VersaBank (NASDAQ:VBNK) Earns Outperform Rating from Raymond James

VersaBank (NASDAQ:VBNK)‘s stock had its “outperform” rating reissued by research analysts at Raymond James in a report released on Friday,Benzinga reports. They currently have a $17.00 price objective on the stock, up from their previous price objective of $15.00. Raymond James’ target price points to a potential upside of 5.59% from the company’s previous close.

Several other analysts also recently commented on VBNK. Roth Capital raised shares of VersaBank to a “strong-buy” rating in a report on Friday, September 27th. Keefe, Bruyette & Woods started coverage on VersaBank in a report on Tuesday, August 27th. They set an “outperform” rating and a $22.00 price objective for the company. Finally, Roth Mkm began coverage on VersaBank in a research note on Friday, September 27th. They set a “buy” rating and a $18.00 target price on the stock. Three investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $19.00.

VersaBank Stock Up 1.4 %

NASDAQ:VBNK opened at $16.10 on Friday. VersaBank has a 12-month low of $7.36 and a 12-month high of $16.27. The firm has a market capitalization of $418.12 million, a price-to-earnings ratio of 12.38 and a beta of 0.76. The stock’s 50 day moving average price is $14.03 and its two-hundred day moving average price is $11.96.

VersaBank (NASDAQ:VBNK) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.08). VersaBank had a net margin of 16.24% and a return on equity of 11.85%. The business had revenue of $19.72 million for the quarter, compared to analyst estimates of $21.83 million. Equities research analysts expect that VersaBank will post 1.21 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. ELCO Management Co. LLC grew 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 buying an additional 3,234 shares in the last quarter. Mendon Capital Advisors Corp grew its holdings in shares of VersaBank by 6.1% during 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. Dimensional Fund Advisors LP increased its position in shares of VersaBank by 44.7% in 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 during the period. Pembroke Management LTD raised its stake in VersaBank by 45.2% in the third quarter. Pembroke Management LTD now owns 50,864 shares of the company’s stock valued at $675,000 after purchasing an additional 15,834 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in 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 during the period. 56.86% of the stock is owned by institutional investors.

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.