VersaBank (NASDAQ:VBNK) Short Interest Up 37.7% in December

VersaBank (NASDAQ:VBNK) saw a significant increase in short interest in the month of 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 company’s stock are sold short. Based on an average trading volume of 85,800 shares, the days-to-cover ratio is presently 0.7 days.

Institutional Trading of VersaBank

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC acquired a new position in shares of VersaBank in the 3rd quarter valued at $32,000. Mark Sheptoff Financial Planning LLC acquired a new position in VersaBank during the third quarter worth about $137,000. K2 Principal Fund L.P. purchased a new position in VersaBank in the third quarter valued at about $211,000. Pembroke Management LTD acquired a new stake in shares of VersaBank during the 2nd quarter valued at approximately $377,000. Finally, Dimensional Fund Advisors LP boosted its position in VersaBank by 44.7% during the second 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 in the last quarter. 56.86% of the stock is currently owned by institutional investors and hedge funds.

VersaBank Stock Performance

Shares of 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. VersaBank has a 1 year low of $9.48 and a 1 year high of $18.38. The firm has a market cap of $430.30 million, a PE ratio of 12.35 and a beta of 0.83. The stock’s fifty day moving average is $15.76 and its 200 day moving average is $13.48.

VersaBank Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 10th will be paid a dividend of $0.0177 per share. The ex-dividend date is Friday, January 10th. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.52%. VersaBank’s payout ratio is 6.36%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on VBNK shares. Roth Capital raised shares of VersaBank to a “strong-buy” rating in a research report on Friday, September 27th. Roth Mkm began coverage on VersaBank in a research note on Friday, September 27th. They set a “buy” rating and a $18.00 target price for the company. Finally, Raymond James reissued an “outperform” rating and issued a $17.00 price target (up previously from $15.00) on shares of VersaBank in a research note on Friday, November 8th.

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.