VersaBank’s (VBNK) “Outperform” Rating Reiterated at Raymond James

Raymond James reiterated their outperform rating on shares of VersaBank (NASDAQ:VBNK) in a research report released on Friday morning,Benzinga reports. They currently have a $17.00 target price on the stock, up from their previous target price of $15.00.

VBNK has been the topic of several other reports. Roth Mkm assumed coverage on shares of VersaBank in a research report on Friday, September 27th. They set a “buy” rating and a $18.00 price objective on the stock. Roth Capital upgraded VersaBank to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Keefe, Bruyette & Woods began coverage on VersaBank in a research report on Tuesday, August 27th. They issued an “outperform” rating and a $22.00 price objective on the stock. Three analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $19.00.

VersaBank Stock Performance

NASDAQ VBNK opened at $16.10 on Friday. The business’s fifty day moving average is $14.03 and its 200 day moving average is $11.97. VersaBank has a fifty-two week low of $7.36 and a fifty-two week high of $16.27. The company has a market capitalization of $418.12 million, a PE ratio of 12.38 and a beta of 0.76.

VersaBank (NASDAQ:VBNK) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.08). The company had revenue of $19.72 million for the quarter, compared to analysts’ expectations 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 forecast that VersaBank will post 1.21 EPS for the current year.

VersaBank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 4th were issued a $0.018 dividend. The ex-dividend date was Friday, October 4th. This represents a $0.07 dividend on an annualized basis and a yield of 0.45%. VersaBank’s dividend payout ratio is currently 5.38%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Pembroke Management LTD bought a new position in VersaBank during the second quarter valued at approximately $377,000. Cumberland Partners Ltd purchased a new stake in shares of VersaBank during the 1st quarter worth approximately $472,000. Dimensional Fund Advisors LP boosted its position in shares of 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 acquiring an additional 15,462 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of VersaBank by 52.4% in the first quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock valued at $689,000 after purchasing an additional 22,699 shares in the last quarter. Finally, ELCO Management Co. LLC increased its position 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 last quarter. Hedge funds and other 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.