Short Interest in VersaBank (NASDAQ:VBNK) Expands By 59.6%

VersaBank (NASDAQ:VBNK) was the recipient of a significant growth in short interest during 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 volume of 103,700 shares, the days-to-cover ratio is presently 0.9 days. Approximately 0.5% of the shares of the stock are sold short.

Institutional Trading of VersaBank

Institutional investors have recently bought and sold shares of the stock. Barclays PLC bought a new position in VersaBank during the third quarter valued at $32,000. Mark Sheptoff Financial Planning LLC bought a new position in VersaBank during the 3rd quarter valued at about $137,000. Salzhauer Michael purchased a new stake in VersaBank in the 4th quarter worth about $137,000. XTX Topco Ltd bought a new stake in VersaBank in the fourth quarter worth about $159,000. Finally, K2 Principal Fund L.P. purchased a new position in shares of VersaBank during the third quarter valued at approximately $211,000. 56.86% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Raymond James reiterated an “outperform” rating on shares of VersaBank in a research report on Thursday, March 6th. Roth Mkm downgraded VersaBank from a “buy” rating to a “neutral” rating and lowered 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

Shares of VBNK stock opened at $9.90 on Monday. The company has a market cap of $321.94 million, a PE ratio of 9.00 and a beta of 0.93. VersaBank has a 1 year low of $9.48 and a 1 year high of $18.38. The stock’s 50 day simple moving average is $12.24 and its two-hundred day simple moving average is $13.90.

VersaBank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, April 4th will be issued a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 1.01%. The ex-dividend date is Friday, April 4th. This is a positive change from VersaBank’s previous quarterly dividend of $0.02. VersaBank’s dividend payout ratio is presently 6.38%.

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.