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

VersaBank (NASDAQ:VBNK) was the target of a large increase in short interest in September. As of September 15th, there was short interest totalling 16,800 shares, an increase of 29.2% from the August 31st total of 13,000 shares. Based on an average trading volume of 36,500 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.1% of the company’s stock are short sold.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods initiated coverage on VersaBank in a research report on Tuesday, August 27th. They issued an “outperform” rating and a $22.00 target price for the company. Roth Mkm began coverage on VersaBank in a research report on Friday. They set a “buy” rating and a $18.00 price objective for the company.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Mendon Capital Advisors Corp grew its holdings in VersaBank by 6.1% during the second quarter. Mendon Capital Advisors Corp now owns 84,056 shares of the company’s stock valued at $904,000 after purchasing an additional 4,817 shares during the period. ELCO Management Co. LLC lifted its position in shares of VersaBank by 4.1% during the 2nd quarter. ELCO Management Co. LLC now owns 82,942 shares of the company’s stock valued at $892,000 after buying an additional 3,234 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of VersaBank by 44.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock valued at $540,000 after acquiring an additional 15,462 shares during the period. Acadian Asset Management LLC increased 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 worth $1,067,000 after acquiring an additional 34,462 shares in the last quarter. Finally, Pembroke Management LTD purchased a new stake in VersaBank in the 2nd quarter worth approximately $377,000. 56.86% of the stock is currently owned by institutional investors.

VersaBank Price Performance

NASDAQ VBNK traded down $0.10 during trading hours on Friday, hitting $13.22. The company’s stock had a trading volume of 5,982 shares, compared to its average volume of 27,451. VersaBank has a 12 month low of $7.24 and a 12 month high of $14.22. The company’s 50 day simple moving average is $12.41 and its two-hundred day simple moving average is $11.03. The company has a market cap of $343.19 million, a P/E ratio of 10.09 and a beta of 0.79.

VersaBank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 4th will be given a dividend of $0.018 per share. This represents a $0.07 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Friday, October 4th. VersaBank’s payout ratio is currently 5.30%.

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.