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

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

Analysts Set New Price Targets

VBNK has been the topic of several research reports. Raymond James restated an “outperform” rating on shares of VersaBank in a research note on Thursday, March 6th. Roth Mkm downgraded shares of VersaBank from a “buy” rating to a “neutral” rating and cut their target price for the company from $22.00 to $10.40 in a research report on Thursday, March 6th. Finally, Roth Capital set a $10.40 price target on shares of VersaBank in a research report on Thursday, March 6th.

VersaBank Price Performance

VBNK opened at $9.90 on Friday. The firm has a market capitalization of $321.94 million, a PE ratio of 9.00 and a beta of 0.93. The business’s 50-day moving average is $12.24 and its two-hundred day moving average is $13.89. VersaBank has a 1 year low of $9.48 and a 1 year high of $18.38.

VersaBank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, April 4th will be given a $0.025 dividend. The ex-dividend date is Friday, April 4th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.01%. This is an increase from VersaBank’s previous quarterly dividend of $0.02. VersaBank’s payout ratio is presently 6.38%.

Institutional Investors Weigh In On VersaBank

Hedge funds and other institutional investors have recently bought and sold shares of the company. Alliancebernstein L.P. increased its position in shares of VersaBank by 73.2% during the fourth quarter. Alliancebernstein L.P. now owns 2,708,715 shares of the company’s stock worth $37,516,000 after purchasing an additional 1,144,620 shares in the last quarter. Rhino Investment Partners Inc acquired a new position in VersaBank during the 4th quarter valued at about $12,389,000. Wellington Management Group LLP purchased a new stake in VersaBank in the fourth quarter valued at about $5,886,000. Pacific Ridge Capital Partners LLC acquired a new stake in VersaBank in the fourth quarter worth about $5,588,000. Finally, Kennedy Capital Management LLC purchased a new stake in shares of VersaBank during the fourth quarter worth about $5,235,000. Hedge funds and other institutional investors own 56.86% of the company’s stock.

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.