Veritex (NASDAQ:VBTX) Upgraded by StockNews.com to “Hold”

StockNews.com upgraded shares of Veritex (NASDAQ:VBTXGet Rating) from a sell rating to a hold rating in a research note released on Thursday.

Separately, Piper Sandler reduced their price objective on shares of Veritex from $49.00 to $46.00 and set an overweight rating on the stock in a research note on Wednesday, March 9th.

Veritex stock opened at $29.87 on Thursday. The company’s 50 day simple moving average is $33.57 and its 200 day simple moving average is $37.64. Veritex has a fifty-two week low of $27.28 and a fifty-two week high of $45.36. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 10.71 and a beta of 1.49. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.02 and a quick ratio of 1.02.

Veritex (NASDAQ:VBTXGet Rating) last released its quarterly earnings data on Tuesday, April 26th. The financial services provider reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.01). Veritex had a return on equity of 10.64% and a net margin of 37.12%. The firm had revenue of $88.14 million for the quarter, compared to the consensus estimate of $94.38 million. During the same period in the previous year, the business earned $0.64 EPS. As a group, analysts predict that Veritex will post 2.96 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 27th. Shareholders of record on Friday, May 13th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Thursday, May 12th. Veritex’s payout ratio is currently 28.67%.

In other Veritex news, CEO C Malcolm Holland III sold 5,528 shares of Veritex stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $35.05, for a total value of $193,756.40. Following the transaction, the chief executive officer now owns 154,431 shares of the company’s stock, valued at $5,412,806.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John Sughrue acquired 4,000 shares of the business’s stock in a transaction dated Monday, May 2nd. The stock was acquired at an average cost of $33.52 per share, for a total transaction of $134,080.00. Following the transaction, the director now owns 70,677 shares of the company’s stock, valued at $2,369,093.04. The disclosure for this purchase can be found here. Insiders own 3.38% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in shares of Veritex by 3.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 936,485 shares of the financial services provider’s stock worth $37,253,000 after purchasing an additional 31,721 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Veritex by 144.7% in the third quarter. BNP Paribas Arbitrage SA now owns 51,828 shares of the financial services provider’s stock worth $2,040,000 after purchasing an additional 30,652 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Veritex in the fourth quarter worth $796,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Veritex by 43.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,288 shares of the financial services provider’s stock worth $290,000 after purchasing an additional 2,204 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its position in shares of Veritex by 70.0% in the fourth quarter. GSA Capital Partners LLP now owns 11,733 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 4,833 shares in the last quarter. 77.53% of the stock is currently owned by institutional investors and hedge funds.

About Veritex (Get Rating)

Veritex Holdings, Inc operates as the bank holding company for Veritex Community Bank that provides various commercial banking products and services to small and medium-sized businesses, and professionals. The company accepts deposit products include demand, savings, money market, and time accounts. Its loan products include commercial real estate and general commercial, mortgage warehouse loans, residential real estate, construction and land, farmland, consumer, paycheck protection program, 1-4 family residential, agricultural, multi-family residential, and consumer loans, as well as purchased receivables financing.

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