VersaBank (NASDAQ:VBNK) Coverage Initiated by Analysts at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods initiated coverage on shares of VersaBank (NASDAQ:VBNK) in a report published on Tuesday, MarketBeat reports. The brokerage issued an outperform rating and a $22.00 target price on the stock.

VersaBank Stock Performance

Shares of NASDAQ:VBNK opened at $13.43 on Tuesday. The stock has a market capitalization of $348.64 million, a price-to-earnings ratio of 10.17 and a beta of 0.77. VersaBank has a 1-year low of $7.24 and a 1-year high of $13.64. The company’s fifty day moving average is $11.58 and its two-hundred day moving average is $10.80.

VersaBank (NASDAQ:VBNK) last released its quarterly earnings data on Wednesday, June 5th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. VersaBank had a net margin of 17.02% and a return on equity of 12.26%. The business had revenue of $21.01 million for the quarter, compared to analysts’ expectations of $21.54 million. Sell-side analysts expect that VersaBank will post 1.4 EPS for the current fiscal year.

VersaBank Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, July 5th were given a $0.018 dividend. The ex-dividend date of this dividend was Friday, July 5th. This represents a $0.07 dividend on an annualized basis and a yield of 0.54%. VersaBank’s dividend payout ratio is presently 5.30%.

Hedge Funds Weigh In On VersaBank

Large investors have recently made changes to their positions in the business. Hillsdale Investment Management Inc. boosted its holdings in shares of VersaBank by 9.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 347,913 shares of the company’s stock worth $3,819,000 after buying an additional 29,982 shares during the period. Orchard Capital Management LLC boosted its holdings in shares of VersaBank by 0.3% in the fourth quarter. Orchard Capital Management LLC now owns 330,372 shares of the company’s stock worth $3,617,000 after buying an additional 1,000 shares during the period. Wellington Management Group LLP lifted its position in shares of VersaBank by 287.0% in the fourth quarter. Wellington Management Group LLP now owns 124,283 shares of the company’s stock worth $1,357,000 after purchasing an additional 92,166 shares in the last quarter. Cox Capital Mgt LLC lifted its position in shares of VersaBank by 5.3% in the first quarter. Cox Capital Mgt LLC now owns 195,649 shares of the company’s stock worth $2,074,000 after purchasing an additional 9,802 shares in the last quarter. Finally, Cumberland Partners Ltd purchased a new stake in shares of VersaBank in the first quarter worth approximately $472,000. Institutional investors own 56.86% of the company’s stock.

VersaBank Company Profile

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.