Veritex (NASDAQ:VBTX) Price Target Raised to $29.00

Veritex (NASDAQ:VBTX) had its price target raised by equities research analysts at DA Davidson from $27.00 to $29.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. DA Davidson’s target price suggests a potential upside of 17.50% from the stock’s current price.

Several other equities research analysts also recently issued reports on VBTX. Piper Sandler boosted their price objective on shares of Veritex from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday. Stephens reiterated an “equal weight” rating and issued a $24.00 target price on shares of Veritex in a research note on Wednesday, April 24th. Finally, StockNews.com raised shares of Veritex from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.75.

Veritex Trading Up 3.0 %

Shares of NASDAQ VBTX traded up $0.71 during trading on Thursday, hitting $24.68. 120,782 shares of the company traded hands, compared to its average volume of 411,228. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $1.35 billion, a P/E ratio of 14.32 and a beta of 1.38. The company has a 50-day moving average price of $21.06 and a 200-day moving average price of $20.63. Veritex has a 1 year low of $15.93 and a 1 year high of $25.22.

Veritex (NASDAQ:VBTX) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.52 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.01). The firm had revenue of $106.81 million for the quarter, compared to analyst estimates of $108.39 million. Veritex had a return on equity of 8.00% and a net margin of 11.52%. The business’s revenue was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 earnings per share. On average, equities analysts predict that Veritex will post 2.16 EPS for the current year.

Hedge Funds Weigh In On Veritex

Hedge funds have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System boosted its holdings in shares of Veritex by 1.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 27,400 shares of the financial services provider’s stock valued at $578,000 after buying an additional 500 shares during the period. Wedge Capital Management L L P NC grew its holdings in shares of Veritex by 2.3% during the second quarter. Wedge Capital Management L L P NC now owns 114,757 shares of the financial services provider’s stock valued at $2,420,000 after purchasing an additional 2,574 shares during the last quarter. CWM LLC raised its position in shares of Veritex by 1,302.9% during the 2nd quarter. CWM LLC now owns 3,339 shares of the financial services provider’s stock worth $70,000 after purchasing an additional 3,101 shares during the period. Westwood Holdings Group Inc. lifted its holdings in shares of Veritex by 16.4% in the 1st quarter. Westwood Holdings Group Inc. now owns 1,668,743 shares of the financial services provider’s stock worth $34,193,000 after purchasing an additional 235,154 shares during the last quarter. Finally, Kennedy Capital Management LLC acquired a new position in Veritex during the 1st quarter valued at approximately $9,139,000. Institutional investors and hedge funds own 88.31% of the company’s stock.

About Veritex

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, paycheck protection program, 1-4 family residential, agricultural, multi-family residential, and consumer loans, as well as purchased receivables financing.