VersaBank (NASDAQ:VBNK) Sees Significant Decrease in Short Interest

VersaBank (NASDAQ:VBNK) saw a large decrease in short interest in October. As of October 31st, there was short interest totalling 21,900 shares, a decrease of 27.7% from the October 15th total of 30,300 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average daily volume of 43,600 shares, the short-interest ratio is currently 0.5 days.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Roth Capital raised shares of VersaBank to a “strong-buy” rating in a research report on Friday, September 27th. Keefe, Bruyette & Woods began coverage on VersaBank in a report on Tuesday, August 27th. They issued an “outperform” rating and a $22.00 price target for the company. Raymond James reaffirmed an “outperform” rating and set a $17.00 price objective (up previously from $15.00) on shares of VersaBank in a research report on Friday, November 8th. Finally, Roth Mkm started coverage on VersaBank in a research note on Friday, September 27th. They issued a “buy” rating and a $18.00 target price for the company. Three investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, VersaBank presently has a consensus rating of “Buy” and a consensus target price of $19.00.

Hedge Funds Weigh In On VersaBank

Hedge funds have recently modified their holdings of the company. Cumberland Partners Ltd acquired a new stake in VersaBank in the 1st quarter valued at about $472,000. Acadian Asset Management LLC lifted its stake in VersaBank by 52.4% during the first quarter. Acadian Asset Management LLC now owns 66,004 shares of the company’s stock valued at $689,000 after purchasing an additional 22,699 shares during the last quarter. Mendon Capital Advisors Corp boosted its holdings in VersaBank by 6.1% during the second quarter. Mendon Capital Advisors Corp now owns 84,056 shares of the company’s stock worth $904,000 after buying an additional 4,817 shares in the last quarter. ELCO Management Co. LLC grew its position in VersaBank by 4.1% in the second quarter. ELCO Management Co. LLC now owns 82,942 shares of the company’s stock worth $892,000 after buying an additional 3,234 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position 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 worth $540,000 after purchasing an additional 15,462 shares during the period. 56.86% of the stock is currently owned by institutional investors and hedge funds.

VersaBank Price Performance

VBNK stock traded down $0.11 on Thursday, reaching $16.42. The company’s stock had a trading volume of 8,632 shares, compared to its average volume of 28,723. VersaBank has a 52 week low of $7.50 and a 52 week high of $17.06. The company has a market capitalization of $426.43 million, a P/E ratio of 12.57 and a beta of 0.76. The firm has a fifty day moving average of $14.22 and a two-hundred day moving average of $12.10.

VersaBank (NASDAQ:VBNK) last announced its earnings results on Thursday, September 5th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.08). The company had revenue of $19.72 million during the quarter, compared to the consensus estimate of $21.83 million. VersaBank had a net margin of 16.24% and a return on equity of 11.85%. As a group, equities analysts expect that VersaBank will post 1.21 EPS for the current fiscal year.

VersaBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 4th were given a $0.018 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $0.07 dividend on an annualized basis and a yield of 0.44%. VersaBank’s dividend payout ratio (DPR) is 5.38%.

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.