VersaBank (NASDAQ:VBNK) Upgraded to Strong-Buy by Roth Capital

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

VBNK has been the topic of several other research reports. Roth Mkm assumed coverage on VersaBank in a report on Friday. They set a buy rating and a $18.00 target price on the stock. Keefe, Bruyette & Woods initiated coverage on shares of VersaBank in a research report on Tuesday, August 27th. They set an outperform rating and a $22.00 price target on the stock. Three equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus target price of $16.67.

VersaBank Stock Performance

NASDAQ:VBNK opened at $13.03 on Friday. The company has a market cap of $338.26 million, a PE ratio of 9.87 and a beta of 0.79. The stock has a 50-day simple moving average of $12.41 and a 200 day simple moving average of $11.03. VersaBank has a 52-week low of $7.24 and a 52-week high of $14.22.

VersaBank Announces Dividend

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Orchard Capital Management LLC increased its position in VersaBank by 0.3% during the 4th 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. ELCO Management Co. LLC increased 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. Mendon Capital Advisors Corp raised its stake in VersaBank by 6.1% in the 2nd quarter. Mendon Capital Advisors Corp now owns 84,056 shares of the company’s stock worth $904,000 after purchasing an additional 4,817 shares in the last quarter. Cox Capital Mgt LLC boosted its holdings in VersaBank by 5.3% in the 1st quarter. Cox Capital Mgt LLC now owns 195,649 shares of the company’s stock valued at $2,074,000 after purchasing an additional 9,802 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of VersaBank by 44.7% during the 2nd 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. 56.86% of the stock is owned by institutional investors.

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.