VersaBank (NASDAQ:VBNK) Sees Unusually-High Trading Volume - What's Next?

Key Points

• VersaBank shares were active and higher, with trading volume rising 25% to 90,129 shares and the stock up about 2.2% to $22.24.
• Analyst sentiment is mixed but improving, as Roth Capital upgraded the stock to Buy and raised its price target to $25, while the overall consensus remains Hold with an average target of $25.
• Recent fundamentals were solid, with quarterly EPS of $0.28 beating estimates and revenue of $28.17 million also topping expectations; the company also объявила a quarterly dividend of $0.025 per share.

VersaBank (NASDAQ:VBNK - Get Free Report) saw an uptick in trading volume on Thursday . 90,129 shares traded hands during mid-day trading, an increase of 25% from the previous session's volume of 71,879 shares.The stock last traded at $22.2420 and had previously closed at $21.70.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Zacks Research raised shares of VersaBank from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. Weiss Ratings lowered VersaBank from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, June 9th. Finally, Roth Capital raised VersaBank from a "neutral" rating to a "buy" rating and increased their price target for the company from $20.00 to $25.00 in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $25.00.

VersaBank Stock Up 2.2%

The firm's 50-day moving average price is $19.13 and its 200-day moving average price is $16.80. The company has a market cap of $714.07 million, a P/E ratio of 32.19 and a beta of 1.04.

VersaBank (NASDAQ:VBNK - Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.26 by $0.02. VersaBank had a net margin of 9.34% and a return on equity of 8.32%. The company had revenue of $28.17 million during the quarter, compared to the consensus estimate of $26.86 million. As a group, analysts forecast that VersaBank will post 1.3 earnings per share for the current year.

VersaBank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 10th will be given a dividend of $0.025 per share. The ex-dividend date is Friday, July 10th. This represents a $0.10 annualized dividend and a dividend yield of 0.5%. VersaBank's dividend payout ratio is currently 10.14%.

Hedge Funds Weigh In On VersaBank

Hedge funds have recently made changes to their positions in the stock. Connors Investor Services Inc. raised its stake in shares of VersaBank by 18.2% during the 3rd quarter. Connors Investor Services Inc. now owns 13,000 shares of the company's stock valued at $159,000 after purchasing an additional 2,000 shares during the period. Salzhauer Michael boosted its stake in VersaBank by 68.4% in the 2nd quarter. Salzhauer Michael now owns 16,843 shares of the company's stock worth $192,000 after purchasing an additional 6,843 shares during the period. Citadel Advisors LLC purchased a new position in VersaBank during the 3rd quarter valued at about $198,000. Quadrature Capital Ltd purchased a new position in VersaBank during the 4th quarter valued at about $201,000. Finally, First Trust Advisors LP increased its position in shares of VersaBank by 33.0% during the second 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 hedge funds and other 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.

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