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

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

VersaBank Stock Down 3.8%

VBNK stock traded down $0.41 during mid-day trading on Thursday, reaching $10.40. 228,161 shares of the stock traded hands, compared to its average volume of 70,174. VersaBank has a 52 week low of $8.51 and a 52 week high of $18.38. The business has a 50-day moving average of $10.79 and a two-hundred day moving average of $12.60. The firm has a market capitalization of $338.20 million, a PE ratio of 9.45 and a beta of 0.99.

VersaBank Announces Dividend

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

Institutional Investors Weigh In On VersaBank

An institutional investor recently raised its position in VersaBank stock. Royal Bank of Canada boosted its holdings in shares of VersaBank (NASDAQ:VBNK - Free Report) by 107.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 about 0.17% of VersaBank worth $585,000 as of its most recent SEC filing. 56.86% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on VBNK shares. Roth Capital set a $10.40 price objective on shares of VersaBank in a report on Thursday, March 6th. Raymond James reiterated an "outperform" rating and issued a $13.00 price objective (down from $15.00) on shares of VersaBank in a report on Thursday. Finally, Roth Mkm cut shares of VersaBank from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $22.00 to $10.40 in a report on Thursday, March 6th.

About VersaBank

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.