Seeking Alpha
Profile| Send Message|
( followers)  

Vineyard National Bancorp (Nas: VNBC), the financial holding company, which had 20% of their Market Cap out on Loan to short investors (%MCOL) in early October 2007, now has 10.2% MCOL. While this is obviously an increase of 100%, the short interest in this stock did decrease to 3% in early April (please click to enlarge graph). The recent rise is in line with the company's announcement of a loss of $16.6m for the first quarter, compared with net earnings of $5.5m for the same quarter last year.

Utilisation is at 76%, and there are 18 Days to Cover. The average Utilisation for the rest of the Russell2000 is 34%, and for the rest of the North America Banks it is 22%. Indymac Bancorp (IMB) has 40.62% MCOL, Downey Financial (NYSE:DSL) has 31.59%, Washington Mutual (NYSE:WM) has 29.37%, and the Bank of Montreal (NYSE:BMO) has 25.44%.

Source: Vineyard National Bancorp: Closer Look at Short Interest