VersaBank's (VBNK) "Hold (C)" Rating Reiterated at Weiss Ratings

Key Points

• VersaBank's stock has been maintained with a "hold (c)" rating by Weiss Ratings, while Zacks Research has downgraded it to a "strong sell."
• The bank reported an earnings per share of $0.22, slightly above estimates, but revenues fell short of forecasts at $22.81 million.
• Institutional investors currently hold 56.86% of VersaBank's stock, with significant increases in holdings from multiple firms, including a 46.4% rise from Pacific Ridge Capital Partners.

VersaBank (NASDAQ:VBNK - Get Free Report)'s stock had its "hold (c)" rating restated by stock analysts at Weiss Ratings in a research note issued on Friday,Weiss Ratings reports.

Several other research firms have also recently issued reports on VBNK. Zacks Research cut shares of VersaBank from a "hold" rating to a "strong sell" rating in a research report on Tuesday, September 9th. Wall Street Zen upgraded shares of VersaBank from a "sell" rating to a "hold" rating in a research report on Saturday, September 6th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, VersaBank has a consensus rating of "Hold" and an average price target of $11.27.

VersaBank Price Performance

VBNK stock traded up $0.01 during trading on Friday, hitting $11.83. 20,600 shares of the stock traded hands, compared to its average volume of 65,149. VersaBank has a 1 year low of $8.51 and a 1 year high of $18.38. The firm's 50 day moving average is $11.90 and its two-hundred day moving average is $11.40. The stock has a market cap of $380.57 million, a price-to-earnings ratio of 13.43 and a beta of 0.98.

VersaBank (NASDAQ:VBNK - Get Free Report) last posted its earnings results on Thursday, September 4th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.02. The business had revenue of $22.81 million for the quarter, compared to analysts' expectations of $24.01 million. VersaBank had a net margin of 9.56% and a return on equity of 7.47%. As a group, analysts anticipate that VersaBank will post 1.46 EPS for the current fiscal year.

Institutional Investors Weigh In On VersaBank

Institutional investors have recently added to or reduced their stakes in the stock. Pacific Ridge Capital Partners LLC lifted its holdings in VersaBank by 46.4% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 590,623 shares of the company's stock valued at $6,119,000 after purchasing an additional 187,160 shares in the last quarter. Mendon Capital Advisors Corp lifted its holdings in VersaBank by 14.1% in the 1st quarter. Mendon Capital Advisors Corp now owns 1,012,523 shares of the company's stock valued at $10,490,000 after purchasing an additional 125,270 shares in the last quarter. Curi RMB Capital LLC lifted its holdings in VersaBank by 19.6% in the 1st quarter. Curi RMB Capital LLC now owns 761,663 shares of the company's stock valued at $7,891,000 after purchasing an additional 125,000 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in VersaBank by 66.2% in the 1st quarter. Acadian Asset Management LLC now owns 289,497 shares of the company's stock valued at $2,964,000 after purchasing an additional 115,300 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in VersaBank by 3.8% in the 1st quarter. Alliancebernstein L.P. now owns 2,811,013 shares of the company's stock valued at $29,122,000 after purchasing an additional 102,298 shares in the last quarter. Institutional investors and hedge funds own 56.86% of the company's stock.

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.

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