Mendon Capital Advisors Corp Lowers Stock Holdings in VersaBank $VBNK

Mendon Capital Advisors Corp trimmed its stake in shares of VersaBank (NASDAQ:VBNK - Free Report) by 10.6% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 945,241 shares of the company's stock after selling 112,452 shares during the quarter. VersaBank comprises about 3.9% of Mendon Capital Advisors Corp's portfolio, making the stock its 5th biggest holding. Mendon Capital Advisors Corp owned approximately 2.94% of VersaBank worth $13,394,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Salzhauer Michael lifted its stake in shares of 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 purchasing an additional 6,843 shares during the period. Citadel Advisors LLC purchased a new stake in shares of VersaBank during the third quarter worth $198,000. Quadrature Capital Ltd bought a new position in VersaBank in the 4th quarter worth about $201,000. First Trust Advisors LP increased its position in shares of VersaBank by 33.0% during the 2nd quarter. First Trust Advisors LP now owns 20,753 shares of the company's stock valued at $237,000 after purchasing an additional 5,144 shares during the last quarter. Finally, Geode Capital Management LLC purchased a new stake in shares of VersaBank during the second quarter valued at approximately $293,000. 56.86% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Zacks Research upgraded VersaBank from a "hold" rating to a "strong-buy" rating in a report on Monday, July 20th. Weiss Ratings lowered VersaBank from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, June 9th. Finally, Roth Capital upgraded VersaBank from a "neutral" rating to a "buy" rating and boosted their price target for the company from $20.00 to $25.00 in a report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $25.00.

VersaBank Price Performance

Shares of NASDAQ:VBNK opened at $19.85 on Monday. The business has a 50 day moving average price of $19.86 and a 200 day moving average price of $17.31. The company has a market cap of $641.75 million, a price-to-earnings ratio of 28.77 and a beta of 1.04. VersaBank has a twelve month low of $10.10 and a twelve month high of $25.05.

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

VersaBank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 10th will be paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Friday, July 10th. VersaBank's payout ratio is presently 10.14%.

About VersaBank

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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