VersaBank (NASDAQ:VBNK) Posts Quarterly Earnings Results, Misses Expectations By $0.03 EPS

VersaBank (NASDAQ:VBNK - Get Free Report) released its earnings results on Wednesday. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.21 by ($0.03), Zacks reports. VersaBank had a net margin of 13.52% and a return on equity of 11.20%. The company had revenue of $21.87 million for the quarter, compared to the consensus estimate of $20.77 million.

VersaBank Stock Down 0.1%

VBNK traded down $0.01 on Friday, hitting $10.39. The company's stock had a trading volume of 67,594 shares, compared to its average volume of 70,365. The company's 50 day simple moving average is $10.79 and its 200-day simple moving average is $12.55. The firm has a market cap of $337.87 million, a P/E ratio of 9.45 and a beta of 0.99. VersaBank has a 12 month low of $8.51 and a 12 month high of $18.38.

VersaBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 4th will be issued a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Thursday, July 3rd. VersaBank's dividend payout ratio (DPR) is presently 6.38%.

Institutional Inflows and Outflows

An institutional investor recently raised its position in VersaBank stock. Royal Bank of Canada raised its position in VersaBank (NASDAQ:VBNK - Free Report) by 107.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 56,371 shares of the company's stock after purchasing an additional 29,169 shares during the period. Royal Bank of Canada owned 0.17% of VersaBank worth $585,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 56.86% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Roth Mkm downgraded shares of VersaBank from a "buy" rating to a "neutral" rating and reduced their target price for the company from $22.00 to $10.40 in a research report on Thursday, March 6th. Roth Capital set a $10.40 price objective on shares of VersaBank in a report on Thursday, March 6th. Finally, Raymond James reaffirmed an "outperform" rating and issued a $13.00 price objective (down from $15.00) on shares of VersaBank in a report on Thursday.

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.