Rhino Investment Partners Inc Increases Stock Position in VersaBank $VBNK

Key Points

• Rhino Investment Partners Inc increased its stake in VersaBank by 5.4%, owning approximately 943,064 shares valued at $9.77 million as of the latest SEC filing.
• Raymond James Financial maintained an "outperform" rating for VersaBank but lowered the price target to $13.00, indicating a modest outlook for the stock's performance.
• VersaBank reported a quarterly earnings miss, with an earnings per share (EPS) of $0.18, falling short of analysts' expectations of $0.21, although revenue exceeded forecasts at $21.87 million.

Rhino Investment Partners Inc lifted its position in VersaBank (NASDAQ:VBNK - Free Report) by 5.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 943,064 shares of the company's stock after purchasing an additional 48,547 shares during the period. VersaBank comprises approximately 2.4% of Rhino Investment Partners Inc's portfolio, making the stock its 14th biggest holding. Rhino Investment Partners Inc owned about 2.90% of VersaBank worth $9,770,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in VBNK. Canton Hathaway LLC bought a new position in shares of VersaBank in the first quarter worth approximately $51,000. XTX Topco Ltd purchased a new stake in VersaBank in the fourth quarter worth $159,000. First Trust Advisors LP purchased a new stake in VersaBank in the fourth quarter worth $217,000. Bank of Montreal Can lifted its stake in VersaBank by 11.8% in the fourth quarter. Bank of Montreal Can now owns 17,431 shares of the company's stock worth $239,000 after acquiring an additional 1,841 shares during the period. Finally, K2 Principal Fund L.P. lifted its stake in VersaBank by 30.1% in the fourth quarter. K2 Principal Fund L.P. now owns 20,646 shares of the company's stock worth $286,000 after acquiring an additional 4,780 shares during the period. Institutional investors own 56.86% of the company's stock.

VersaBank Stock Performance

VBNK stock traded up $0.21 on Tuesday, reaching $10.86. The company's stock had a trading volume of 133,920 shares, compared to its average volume of 79,085. The firm has a market cap of $349.97 million, a PE ratio of 13.73 and a beta of 0.96. The business has a fifty day simple moving average of $11.25 and a two-hundred day simple moving average of $11.16. VersaBank has a 12-month low of $8.51 and a 12-month high of $18.38.

VersaBank (NASDAQ:VBNK - Get Free Report) last announced its quarterly earnings data on Wednesday, June 4th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.03). The firm had revenue of $21.87 million for the quarter, compared to analysts' expectations of $20.77 million. VersaBank had a net margin of 10.70% and a return on equity of 7.97%. As a group, research analysts anticipate that VersaBank will post 1.46 earnings per share for the current fiscal year.

VersaBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 4th were given a dividend of $0.025 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.10 annualized dividend and a yield of 0.9%. VersaBank's dividend payout ratio (DPR) is currently 8.86%.

Analyst Upgrades and Downgrades

Separately, Raymond James Financial reaffirmed an "outperform" rating and issued a $13.00 price target (down previously from $15.00) on shares of VersaBank in a research note on Thursday, June 5th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $13.95.

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.