VersaBank (NASDAQ:VBNK) Short Interest Up 59.6% in March

VersaBank (NASDAQ:VBNK - Get Free Report) was the target of a significant increase in short interest in March. As of March 15th, there was short interest totalling 94,000 shares, an increase of 59.6% from the February 28th total of 58,900 shares. Based on an average trading volume of 103,700 shares, the days-to-cover ratio is presently 0.9 days. Currently, 0.5% of the company's stock are sold short.

Hedge Funds Weigh In On VersaBank

A number of hedge funds have recently modified their holdings of the stock. Mark Sheptoff Financial Planning LLC acquired a new position in shares of VersaBank in the 3rd quarter valued at $137,000. K2 Principal Fund L.P. purchased a new position in shares of VersaBank in the third quarter worth approximately $211,000. Barclays PLC acquired a new stake in shares of VersaBank during the third quarter valued at approximately $32,000. Round Rock Advisors LLC purchased a new stake in shares of VersaBank in the 4th quarter valued at approximately $273,000. Finally, Salzhauer Michael acquired a new stake in VersaBank during the 4th quarter valued at $137,000. 56.86% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Roth Mkm downgraded shares of VersaBank from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $22.00 to $10.40 in a research note on Thursday, March 6th. Roth Capital set a $10.40 price target on shares of VersaBank in a research report on Thursday, March 6th. Finally, Raymond James reaffirmed an "outperform" rating on shares of VersaBank in a research note on Thursday, March 6th.

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VersaBank Price Performance

Shares of VersaBank stock traded up $0.01 during trading on Wednesday, hitting $10.24. The stock had a trading volume of 31,943 shares, compared to its average volume of 60,443. The business has a fifty day moving average of $12.11 and a two-hundred day moving average of $13.86. VersaBank has a fifty-two week low of $9.48 and a fifty-two week high of $18.38. The firm has a market cap of $332.99 million, a P/E ratio of 9.31 and a beta of 0.93.

VersaBank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, April 4th will be issued a $0.025 dividend. This is an increase from VersaBank's previous quarterly dividend of $0.02. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date is Friday, April 4th. VersaBank's payout ratio is presently 6.38%.

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.