VersaBank (NASDAQ:VBNK) Sees Large Increase in Short Interest

VersaBank (NASDAQ:VBNK) was the recipient of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 60,300 shares, an increase of 37.7% from the November 30th total of 43,800 shares. Currently, 0.4% of the company’s shares are sold short. Based on an average trading volume of 85,800 shares, the days-to-cover ratio is presently 0.7 days.

VersaBank Stock Up 0.9 %

NASDAQ VBNK traded up $0.12 on Friday, hitting $13.59. The stock had a trading volume of 58,561 shares, compared to its average volume of 43,062. The company’s 50-day moving average is $15.76 and its two-hundred day moving average is $13.48. The stock has a market cap of $430.30 million, a price-to-earnings ratio of 12.35 and a beta of 0.83. VersaBank has a one year low of $9.48 and a one year high of $18.38.

VersaBank Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 10th will be paid a $0.0177 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.07 annualized dividend and a dividend yield of 0.52%. VersaBank’s payout ratio is 6.36%.

Analysts Set New Price Targets

VBNK has been the topic of several analyst reports. Roth Capital upgraded VersaBank to a “strong-buy” rating in a report on Friday, September 27th. Roth Mkm started coverage on shares of VersaBank in a research note on Friday, September 27th. They issued a “buy” rating and a $18.00 target price for the company. Finally, Raymond James restated an “outperform” rating and set a $17.00 price objective (up from $15.00) on shares of VersaBank in a research note on Friday, November 8th.

Institutional Investors Weigh In On VersaBank

Institutional investors have recently bought and sold shares of the stock. Barclays PLC acquired a new position in shares of VersaBank during the third quarter valued at approximately $32,000. ELCO Management Co. LLC raised its stake in shares of VersaBank by 4.1% in the 2nd 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 lifted its holdings in shares of VersaBank by 6.1% in the second quarter. Mendon Capital Advisors Corp now owns 84,056 shares of the company’s stock valued at $904,000 after buying an additional 4,817 shares during the period. Mark Sheptoff Financial Planning LLC bought a new position in VersaBank during the third quarter valued at about $137,000. Finally, Dimensional Fund Advisors LP grew its holdings in VersaBank by 44.7% during 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 period. Institutional investors and hedge funds own 56.86% of the company’s stock.

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.