Short Interest in VersaBank (NASDAQ:VBNK) Rises By 80.1%

VersaBank (NASDAQ:VBNK) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 38,900 shares, an increase of 80.1% from the May 31st total of 21,600 shares. Based on an average daily volume of 17,800 shares, the short-interest ratio is presently 2.2 days. Currently, 0.3% of the company’s shares are sold short.

VersaBank Price Performance

Shares of NASDAQ VBNK traded up $0.06 during mid-day trading on Friday, hitting $10.76. The company’s stock had a trading volume of 6,859 shares, compared to its average volume of 17,020. The stock has a market cap of $279.33 million, a price-to-earnings ratio of 8.15 and a beta of 0.75. The company’s fifty day simple moving average is $10.05 and its 200-day simple moving average is $10.56. VersaBank has a one year low of $7.24 and a one year high of $12.19.

VersaBank (NASDAQ:VBNK) last announced its quarterly earnings data on Wednesday, June 5th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. The firm had revenue of $21.01 million for the quarter, compared to analysts’ expectations of $21.54 million. VersaBank had a net margin of 17.02% and a return on equity of 12.26%. On average, sell-side analysts predict that VersaBank will post 1.4 EPS for the current year.

VersaBank Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 5th will be issued a $0.018 dividend. The ex-dividend date of this dividend is Friday, July 5th. This represents a $0.07 dividend on an annualized basis and a yield of 0.67%. VersaBank’s dividend payout ratio is presently 5.30%.

Hedge Funds Weigh In On VersaBank

Several hedge funds have recently added to or reduced their stakes in VBNK. Hillsdale Investment Management Inc. increased its stake in shares of VersaBank by 17.5% in the 1st quarter. Hillsdale Investment Management Inc. now owns 408,794 shares of the company’s stock valued at $4,321,000 after acquiring an additional 60,881 shares during the last quarter. Acadian Asset Management LLC increased its stake in VersaBank by 52.4% in the first quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock valued at $689,000 after purchasing an additional 22,699 shares in the last quarter. Cumberland Partners Ltd acquired a new stake in VersaBank in the first quarter worth $472,000. Cox Capital Mgt LLC boosted its position in shares of VersaBank by 5.3% during the first quarter. Cox Capital Mgt LLC now owns 195,649 shares of the company’s stock worth $2,074,000 after purchasing an additional 9,802 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of VersaBank by 287.0% in the 4th quarter. Wellington Management Group LLP now owns 124,283 shares of the company’s stock valued at $1,357,000 after buying an additional 92,166 shares during the period. Institutional investors and hedge funds own 56.86% of the company’s stock.

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.