VersaBank (NASDAQ:VBNK) Short Interest Update

VersaBank (NASDAQ:VBNK) was the target of a significant decline in short interest in June. As of June 15th, there was short interest totaling 241,570 shares, a decline of 39.1% from the May 31st total of 396,968 shares. Based on an average trading volume of 114,727 shares, the days-to-cover ratio is presently 2.1 days. Currently, 0.8% of the company’s stock are sold short.

Hedge Funds Weigh In On VersaBank

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. lifted its holdings in shares of VersaBank by 2.7% in the 3rd quarter. Alliancebernstein L.P. now owns 2,915,984 shares of the company’s stock worth $35,604,000 after purchasing an additional 75,358 shares during the last quarter. Mendon Capital Advisors Corp lifted its stake in VersaBank by 2.6% in the fourth quarter. Mendon Capital Advisors Corp now owns 1,057,693 shares of the company’s stock valued at $15,392,000 after buying an additional 26,559 shares during the last quarter. Curi Capital LLC boosted its holdings in shares of VersaBank by 5.0% during the second quarter. Curi Capital LLC now owns 800,000 shares of the company’s stock valued at $9,120,000 after acquiring an additional 38,337 shares during the period. Pembroke Management LTD grew its position in shares of VersaBank by 40.7% during the fourth quarter. Pembroke Management LTD now owns 736,222 shares of the company’s stock worth $11,029,000 after acquiring an additional 213,037 shares during the last quarter. Finally, TCW Group Inc. increased its holdings in shares of VersaBank by 8.2% in the 4th quarter. TCW Group Inc. now owns 674,277 shares of the company’s stock worth $10,101,000 after acquiring an additional 50,900 shares during the period. 56.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

VBNK has been the topic of several analyst reports. Zacks Research upgraded VersaBank from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Roth Mkm upgraded shares of VersaBank from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $25.00 in a research note on Tuesday. Finally, Weiss Ratings downgraded shares of VersaBank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $25.00.

VersaBank Stock Down 7.7%

NASDAQ:VBNK traded down $1.82 during trading hours on Thursday, reaching $21.90. 170,741 shares of the stock were exchanged, compared to its average volume of 70,855. The stock has a market capitalization of $705.18 million, a P/E ratio of 31.74 and a beta of 1.04. The firm has a 50 day simple moving average of $18.74 and a 200-day simple moving average of $16.54. VersaBank has a 52 week low of $10.10 and a 52 week high of $25.05.

VersaBank (NASDAQ:VBNK) last announced its quarterly earnings data on Wednesday, June 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.02. VersaBank had a return on equity of 8.32% and a net margin of 9.34%.The firm had revenue of $28.17 million for the quarter, compared to analysts’ expectations of $26.86 million. As a group, analysts expect that VersaBank will post 1.3 earnings per share for the current year.

VersaBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 10th will be paid a dividend of $0.025 per share. The ex-dividend date is Friday, July 10th. This represents a $0.10 annualized dividend and a yield of 0.5%. VersaBank’s dividend payout ratio is 10.14%.

About VersaBank

VersaBank is a Canadian Schedule I chartered bank that operates as a fully digital institution, offering a range of deposit and lending solutions through its proprietary technology platform. Headquartered in London, Ontario, the bank has chosen to forego a traditional branch network in favor of online and digital distribution, enabling it to serve clients across Canada and the United States with efficiency and lower overhead.

The bank’s primary business activities include the origination and securitization of commercial loans, equipment financing, residential mortgages and construction loans.