VersaBank (NASDAQ:VBNK) Downgraded to “Hold” Rating by Zacks Research

VersaBank (NASDAQ:VBNK) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

VBNK has been the subject of several other research reports. 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 note on Tuesday, June 30th. Weiss Ratings lowered VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, June 9th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $25.00.

VersaBank Stock Performance

VBNK stock opened at $19.37 on Tuesday. The company has a fifty day moving average price of $20.27 and a 200-day moving average price of $17.82. The company has a market capitalization of $626.23 million, a P/E ratio of 28.07 and a beta of 1.06. VersaBank has a 52-week low of $10.47 and a 52-week high of $25.05.

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

Institutional Trading of VersaBank

A number of institutional investors have recently bought and sold shares of VBNK. Cibc World Market Inc. bought a new position in shares of VersaBank in the 2nd quarter worth about $26,781,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of VersaBank during the 2nd quarter valued at about $16,364,000. Wellington Management Group LLP acquired a new stake in VersaBank during the second quarter worth approximately $6,171,000. Pembroke Management LTD grew its stake in VersaBank by 40.7% during the fourth quarter. Pembroke Management LTD now owns 736,222 shares of the company’s stock worth $11,029,000 after purchasing an additional 213,037 shares during the period. Finally, Mudita Advisors LLP bought a new stake in VersaBank in the fourth quarter worth approximately $1,462,000. Institutional investors own 56.86% of the company’s stock.

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.