VersaBank (NASDAQ:VBNK) Sees Strong Trading Volume – Time to Buy?

VersaBank (NASDAQ:VBNK) shares saw unusually-high trading volume on Tuesday . 50,639 shares changed hands during trading, a decline of 20% from the previous session’s volume of 63,212 shares.The stock last traded at $21.5910 and had previously closed at $20.46.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Zacks Research raised VersaBank from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Weiss Ratings downgraded shares of VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, June 9th. Finally, Roth Mkm raised VersaBank from a “neutral” rating to a “buy” rating and raised their price objective for the company from $20.00 to $25.00 in a report on Tuesday. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $25.00.

VersaBank Trading Up 2.2%

The company has a fifty day moving average price of $18.74 and a two-hundred day moving average price of $16.54. The firm has a market capitalization of $763.78 million, a price-to-earnings ratio of 34.38 and a beta of 1.04.

VersaBank (NASDAQ:VBNK) last posted its quarterly earnings results 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 return on equity of 8.32% and a net margin of 9.34%.The business had revenue of $28.17 million for the quarter, compared to analyst estimates of $26.86 million. As a group, equities research analysts expect that VersaBank will post 1.3 earnings per share for the current year.

VersaBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 10th will be given a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, July 10th. VersaBank’s dividend payout ratio is presently 10.14%.

Institutional Investors Weigh In On VersaBank

A number of institutional investors have recently made changes to their positions in VBNK. Connors Investor Services Inc. grew its stake in shares of VersaBank by 18.2% in the third quarter. Connors Investor Services Inc. now owns 13,000 shares of the company’s stock valued at $159,000 after buying an additional 2,000 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of VersaBank by 33.0% in the 2nd quarter. First Trust Advisors LP now owns 20,753 shares of the company’s stock valued at $237,000 after acquiring an additional 5,144 shares during the last quarter. Salzhauer Michael raised its holdings in VersaBank by 68.4% during the second quarter. Salzhauer Michael now owns 16,843 shares of the company’s stock worth $192,000 after purchasing an additional 6,843 shares in the last quarter. TD Waterhouse Canada Inc. raised its stake in VersaBank by 5.5% during the 4th quarter. TD Waterhouse Canada Inc. now owns 156,540 shares of the company’s stock worth $2,316,000 after acquiring an additional 8,149 shares in the last quarter. Finally, Militia Capital Partners LP increased its position in shares of VersaBank by 16.7% during the third quarter. Militia Capital Partners LP now owns 70,000 shares of the company’s stock worth $855,000 after purchasing an additional 10,000 shares in the last quarter. 56.86% of the stock is currently owned by institutional investors and hedge funds.

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.