Short Interest in VersaBank (NASDAQ:VBNK) Expands By 37.7%

VersaBank (NASDAQ:VBNK) was the recipient of a large growth in short interest in December. As of December 15th, there was short interest totalling 60,300 shares, a growth of 37.7% from the November 30th total of 43,800 shares. Based on an average daily volume of 85,800 shares, the short-interest ratio is currently 0.7 days. Approximately 0.4% of the shares of the stock are short sold.

VersaBank Trading Down 1.0 %

Shares of NASDAQ:VBNK traded down $0.13 during mid-day trading on Monday, reaching $13.46. The company had a trading volume of 99,279 shares, compared to its average volume of 43,264. The company’s 50-day moving average price is $15.76 and its 200-day moving average price is $13.50. VersaBank has a one year low of $9.48 and a one year high of $18.38. The firm has a market cap of $426.18 million, a price-to-earnings ratio of 12.24 and a beta of 0.83.

VersaBank Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 10th will be given a dividend of $0.0177 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.07 dividend on an annualized basis and a yield of 0.53%. VersaBank’s dividend payout ratio is presently 6.36%.

Analyst Ratings Changes

A number of brokerages recently issued reports on VBNK. Raymond James reaffirmed an “outperform” rating and set a $17.00 price target (up previously from $15.00) on shares of VersaBank in a research report on Friday, November 8th. Roth Capital upgraded VersaBank to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Roth Mkm assumed coverage on VersaBank in a research note on Friday, September 27th. They issued a “buy” rating and a $18.00 price target for the company.

Institutional Trading of VersaBank

Several hedge funds and other institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC lifted its position in shares of VersaBank by 52.2% during the second quarter. Acadian Asset Management LLC now owns 100,466 shares of the company’s stock worth $1,067,000 after acquiring an additional 34,462 shares in the last quarter. Mendon Capital Advisors Corp boosted its position 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 acquiring an additional 4,817 shares during the period. ELCO Management Co. LLC grew its stake in 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 acquiring an additional 3,234 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in VersaBank by 44.7% during the 2nd 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. Finally, Pembroke Management LTD purchased a new stake in VersaBank in the 2nd quarter worth approximately $377,000. Institutional investors own 56.86% of the company’s stock.

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.