VersaBank (NASDAQ:VBNK) Given “Outperform” Rating at Raymond James

Raymond James reiterated their outperform rating on shares of VersaBank (NASDAQ:VBNK) in a report issued on Friday morning,Benzinga reports. The firm currently has a $17.00 target price on the stock, up from their prior target price of $15.00.

A number of other equities research analysts have also recently weighed in on the company. Roth Capital raised VersaBank to a “strong-buy” rating in a report on Friday, September 27th. Keefe, Bruyette & Woods assumed coverage on VersaBank in a research note on Tuesday, August 27th. They issued an “outperform” rating and a $22.00 target price for the company. Finally, Roth Mkm assumed coverage on VersaBank in a report on Friday, September 27th. They issued a “buy” rating and a $18.00 price target for the company. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, VersaBank presently has an average rating of “Buy” and a consensus target price of $19.00.

VersaBank Stock Performance

Shares of NASDAQ:VBNK traded up $0.23 on Friday, hitting $16.10. The stock had a trading volume of 22,847 shares, compared to its average volume of 28,821. The firm’s 50 day moving average price is $14.03 and its 200-day moving average price is $11.94. VersaBank has a twelve month low of $7.36 and a twelve month high of $16.27. The company has a market capitalization of $418.12 million, a price-to-earnings ratio of 12.38 and a beta of 0.76.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.08). The firm 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%. As a group, sell-side analysts predict that VersaBank will post 1.21 EPS for the current year.

VersaBank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 4th were paid a dividend of $0.018 per share. This represents a $0.07 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Friday, October 4th. VersaBank’s dividend payout ratio (DPR) is presently 5.38%.

Institutional Investors Weigh In On VersaBank

A number of institutional investors and hedge funds have recently modified their holdings of VBNK. Pembroke Management LTD grew its holdings in VersaBank by 45.2% during the 3rd quarter. Pembroke Management LTD now owns 50,864 shares of the company’s stock worth $675,000 after acquiring an additional 15,834 shares during the period. Mendon Capital Advisors Corp increased its holdings in VersaBank by 6.1% in the second quarter. Mendon Capital Advisors Corp now owns 84,056 shares of the company’s stock valued at $904,000 after purchasing an additional 4,817 shares during the last quarter. ELCO Management Co. LLC lifted its stake in VersaBank by 4.1% in the second quarter. ELCO Management Co. LLC now owns 82,942 shares of the company’s stock valued at $892,000 after buying an additional 3,234 shares during the period. Dimensional Fund Advisors LP boosted its holdings in VersaBank by 44.7% during the second quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock worth $540,000 after buying an additional 15,462 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of VersaBank by 52.2% during the 2nd quarter. Acadian Asset Management LLC now owns 100,466 shares of the company’s stock worth $1,067,000 after buying an additional 34,462 shares during the period. 56.86% of the stock is owned by institutional investors.

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.