VersaBank (NASDAQ:VBNK) Now Covered by Analysts at Keefe, Bruyette & Woods

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

VersaBank Price Performance

NASDAQ VBNK opened at $13.43 on Tuesday. VersaBank has a 1 year low of $7.24 and a 1 year high of $13.64. The company has a fifty day moving average of $11.58 and a 200 day moving average of $10.80. The company has a market capitalization of $348.64 million, a PE ratio of 10.17 and a beta of 0.77.

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

VersaBank Cuts Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pembroke Management LTD purchased a new stake in shares of VersaBank during the second quarter worth about $377,000. Cumberland Partners Ltd purchased a new stake in shares of VersaBank during the first quarter worth about $472,000. Dimensional Fund Advisors LP increased its stake in shares of VersaBank by 44.7% during the second quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock worth $540,000 after purchasing an additional 15,462 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of VersaBank by 52.4% during the first quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock worth $689,000 after purchasing an additional 22,699 shares in the last quarter. Finally, ELCO Management Co. LLC increased its stake in shares of 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 purchasing an additional 3,234 shares in the last quarter. Hedge funds and other 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.