance

Shares of NASDAQ:VBNK opened at $13.28 on Friday. The company has a market cap of $344.75 million, a price-to-earnings ratio of 10.06 and a beta of 0.79. The firm has a 50 day simple moving average of $12.43 and a 200 day simple moving average of $11.07. VersaBank has a one year low of $7.24 and a one year high of $14.22.

VersaBank (NASDAQ:VBNK) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.08). The company had revenue of $19.72 million during the quarter, compared to the consensus estimate of $21.83 million. VersaBank had a net margin of 16.24% and a return on equity of 11.85%. As a group, analysts expect that VersaBank will post 1.23 EPS for the current year.

VersaBank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 4th will be given a $0.018 dividend. This represents a $0.07 annualized dividend and a yield of 0.54%. The ex-dividend date is Friday, October 4th. VersaBank’s dividend payout ratio (DPR) is currently 5.30%.

Institutional Investors Weigh In On VersaBank

Large investors have recently modified their holdings of the company. Pembroke Management LTD acquired a new stake in shares of VersaBank during the second quarter worth $377,000. Cumberland Partners Ltd acquired a new stake in VersaBank in the first quarter worth $472,000. Dimensional Fund Advisors LP grew its holdings in VersaBank by 44.7% in the second quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock worth $540,000 after purchasing an additional 15,462 shares during the period. Acadian Asset Management LLC grew its holdings in VersaBank by 52.4% in the first quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock worth $689,000 after purchasing an additional 22,699 shares during the period. Finally, ELCO Management Co. LLC grew its holdings in VersaBank by 4.1% in the second quarter. ELCO Management Co. LLC now owns 82,942 shares of the company’s stock worth $892,000 after purchasing an additional 3,234 shares during the period. 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.