Renaissance Technologies LLC Reduces Stock Position in VersaBank (NASDAQ:VBNK)

Renaissance Technologies LLC lessened its stake in shares of VersaBank (NASDAQ:VBNK) by 16.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,400 shares of the company’s stock after selling 5,415 shares during the quarter. Renaissance Technologies LLC owned approximately 0.11% of VersaBank worth $306,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. increased its position in VersaBank by 17.5% during the 1st quarter. Hillsdale Investment Management Inc. now owns 408,794 shares of the company’s stock worth $4,321,000 after purchasing an additional 60,881 shares in the last quarter. Cox Capital Mgt LLC grew 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 buying an additional 9,802 shares during the period. Wellington Management Group LLP grew its holdings in VersaBank by 287.0% in the 4th quarter. Wellington Management Group LLP now owns 124,283 shares of the company’s stock valued at $1,357,000 after buying an additional 92,166 shares during the period. Acadian Asset Management LLC grew its holdings in VersaBank by 52.2% in 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 period. Finally, Dimensional Fund Advisors LP grew its holdings in VersaBank by 44.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock valued at $540,000 after buying an additional 15,462 shares during the period. Hedge funds and other institutional investors own 56.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on VBNK. Roth Mkm began coverage on VersaBank in a report on Friday, September 27th. They set a “buy” rating and a $18.00 target price for the company. Keefe, Bruyette & Woods began coverage on VersaBank in a report on Tuesday, August 27th. They set an “outperform” rating and a $22.00 target price for the company. Finally, Roth Capital upgraded VersaBank to a “strong-buy” rating in a report on Friday, September 27th. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $16.67.

VersaBank Stock Performance

VersaBank stock opened at $14.95 on Friday. The stock’s 50 day moving average price is $12.73 and its 200 day moving average price is $11.23. The firm has a market capitalization of $388.16 million, a PE ratio of 11.33 and a beta of 0.79. VersaBank has a one year low of $7.24 and a one year high of $15.71.

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

VersaBank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 4th will be given a $0.018 dividend. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Friday, October 4th. VersaBank’s payout ratio is 5.30%.

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.