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

VersaBank (NASDAQ:VBNK - Get Free Report) was the target 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 trading volume, of 85,800 shares, the days-to-cover ratio is presently 0.7 days. Currently, 0.4% of the company's stock are sold short.

Analysts Set New Price Targets

A number of research analysts have commented on VBNK shares. Roth Capital raised shares of VersaBank to a "strong-buy" rating in a research report on Friday, September 27th. Raymond James reissued an "outperform" rating and set a $17.00 price objective (up from $15.00) on shares of VersaBank in a report on Friday, November 8th. Finally, Roth Mkm assumed coverage on VersaBank in a report on Friday, September 27th. They set a "buy" rating and a $18.00 target price for the company.

VersaBank Trading Up 0.9 %

Shares of NASDAQ:VBNK traded up $0.12 during trading on Friday, reaching $13.59. The stock had a trading volume of 58,561 shares, compared to its average volume of 43,062. The firm's 50-day simple moving average is $15.76 and its 200 day simple moving average is $13.48. VersaBank has a one year low of $9.48 and a one year high of $18.38. The company has a market capitalization of $430.30 million, a P/E ratio of 12.35 and a beta of 0.83.

VersaBank Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders 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 yield of 0.52%. VersaBank's dividend payout ratio (DPR) is 6.36%.

Hedge Funds Weigh In On VersaBank

Several institutional investors and hedge funds have recently bought and sold shares of VBNK. Barclays PLC purchased a new stake in shares of VersaBank during the third quarter worth about $32,000. ELCO Management Co. LLC grew its position in VersaBank by 4.1% during the 2nd quarter. ELCO Management Co. LLC now owns 82,942 shares of the company's stock worth $892,000 after purchasing an additional 3,234 shares during the last quarter. Mendon Capital Advisors Corp grew its position 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. Mark Sheptoff Financial Planning LLC acquired a new position in VersaBank during the 3rd quarter valued at approximately $137,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of VersaBank by 44.7% in the second quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company's stock worth $540,000 after buying an additional 15,462 shares during the last quarter. 56.86% of the stock is owned by hedge funds and other institutional investors.

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.