Triasima Portfolio Management inc. Acquires 64,440 Shares of VersaBank $VBNK

Key Points

• Triasima Portfolio Management acquired 64,440 VersaBank shares worth approximately $1.43 million, giving it about a 0.20% stake. Institutional investors collectively own 56.86% of the company.
• Analyst sentiment remains favorable, with three Buy ratings and one Hold rating; VersaBank has a consensus “Moderate Buy” rating and a target price of $24.00.
• VersaBank recently reported quarterly EPS of $0.27, below the $0.34 estimate, while revenue of $27.67 million also missed forecasts. The bank declared a C$0.03 quarterly dividend, representing an annualized yield of about 0.4%.

Triasima Portfolio Management inc. acquired a new position in shares of VersaBank (NASDAQ:VBNK - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 64,440 shares of the company's stock, valued at approximately $1,434,000. Triasima Portfolio Management inc. owned about 0.20% of VersaBank at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. K2 Principal Fund L.P. bought a new stake in shares of VersaBank in the 2nd quarter worth $239,000. BlackRock Inc. bought a new position in shares of VersaBank during the second quarter valued at about $274,000. Sei Investments Co. lifted its position in shares of VersaBank by 100.0% during the first quarter. Sei Investments Co. now owns 36,578 shares of the company's stock valued at $518,000 after purchasing an additional 18,289 shares in the last quarter. Bank of America Corp DE bought a new position in shares of VersaBank during the second quarter valued at about $1,133,000. Finally, Brasada Capital Management LP purchased a new position in VersaBank during the second quarter worth about $1,606,000. 56.86% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on VBNK. 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 increased their price objective on shares of VersaBank from $25.00 to $28.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. Weiss Ratings raised shares of VersaBank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Finally, Raymond James Financial set a $20.00 target price on shares of VersaBank in a research report on Thursday, September 3rd. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.00.

VersaBank Trading Up 2.3%

Shares of VersaBank stock opened at $22.39 on Friday. The business's fifty day simple moving average is $21.36 and its 200 day simple moving average is $19.66. VersaBank has a 12 month low of $11.25 and a 12 month high of $25.05. The firm has a market capitalization of $727.20 million, a P/E ratio of 29.46 and a beta of 1.04.

VersaBank (NASDAQ:VBNK - Get Free Report) last announced its quarterly earnings data on Thursday, September 3rd. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.07). VersaBank had a net margin of 9.92% and a return on equity of 8.66%. The business had revenue of $27.67 million during the quarter, compared to the consensus estimate of $28.76 million. Analysts predict that VersaBank will post 1.19 EPS for the current fiscal year.

VersaBank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 31st. Stockholders of record on Friday, October 9th will be paid a dividend of C$0.03 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, October 9th. VersaBank's payout ratio is presently 9.21%.

About VersaBank

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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