VersaBank (NASDAQ:VBNK) Raised to “Strong-Buy” at Roth Capital

Roth Capital upgraded shares of VersaBank (NASDAQ:VBNK) to a strong-buy rating in a research note published on Friday, Zacks.com reports.

A number of other equities analysts have also issued reports on VBNK. Keefe, Bruyette & Woods started coverage on VersaBank in a research note on Tuesday, August 27th. They issued an outperform rating and a $22.00 target price for the company. Roth Mkm began coverage on VersaBank in a research report on Friday. They issued a buy rating and a $18.00 target price on the stock. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, VersaBank currently has an average rating of Buy and an average target price of $16.67.

VersaBank Trading Down 2.1 %

Shares of VersaBank stock opened at $13.03 on Friday. The firm’s 50 day simple moving average is $12.43 and its two-hundred day simple moving average is $11.06. The firm has a market capitalization of $338.31 million, a price-to-earnings ratio of 9.87 and a beta of 0.79. VersaBank has a 12-month low of $7.24 and a 12-month high of $14.22.

VersaBank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 4th will be paid a dividend of $0.018 per share. The ex-dividend date is Friday, October 4th. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.55%. VersaBank’s payout ratio is currently 5.30%.

Institutional Investors Weigh In On VersaBank

A number of hedge funds and other institutional investors have recently made changes to their positions in VBNK. Pembroke Management LTD purchased a new position in VersaBank during the second quarter worth approximately $377,000. Cumberland Partners Ltd purchased a new position in shares of VersaBank during the 1st quarter valued at approximately $472,000. Dimensional Fund Advisors LP grew its stake in VersaBank by 44.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock valued at $540,000 after acquiring an additional 15,462 shares during the period. Acadian Asset Management LLC increased its holdings in VersaBank by 52.4% in the 1st quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock worth $689,000 after acquiring an additional 22,699 shares in the last quarter. Finally, ELCO Management Co. LLC raised its position in VersaBank by 4.1% during the second quarter. ELCO Management Co. LLC now owns 82,942 shares of the company’s stock worth $892,000 after acquiring an additional 3,234 shares during the period. 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.