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

by · The Cerbat Gem

VersaBank (NASDAQ:VBNK – Get Free Report) was the recipient of a significant increase in short interest in 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. Approximately 0.4% of the shares of the stock are short sold. Based on an average trading volume of 85,800 shares, the days-to-cover ratio is presently 0.7 days.

VersaBank Trading Up 0.9 %

VersaBank stock traded up $0.12 during trading hours on Friday, reaching $13.59. 58,561 shares of the company were exchanged, compared to its average volume of 43,062. The stock has a 50-day moving average of $15.76 and a 200 day moving average of $13.46. The firm 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 12 month low of $9.48 and a 12 month high of $18.38.

VersaBank Cuts Dividend

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

Institutional Trading of VersaBank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barclays PLC bought a new position in VersaBank in the 3rd quarter valued at $32,000. K2 Principal Fund L.P. bought a new position in VersaBank in the 3rd quarter worth approximately $211,000. Mark Sheptoff Financial Planning LLC bought a new position in VersaBank in the 3rd quarter worth approximately $137,000. Pembroke Management LTD increased its stake in shares of VersaBank by 45.2% in the 3rd quarter. Pembroke Management LTD now owns 50,864 shares of the company’s stock valued at $675,000 after buying an additional 15,834 shares during the period. Finally, Mendon Capital Advisors Corp raised its holdings in VersaBank by 6.1% during the 2nd quarter. Mendon Capital Advisors Corp now owns 84,056 shares of the company’s stock worth $904,000 after purchasing an additional 4,817 shares during the last quarter. Institutional investors own 56.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on VBNK shares. Roth Capital upgraded shares of VersaBank to a “strong-buy” rating in a report on Friday, September 27th. Raymond James reissued an “outperform” rating and set a $17.00 target price (up from $15.00) on shares of VersaBank in a research note on Friday, November 8th. Finally, Roth Mkm began 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.

View Our Latest Analysis on VersaBank

About VersaBank

(Get Free Report)

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.

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