Short Interest in VersaBank (NASDAQ:VBNK) Declines By 27.7%

VersaBank (NASDAQ:VBNK) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 21,900 shares, a decrease of 27.7% from the October 15th total of 30,300 shares. Based on an average daily volume of 43,600 shares, the days-to-cover ratio is presently 0.5 days. Approximately 0.2% of the shares of the stock are short sold.

Analyst Ratings Changes

Several research analysts recently commented on the company. Keefe, Bruyette & Woods assumed coverage on VersaBank in a research note on Tuesday, August 27th. They issued an “outperform” rating and a $22.00 price objective for the company. Raymond James reissued an “outperform” rating and issued a $17.00 price objective (up from $15.00) on shares of VersaBank in a research note on Friday, November 8th. Roth Mkm assumed coverage on VersaBank in a research note on Friday, September 27th. They issued a “buy” rating and a $18.00 price objective for the company. Finally, Roth Capital upgraded VersaBank to a “strong-buy” rating in a report on Friday, September 27th. Three equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $19.00.

VersaBank Stock Up 1.6 %

Shares of NASDAQ:VBNK opened at $16.52 on Friday. The business has a fifty day moving average of $14.29 and a two-hundred day moving average of $12.13. The stock has a market cap of $428.96 million, a P/E ratio of 12.71 and a beta of 0.76. VersaBank has a 52-week low of $7.52 and a 52-week high of $17.06.

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

VersaBank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 4th were issued a dividend of $0.018 per share. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend was Friday, October 4th. VersaBank’s dividend payout ratio is presently 5.38%.

Hedge Funds Weigh In On VersaBank

A number of hedge funds have recently modified their holdings of VBNK. Cumberland Partners Ltd purchased a new position in shares of VersaBank during the 1st quarter worth $472,000. Acadian Asset Management LLC grew its holdings in shares of VersaBank by 52.4% during the 1st quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock worth $689,000 after purchasing an additional 22,699 shares during the period. Hillsdale Investment Management Inc. grew its holdings in shares of 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 during the period. Pembroke Management LTD purchased a new position in shares of VersaBank during the 2nd quarter worth $377,000. Finally, Dimensional Fund Advisors LP grew its holdings 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 worth $540,000 after purchasing an additional 15,462 shares during the period. 56.86% of the stock is currently owned by hedge funds and other 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.