VersaBank (NASDAQ:VBNK) Hits New 12-Month High - Here's Why

Key Points

• VersaBank hit a new 52-week high, trading as high as $17.68 (last $17.66) versus a prior close of $16.07 on volume of 233,296 shares.
• Analysts hold a consensus rating of "Hold" with an average price target of $13.00 (1 Buy, 2 Hold, 1 Sell), and notable recent coverage includes a Weiss Ratings hold and a Zacks downgrade to "strong sell."
• The bank reported quarterly EPS of $0.27 (in line with estimates) and revenue of $26.80M (slightly below consensus), announced a quarterly dividend of $0.025 ($0.10 annual, 0.6% yield), and trades with a market cap of $566.5M and a P/E of 25.23.

VersaBank (NASDAQ:VBNK - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $17.68 and last traded at $17.66, with a volume of 233296 shares traded. The stock had previously closed at $16.07.

Analysts Set New Price Targets

VBNK has been the subject of several analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of VersaBank in a research report on Wednesday, January 21st. Zacks Research downgraded VersaBank from a "hold" rating to a "strong sell" rating in a report on Thursday, March 12th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, VersaBank presently has a consensus rating of "Hold" and an average target price of $13.00.

VersaBank Stock Performance

The stock has a fifty day simple moving average of $15.35 and a two-hundred day simple moving average of $14.18. The stock has a market capitalization of $566.53 million, a price-to-earnings ratio of 25.23 and a beta of 0.99.

VersaBank (NASDAQ:VBNK - Get Free Report) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported $0.27 earnings per share for the quarter, hitting analysts' consensus estimates of $0.27. VersaBank had a return on equity of 7.70% and a net margin of 10.03%.The firm had revenue of $26.80 million during the quarter, compared to the consensus estimate of $26.92 million. Research analysts forecast that VersaBank will post 1.27 earnings per share for the current year.

VersaBank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Friday, April 10th will be issued a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Friday, April 10th. VersaBank's dividend payout ratio (DPR) is presently 10.00%.

Institutional Trading of VersaBank

Large investors have recently bought and sold shares of the business. Connors Investor Services Inc. grew its stake in shares of VersaBank by 18.2% in the 3rd quarter. Connors Investor Services Inc. now owns 13,000 shares of the company's stock valued at $159,000 after buying an additional 2,000 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of VersaBank in the 4th quarter valued at about $201,000. Citadel Advisors LLC acquired a new stake in shares of VersaBank in the 3rd quarter valued at about $198,000. Salzhauer Michael grew 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 buying an additional 6,843 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of VersaBank by 33.0% in the 2nd quarter. First Trust Advisors LP now owns 20,753 shares of the company's stock valued at $237,000 after buying an additional 5,144 shares during the period. 56.86% of the stock is currently owned by institutional investors and hedge funds.

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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