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

VersaBank (NASDAQ:VBNK) was the target of a significant decrease in short interest during the month of 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. Currently, 0.2% of the shares of the stock are short sold. Based on an average daily volume of 43,600 shares, the days-to-cover ratio is currently 0.5 days.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Pembroke Management LTD acquired a new position in shares of VersaBank during the 2nd quarter valued at $377,000. Cumberland Partners Ltd acquired a new stake in shares of VersaBank in the first quarter valued at about $472,000. Dimensional Fund Advisors LP raised its holdings in shares of VersaBank by 44.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 50,038 shares of the company’s stock valued at $540,000 after buying an additional 15,462 shares during the period. Acadian Asset Management LLC boosted its holdings in VersaBank by 52.4% in 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 during the period. Finally, 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 valued at $892,000 after acquiring an additional 3,234 shares in the last quarter. Hedge funds and other institutional investors own 56.86% of the company’s stock.

VersaBank Stock Performance

NASDAQ VBNK traded down $0.11 during trading hours on Thursday, hitting $16.42. 8,632 shares of the company’s stock were exchanged, compared to its average volume of 28,723. The business’s 50 day moving average is $14.22 and its 200-day moving average is $12.10. VersaBank has a 12-month low of $7.50 and a 12-month high of $17.06. The firm has a market capitalization of $426.43 million, a P/E ratio of 12.57 and a beta of 0.76.

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

VersaBank Dividend Announcement

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

Analysts Set New Price Targets

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

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.