48,800 Shares in VersaBank $VBNK Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 48,800 VersaBank shares worth approximately $1.13 million in the second quarter, giving it about a 0.15% stake. Institutional investors collectively own 56.86% of the company.
• Analyst sentiment is generally positive, with three Buy ratings and one Hold rating; VersaBank has a consensus rating of “Moderate Buy” and an average price target of $24.
• VersaBank recently missed quarterly earnings expectations, reporting $0.27 EPS versus $0.34 expected and revenue of $27.67 million versus $28.76 million expected. The bank also declared a C$0.03 quarterly dividend, yielding approximately 0.4%.

Bank of America Corp DE acquired a new stake in VersaBank (NASDAQ:VBNK - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 48,800 shares of the company's stock, valued at approximately $1,133,000. Bank of America Corp DE owned approximately 0.15% of VersaBank as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. K2 Principal Fund L.P. bought a new stake in VersaBank in the 2nd quarter valued at approximately $239,000. BlackRock Inc. bought a new stake in shares of VersaBank in the second quarter worth $274,000. Sei Investments Co. lifted its position in shares of VersaBank by 100.0% in the first quarter. Sei Investments Co. now owns 36,578 shares of the company's stock worth $518,000 after purchasing an additional 18,289 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in VersaBank by 29.7% during the first quarter. Renaissance Technologies LLC now owns 112,700 shares of the company's stock worth $1,597,000 after purchasing an additional 25,800 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in VersaBank during the second quarter worth $16,364,000. Institutional investors and hedge funds own 56.86% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Zacks Research downgraded VersaBank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 18th. Roth Capital lifted their price objective on shares of VersaBank from $25.00 to $28.00 and gave the company a "buy" rating in a research report on Thursday, September 3rd. Raymond James Financial set a $20.00 price objective on shares of VersaBank in a research note on Thursday, September 3rd. Finally, Weiss Ratings raised shares of VersaBank from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, September 18th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, VersaBank has a consensus rating of "Moderate Buy" and an average target price of $24.00.

VersaBank Stock Performance

Shares of NASDAQ VBNK opened at $22.40 on Friday. VersaBank has a fifty-two week low of $11.25 and a fifty-two week high of $25.05. The stock has a market cap of $724.19 million, a PE ratio of 29.47 and a beta of 1.04. The stock has a fifty day moving average of $20.86 and a 200-day moving average of $19.08.

VersaBank (NASDAQ:VBNK - Get Free Report) last posted its quarterly earnings data on Thursday, September 3rd. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.07). The business had revenue of $27.67 million for the quarter, compared to the consensus estimate of $28.76 million. VersaBank had a net margin of 9.92% and a return on equity of 8.66%. On average, sell-side analysts predict that VersaBank will post 1.18 EPS for the current year.

VersaBank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, October 31st. Investors of record on Friday, October 9th will be given a dividend of C$0.03 per share. This represents a $0.10 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, October 9th. VersaBank's dividend payout ratio (DPR) is presently 9.21%.

VersaBank Profile

VersaBank is a digital-first, Schedule I chartered bank headquartered in London, Ontario, Canada. The bank operates primarily through electronic channels rather than a traditional branch network and gathers deposits through financial intermediaries, including deposit brokers and other financial institutions.

The company provides commercial lending and deposit products to businesses, financial intermediaries and specialty finance companies. Its lending activities include point-of-sale financing, commercial real estate and other asset-backed loans, as well as financing for public-sector and municipal projects.

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