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

VersaBank (NASDAQ:VBNK) was the target of a significant growth in short interest in December. As of December 15th, there was short interest totalling 60,300 shares, a growth of 37.7% from the November 30th total of 43,800 shares. Based on an average trading volume of 85,800 shares, the days-to-cover ratio is presently 0.7 days. Currently, 0.4% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

VBNK has been the topic of several recent analyst reports. Raymond James reiterated an “outperform” rating and set a $17.00 target price (up from $15.00) on shares of VersaBank in a research note on Friday, November 8th. Roth Mkm initiated coverage on shares of VersaBank in a report on Friday, September 27th. They set a “buy” rating and a $18.00 price objective for the company. Finally, Roth Capital upgraded shares of VersaBank to a “strong-buy” rating in a report on Friday, September 27th.

VersaBank Price Performance

NASDAQ VBNK traded up $0.12 on Friday, hitting $13.59. The company had a trading volume of 58,561 shares, compared to its average volume of 43,062. VersaBank has a 12-month low of $9.48 and a 12-month high of $18.38. The company has a market capitalization of $430.30 million, a PE ratio of 12.35 and a beta of 0.83. The company’s fifty day moving average price is $15.76 and its 200-day moving average price is $13.46.

VersaBank Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 10th will be issued a $0.0177 dividend. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend is Friday, January 10th. VersaBank’s dividend payout ratio (DPR) is currently 6.36%.

Hedge Funds Weigh In On VersaBank

Several large investors have recently bought and sold shares of VBNK. Pembroke Management LTD acquired a new position in VersaBank during the 2nd quarter worth approximately $377,000. Acadian Asset Management LLC grew its stake in VersaBank by 52.2% during the second quarter. Acadian Asset Management LLC now owns 100,466 shares of the company’s stock worth $1,067,000 after buying an additional 34,462 shares during the period. K2 Principal Fund L.P. acquired a new stake in VersaBank in the 3rd quarter valued at $211,000. Dimensional Fund Advisors LP raised its stake in shares of VersaBank by 44.7% during the second quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock valued at $540,000 after purchasing an additional 15,462 shares during the period. Finally, Mark Sheptoff Financial Planning LLC acquired a new stake in VersaBank in the third quarter worth $137,000. Hedge funds and other institutional investors 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.