Veritex (NASDAQ:VBTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The firm presently has a $28.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 9.20% from the stock’s previous close.
According to Zacks, “Veritex Holdings, Inc. is a bank holding company. The Bank, through its wholly owned subsidiary, Veritex Community Bank conducts its banking activities. Veritex Community Bank provides various commercial banking services to individual and corporate customers. The company offers a range of deposit accounts, loans and a range of online banking solutions. It offers debit cards, night depository services, direct deposits, cashier’s checks, and letters of credit; cash management deposit products, as well as treasury management services. Veritex Holdings, Inc. is headquartered in Dallas, Texas. “
A number of other equities analysts have also recently issued reports on the stock. ValuEngine cut shares of Veritex from a “hold” rating to a “sell” rating in a research note on Monday. BidaskClub cut shares of Veritex from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Stephens reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Veritex in a research note on Tuesday, April 23rd. Two investment analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $31.50.
VBTX stock traded up $0.16 during midday trading on Wednesday, reaching $25.64. The company’s stock had a trading volume of 10,150 shares, compared to its average volume of 238,728. Veritex has a 52 week low of $20.34 and a 52 week high of $32.99. The stock has a market capitalization of $1.37 billion, a PE ratio of 13.93 and a beta of 1.64. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.96 and a current ratio of 0.96. The stock’s 50-day moving average price is $26.00.
Veritex (NASDAQ:VBTX) last announced its quarterly earnings data on Monday, April 22nd. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.01. Veritex had a net margin of 16.31% and a return on equity of 9.11%. The firm had revenue of $81.40 million for the quarter, compared to analysts’ expectations of $78.50 million. Analysts predict that Veritex will post 2.53 earnings per share for the current year.
In related news, Director Pat S. Bolin acquired 18,771 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average cost of $25.80 per share, for a total transaction of $484,291.80. Following the completion of the acquisition, the director now directly owns 6,262 shares in the company, valued at approximately $161,559.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Terry Earley acquired 6,800 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were bought at an average price of $25.88 per share, for a total transaction of $175,984.00. Following the completion of the acquisition, the chief financial officer now owns 23,700 shares of the company’s stock, valued at $613,356. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 26,571 shares of company stock worth $686,096. Company insiders own 3.92% of the company’s stock.
Large investors have recently modified their holdings of the stock. Penn Capital Management Co. Inc. acquired a new position in Veritex during the 1st quarter worth approximately $7,033,000. Context BH Capital Management LP bought a new position in Veritex during the first quarter worth about $3,632,000. Mendon Capital Advisors Corp boosted its position in Veritex by 112.8% during the fourth quarter. Mendon Capital Advisors Corp now owns 1,591,930 shares of the financial services provider’s stock worth $34,035,000 after purchasing an additional 843,754 shares during the period. BlackRock Inc. boosted its position in Veritex by 102.0% during the fourth quarter. BlackRock Inc. now owns 3,449,209 shares of the financial services provider’s stock worth $73,743,000 after purchasing an additional 1,741,453 shares during the period. Finally, Comerica Bank bought a new position in Veritex during the fourth quarter worth about $601,000. Institutional investors and hedge funds own 75.97% of the company’s stock.
Veritex Company Profile
Veritex Holdings, Inc operates as the holding company for Veritex Community Bank that provides various commercial banking products and services to small and medium-sized businesses, and professionals. The company's deposit products include checking, demand, savings, money market, and time deposit accounts, as well as commercial deposit and financial institution money market accounts.
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