Short Interest in VersaBank (NASDAQ:VBNK) Expands By 29.2%

VersaBank (NASDAQ:VBNK) was the target of a significant increase in short interest during the month of 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 company are sold short. Based on an average daily trading volume, of 36,500 shares, the short-interest ratio is currently 0.5 days.

Analysts Set New Price Targets

VBNK has been the topic of several research reports. Keefe, Bruyette & Woods started coverage on VersaBank in a research report on Tuesday, August 27th. They issued an “outperform” rating and a $22.00 target price on the stock. Roth Mkm began coverage on VersaBank in a research note on Friday. They set a “buy” rating and a $18.00 price target on the stock. Finally, Roth Capital upgraded VersaBank to a “strong-buy” rating in a research note on Friday. Three investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $16.67.

VersaBank Stock Performance

NASDAQ VBNK opened at $13.03 on Friday. The firm has a market capitalization of $338.26 million, a P/E ratio of 9.87 and a beta of 0.79. The stock has a 50-day simple moving average of $12.43 and a two-hundred day simple moving average of $11.05. VersaBank has a fifty-two week low of $7.24 and a fifty-two week high of $14.22.

VersaBank Announces Dividend

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

Institutional Investors Weigh In On VersaBank

Several hedge funds have recently bought and sold shares of the stock. Pembroke Management LTD acquired a new position in shares of VersaBank in the 2nd quarter valued at $377,000. Cumberland Partners Ltd purchased a new position in VersaBank in the first quarter valued at $472,000. Dimensional Fund Advisors LP raised its position 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 during the period. Acadian Asset Management LLC boosted its stake in shares of VersaBank by 52.4% during the 1st 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 in the last quarter. Finally, ELCO Management Co. LLC grew its position in shares of VersaBank by 4.1% during the 2nd quarter. ELCO Management Co. LLC now owns 82,942 shares of the company’s stock valued at $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.

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.