VersaBank (NASDAQ:VBNK) Coverage Initiated at Roth Mkm

Research analysts at Roth Mkm initiated coverage on shares of VersaBank (NASDAQ:VBNK) in a research report issued to clients and investors on Friday, Benzinga reports. The firm set a “buy” rating and a $18.00 price target on the stock. Roth Mkm’s price objective would suggest a potential upside of 35.19% from the company’s current price.

Separately, Keefe, Bruyette & Woods started coverage on shares of VersaBank in a report on Tuesday, August 27th. They set an “outperform” rating and a $22.00 price target on the stock.

VersaBank Price Performance

VBNK opened at $13.32 on Friday. VersaBank has a 1 year low of $7.24 and a 1 year high of $14.22. The company has a market capitalization of $345.66 million, a price-to-earnings ratio of 10.09 and a beta of 0.79. The firm’s fifty day moving average price is $12.41 and its two-hundred day moving average price is $11.03.

Institutional Investors Weigh In On VersaBank

A number of hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP increased its stake in shares of VersaBank by 287.0% during the 4th 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 during the last quarter. Hillsdale Investment Management Inc. increased its position in VersaBank by 17.5% in the first quarter. Hillsdale Investment Management Inc. now owns 408,794 shares of the company’s stock worth $4,321,000 after buying an additional 60,881 shares during the last quarter. Cumberland Partners Ltd purchased a new stake in VersaBank in the first quarter worth $472,000. Pembroke Management LTD bought a new stake in shares of VersaBank in the second quarter valued at $377,000. Finally, Acadian Asset Management LLC lifted its position in shares of VersaBank by 52.2% during the 2nd quarter. Acadian Asset Management LLC now owns 100,466 shares of the company’s stock valued at $1,067,000 after buying an additional 34,462 shares during the last quarter. 56.86% of the stock is currently 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.