VersaBank $VBNK Shares Acquired by Rhino Investment Partners Inc

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 increased its holdings in shares of VersaBank (NASDAQ:VBNK - Free Report) by 5.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 943,064 shares of the company's stock after purchasing an additional 48,547 shares during the quarter. VersaBank accounts for about 2.4% of Rhino Investment Partners Inc's investment portfolio, making the stock its 14th largest holding. Rhino Investment Partners Inc owned approximately 2.90% of VersaBank worth $9,770,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new stake in VersaBank during the first quarter worth approximately $51,000. XTX Topco Ltd acquired a new position in shares of VersaBank during the 4th quarter valued at $159,000. First Trust Advisors LP purchased a new stake in VersaBank during the 4th quarter worth $217,000. Bank of Montreal Can increased its holdings in VersaBank by 11.8% in the 4th quarter. Bank of Montreal Can now owns 17,431 shares of the company's stock valued at $239,000 after purchasing an additional 1,841 shares in the last quarter. Finally, K2 Principal Fund L.P. raised its position in VersaBank by 30.1% in the fourth quarter. K2 Principal Fund L.P. now owns 20,646 shares of the company's stock valued at $286,000 after purchasing an additional 4,780 shares during the period. Hedge funds and other institutional investors own 56.86% of the company's stock.

VersaBank Trading Up 1.5%

VBNK stock traded up $0.16 during trading on Friday, reaching $10.93. The stock had a trading volume of 124,148 shares, compared to its average volume of 86,774. VersaBank has a 1-year low of $8.51 and a 1-year high of $18.38. The company has a market capitalization of $352.38 million, a P/E ratio of 13.84 and a beta of 0.96. The firm has a fifty day moving average price of $11.26 and a 200 day moving average price of $11.21.

VersaBank (NASDAQ:VBNK - Get Free Report) last announced its earnings results on Wednesday, June 4th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.03). VersaBank had a net margin of 10.70% and a return on equity of 7.97%. The business had revenue of $21.87 million for the quarter, compared to analyst estimates of $20.77 million. Sell-side analysts predict that VersaBank will post 1.46 EPS for the current year.

VersaBank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 4th were given a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Thursday, July 3rd. VersaBank's dividend payout ratio is presently 8.86%.

Analysts Set New Price Targets

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

VersaBank 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.