Cox Capital Mgt LLC Sells 4,475 Shares of VersaBank (NASDAQ:VBNK)

Cox Capital Mgt LLC decreased its position in shares of VersaBank (NASDAQ:VBNK) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 189,312 shares of the company’s stock after selling 4,475 shares during the quarter. Cox Capital Mgt LLC owned approximately 0.73% of VersaBank worth $2,514,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Wellington Management Group LLP boosted its holdings in VersaBank by 287.0% in the fourth quarter. Wellington Management Group LLP now owns 124,283 shares of the company’s stock worth $1,357,000 after acquiring an additional 92,166 shares in the last quarter. Cumberland Partners Ltd acquired a new stake in VersaBank during the 1st quarter worth about $472,000. Acadian Asset Management LLC raised its stake in shares of VersaBank by 52.4% during the 1st quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock valued at $689,000 after buying an additional 22,699 shares during the last quarter. Hillsdale Investment Management Inc. lifted its holdings in shares of VersaBank by 17.5% in the 1st quarter. Hillsdale Investment Management Inc. now owns 408,794 shares of the company’s stock valued at $4,321,000 after buying an additional 60,881 shares during the period. Finally, Pembroke Management LTD purchased a new stake in shares of VersaBank in the second quarter worth about $377,000. Hedge funds and other institutional investors own 56.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Roth Capital raised shares of VersaBank to a “strong-buy” rating in a research note on Friday, September 27th. Keefe, Bruyette & Woods started coverage on shares of VersaBank in a report on Tuesday, August 27th. They issued an “outperform” rating and a $22.00 price objective for the company. Finally, Roth Mkm began coverage on shares of VersaBank in a research report on Friday, September 27th. They issued a “buy” rating and a $18.00 price objective for the company. Three analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, VersaBank presently has a consensus rating of “Buy” and an average target price of $16.67.

VersaBank Stock Performance

Shares of NASDAQ:VBNK traded up $0.70 during midday trading on Friday, hitting $14.95. The company’s stock had a trading volume of 68,875 shares, compared to its average volume of 36,331. The company has a market cap of $388.10 million, a P/E ratio of 11.50 and a beta of 0.79. VersaBank has a 12-month low of $7.24 and a 12-month high of $15.71. The business’s 50 day simple moving average is $12.73 and its 200 day simple moving average is $11.23.

VersaBank (NASDAQ:VBNK) last posted its quarterly earnings results 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 analyst estimates of $21.83 million. VersaBank had a net margin of 16.24% and a return on equity of 11.85%. On average, sell-side analysts predict that VersaBank will post 1.21 earnings per share for the current fiscal year.

VersaBank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 4th will be issued a $0.018 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.07 annualized dividend and a yield of 0.48%. VersaBank’s payout ratio is 5.38%.

VersaBank 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.