Raymond James Reiterates "Outperform" Rating for VersaBank (NASDAQ:VBNK)

Raymond James reaffirmed their outperform rating on shares of VersaBank (NASDAQ:VBNK - Free Report) in a research report released on Friday morning,Benzinga reports. Raymond James currently has a $17.00 price target on the stock, up from their previous price target of $15.00.

A number of other research analysts have also recently commented on the stock. Keefe, Bruyette & Woods assumed coverage on shares of VersaBank in a research note on Tuesday, August 27th. They set an "outperform" rating and a $22.00 price target for the company. Roth Capital upgraded VersaBank to a "strong-buy" rating in a research report on Friday, September 27th. Finally, Roth Mkm began coverage on VersaBank in a research note on Friday, September 27th. They issued a "buy" rating and a $18.00 price target on the stock. Three research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $19.00.

VersaBank Price Performance

Shares of VBNK traded up $0.23 on Friday, reaching $16.10. 22,547 shares of the stock traded hands, compared to its average volume of 28,821. The firm has a market cap of $418.12 million, a price-to-earnings ratio of 12.38 and a beta of 0.76. VersaBank has a 12 month low of $7.36 and a 12 month high of $16.27. The stock's 50-day moving average price is $14.03 and its 200-day moving average price is $11.94.

VersaBank (NASDAQ:VBNK - Get Free Report) 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). The business had revenue of $19.72 million during the quarter, compared to the consensus estimate of $21.83 million. VersaBank had a net margin of 16.24% and a return on equity of 11.85%. As a group, equities research analysts forecast that VersaBank will post 1.21 earnings per share for the current fiscal year.

VersaBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 4th were paid a $0.018 dividend. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date was Friday, October 4th. VersaBank's dividend payout ratio (DPR) is currently 5.38%.

Institutional Investors Weigh In On VersaBank

Large investors have recently bought and sold shares of the business. Pembroke Management LTD acquired a new position in VersaBank in the second quarter worth $377,000. Cumberland Partners Ltd acquired a new stake in VersaBank in the 1st quarter valued at about $472,000. Dimensional Fund Advisors LP raised its stake 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 acquiring an additional 15,462 shares during the last quarter. Acadian Asset Management LLC lifted its position 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 grew 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 valued at $892,000 after purchasing an additional 3,234 shares during the last quarter. 56.86% of the stock is currently 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.