69,189 Shares in VersaBank $VBNK Purchased by Brasada Capital Management LP

Key Points

• Brasada Capital Management acquired 69,189 VersaBank shares valued at approximately $1.606 million, representing 0.21% of the bank; institutional investors collectively own 56.86% of VBNK.
• VersaBank reported quarterly EPS of $0.28, beating analyst expectations of $0.26, while revenue of $28.17 million exceeded the $26.86 million consensus estimate.
• VBNK recently traded at $20.49, with analysts holding a consensus “Hold” rating and a $25.00 price target; Roth Capital upgraded the stock to “Buy,” while Zacks Research and Weiss Ratings moved to “Hold.”

Brasada Capital Management LP purchased a new stake in VersaBank (NASDAQ:VBNK - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 69,189 shares of the company's stock, valued at approximately $1,606,000. Brasada Capital Management LP owned 0.21% of VersaBank as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VBNK. K2 Principal Fund L.P. purchased a new position in shares of VersaBank in the 2nd quarter valued at approximately $239,000. BlackRock Inc. acquired a new stake in shares of VersaBank during the second quarter worth $274,000. Quadrature Capital Ltd purchased a new position in VersaBank in the 4th quarter valued at $201,000. Citadel Advisors LLC purchased a new position in VersaBank in the 3rd quarter valued at $198,000. Finally, Salzhauer Michael increased its stake in VersaBank by 68.4% in the 2nd quarter. Salzhauer Michael now owns 16,843 shares of the company's stock valued at $192,000 after buying an additional 6,843 shares during the period. 56.86% of the stock is owned by hedge funds and other institutional investors.

VersaBank Price Performance

VersaBank stock opened at $20.49 on Friday. The stock's 50 day moving average price is $20.29 and its 200 day moving average price is $17.98. VersaBank has a 1-year low of $10.78 and a 1-year high of $25.05. The company has a market cap of $662.38 million, a PE ratio of 29.70 and a beta of 1.06.

VersaBank (NASDAQ:VBNK - Get Free Report) last released its earnings results on Wednesday, June 3rd. The company reported $0.28 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. The company had revenue of $28.17 million during the quarter, compared to the consensus estimate of $26.86 million. VersaBank had a return on equity of 8.32% and a net margin of 9.34%. On average, equities research analysts anticipate that VersaBank will post 1.3 EPS for the current fiscal year.

VersaBank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 10th were paid a $0.025 dividend. The ex-dividend date was Friday, July 10th. This represents a $0.10 annualized dividend and a dividend yield of 0.5%. VersaBank's dividend payout ratio (DPR) is 10.14%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on VBNK shares. Zacks Research downgraded shares of VersaBank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 18th. Roth Capital upgraded shares of VersaBank from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $20.00 to $25.00 in a research note on Tuesday, June 30th. Finally, Weiss Ratings cut shares of VersaBank from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, June 9th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, VersaBank currently has a consensus rating of "Hold" and a consensus price target of $25.00.

VersaBank Company Profile

VersaBank is a Canadian Schedule I chartered bank that operates as a fully digital institution, offering a range of deposit and lending solutions through its proprietary technology platform. Headquartered in London, Ontario, the bank has chosen to forego a traditional branch network in favor of online and digital distribution, enabling it to serve clients across Canada and the United States with efficiency and lower overhead.

The bank’s primary business activities include the origination and securitization of commercial loans, equipment financing, residential mortgages and construction loans.

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