VersaBank (NASDAQ:VBNK) Short Interest Up 29.2% in September

VersaBank (NASDAQ:VBNK) saw a large increase in short interest in September. As of September 15th, there was short interest totalling 16,800 shares, an increase of 29.2% from the August 31st total of 13,000 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 36,500 shares, the short-interest ratio is currently 0.5 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pembroke Management LTD purchased a new stake in VersaBank during the 2nd quarter worth approximately $377,000. Cumberland Partners Ltd purchased a new position in VersaBank in the 1st quarter valued at approximately $472,000. Dimensional Fund Advisors LP grew its stake 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 acquiring an additional 15,462 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of VersaBank by 52.4% during the first quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock worth $689,000 after acquiring an additional 22,699 shares during the period. Finally, ELCO Management Co. LLC increased its position in shares of VersaBank by 4.1% during the second quarter. ELCO Management Co. LLC now owns 82,942 shares of the company’s stock worth $892,000 after acquiring an additional 3,234 shares during the period. Hedge funds and other institutional investors own 56.86% of the company’s stock.

VersaBank Trading Down 2.1 %

VBNK stock opened at $13.03 on Friday. The business’s fifty day moving average price is $12.43 and its 200 day moving average price is $11.05. VersaBank has a 12-month low of $7.24 and a 12-month high of $14.22. The company has a market capitalization of $338.26 million, a PE ratio of 9.87 and a beta of 0.79.

VersaBank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 4th will be paid a dividend of $0.018 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.07 dividend on an annualized basis and a yield of 0.55%. VersaBank’s dividend payout ratio (DPR) is presently 5.30%.

Wall Street Analyst Weigh In

Several brokerages recently commented on VBNK. Roth Capital upgraded VersaBank to a “strong-buy” rating in a research report on Friday. Roth Mkm assumed coverage on shares of VersaBank in a report on Friday. They set a “buy” rating and a $18.00 price target for the company. Finally, Keefe, Bruyette & Woods started coverage on shares of VersaBank in a report on Tuesday, August 27th. They issued an “outperform” rating and a $22.00 price objective on the stock. Three analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $16.67.

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.