VersaBank (NASDAQ:VBNK) Upgraded at Roth Capital

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

Several other research firms have also commented on VBNK. Roth Mkm started coverage on VersaBank in a research note on Friday. They issued a buy rating and a $18.00 price objective for the company. Keefe, Bruyette & Woods began coverage on VersaBank in a research note on Tuesday, August 27th. They set an outperform rating and a $22.00 price objective for the company. Three investment 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, the company has an average rating of Buy and a consensus target price of $16.67.

VersaBank Price Performance

VersaBank stock opened at $13.03 on Friday. VersaBank has a one year low of $7.24 and a one year high of $14.22. The business’s fifty day moving average is $12.43 and its 200 day moving average is $11.06. The stock has a market capitalization of $338.31 million, a PE ratio of 9.87 and a beta of 0.79.

VersaBank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 4th will be issued a dividend of $0.018 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.07 annualized dividend and a yield of 0.55%. VersaBank’s payout ratio is 5.30%.

Hedge Funds Weigh In On VersaBank

Several hedge funds have recently bought and sold shares of the business. Pembroke Management LTD bought a new position in VersaBank in the second quarter worth approximately $377,000. Cumberland Partners Ltd bought a new stake in shares of VersaBank in the first quarter valued at about $472,000. Dimensional Fund Advisors LP lifted its stake 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 acquiring an additional 15,462 shares during the period. Acadian Asset Management LLC grew its holdings 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 acquiring an additional 22,699 shares in the last quarter. Finally, ELCO Management Co. LLC increased its position in VersaBank by 4.1% during the 2nd quarter. ELCO Management Co. LLC now owns 82,942 shares of the company’s stock valued at $892,000 after purchasing an additional 3,234 shares during the period. Institutional investors own 56.86% of the company’s stock.

About VersaBank

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.