Veritex (NASDAQ:VBTX) Downgraded to Outperform Rating by Raymond James

Veritex (NASDAQ:VBTX) was downgraded by Raymond James from a “strong-buy” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday,Finviz reports. They presently have a $28.00 target price on the financial services provider’s stock, down from their prior target price of $31.00. Raymond James’ price target suggests a potential upside of 13.64% from the stock’s previous close.

VBTX has been the topic of a number of other research reports. Stephens lowered their price objective on Veritex from $34.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. DA Davidson reaffirmed a “buy” rating and issued a $34.00 price target on shares of Veritex in a report on Monday, March 17th. Finally, Hovde Group raised Veritex from a “market perform” rating to an “outperform” rating and set a $31.50 price objective for the company in a report on Thursday, January 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Veritex presently has a consensus rating of “Moderate Buy” and an average target price of $30.90.

Veritex Stock Performance

NASDAQ:VBTX opened at $24.64 on Wednesday. Veritex has a 52-week low of $18.74 and a 52-week high of $31.62. The business’s fifty day moving average is $25.70 and its 200 day moving average is $26.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 12.64 and a beta of 1.36.

Veritex (NASDAQ:VBTX) last announced its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). Veritex had a return on equity of 7.59% and a net margin of 13.44%. Research analysts predict that Veritex will post 2.26 EPS for the current year.

Institutional Investors Weigh In On Veritex

A number of hedge funds have recently made changes to their positions in VBTX. GAMMA Investing LLC raised its position in Veritex by 14.7% in the 4th quarter. GAMMA Investing LLC now owns 3,360 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 431 shares during the period. Meeder Asset Management Inc. increased its holdings in shares of Veritex by 9.8% in the fourth quarter. Meeder Asset Management Inc. now owns 5,366 shares of the financial services provider’s stock worth $146,000 after buying an additional 481 shares during the period. Franklin Resources Inc. lifted its stake in shares of Veritex by 1.0% in the 3rd quarter. Franklin Resources Inc. now owns 73,421 shares of the financial services provider’s stock valued at $1,920,000 after acquiring an additional 701 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Veritex by 7.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,166 shares of the financial services provider’s stock valued at $303,000 after acquiring an additional 751 shares during the period. Finally, Quarry LP increased its stake in Veritex by 117.0% in the 4th quarter. Quarry LP now owns 1,528 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 824 shares during the period. 88.31% of the stock is currently owned by institutional investors.

Veritex Company Profile

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.