VersaBank (NASDAQ:VBNK) Sees Large Volume Increase - What's Next?

Key Points

• VersaBank shares traded 60% above the prior session’s volume, with 127,686 shares changing hands; the stock last traded at $19.21 versus a $19.28 prior close.
• Analyst sentiment is mixed but leans toward “Hold”: two firms recently downgraded the stock, while Roth Capital upgraded it to Buy and raised its price target to $25. The consensus price target is $25.
• VersaBank reported quarterly EPS of $0.22, missing the $0.34 consensus estimate, while institutional investors own 56.86% of the company’s shares.

VersaBank (NASDAQ:VBNK - Get Free Report) shares saw unusually-high trading volume on Thursday . 127,686 shares traded hands during trading, an increase of 60% from the previous session's volume of 79,895 shares.The stock last traded at $19.2090 and had previously closed at $19.28.

Analyst Ratings Changes

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

VersaBank Price Performance

The company's 50-day moving average price is $20.31 and its two-hundred day moving average price is $18.07. The company has a market capitalization of $634.55 million, a price-to-earnings ratio of 28.42 and a beta of 1.06.

VersaBank (NASDAQ:VBNK - Get Free Report) last announced its quarterly earnings data on Thursday, September 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.12). VersaBank had a net margin of 9.34% and a return on equity of 8.32%. On average, equities research analysts expect that VersaBank will post 1.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. K2 Principal Fund L.P. bought a new position in shares of VersaBank during the second quarter valued at approximately $239,000. BlackRock Inc. purchased a new position in shares of VersaBank in the second quarter worth $274,000. Quadrature Capital Ltd purchased a new position in VersaBank during the fourth quarter worth $201,000. Citadel Advisors LLC purchased a new stake in shares of VersaBank in the 3rd quarter worth approximately $198,000. Finally, Salzhauer Michael grew its position in shares of VersaBank by 68.4% in the 2nd quarter. Salzhauer Michael now owns 16,843 shares of the company's stock worth $192,000 after buying an additional 6,843 shares during the last quarter. 56.86% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source