Veritex (NASDAQ:VBTX) Hits New 1-Year High – Here’s What Happened

Shares of Veritex Holdings, Inc. (NASDAQ:VBTX) reached a new 52-week high on Wednesday . The stock traded as high as $29.89 and last traded at $29.75, with a volume of 6413 shares trading hands. The stock had previously closed at $26.85.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. StockNews.com upgraded shares of Veritex from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th. DA Davidson lifted their target price on shares of Veritex from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Raymond James upgraded Veritex from a “market perform” rating to a “strong-buy” rating and set a $30.00 target price on the stock in a research report on Tuesday, September 17th. Stephens raised their target price on Veritex from $24.00 to $27.00 and gave the company an “equal weight” rating in a report on Thursday, July 25th. Finally, Piper Sandler boosted their target price on shares of Veritex from $27.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Veritex presently has an average rating of “Moderate Buy” and an average target price of $29.40.

Veritex Stock Performance

The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 19.37 and a beta of 1.36. The stock’s 50 day moving average is $25.86 and its 200 day moving average is $23.03.

Veritex (NASDAQ:VBTX) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. Veritex had a net margin of 11.11% and a return on equity of 7.79%. The business had revenue of $113.17 million during the quarter, compared to analysts’ expectations of $110.22 million. During the same period last year, the company posted $0.60 EPS. The company’s revenue was up 3.8% on a year-over-year basis. On average, analysts predict that Veritex Holdings, Inc. will post 2.14 earnings per share for the current year.

Veritex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be issued a $0.20 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.80 annualized dividend and a yield of 2.65%. Veritex’s dividend payout ratio (DPR) is presently 51.28%.

Insider Transactions at Veritex

In other news, CEO C Malcolm Holland III sold 12,777 shares of Veritex stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $27.69, for a total value of $353,795.13. Following the transaction, the chief executive officer now directly owns 224,132 shares of the company’s stock, valued at $6,206,215.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Veritex

Hedge funds have recently bought and sold shares of the business. Westwood Holdings Group Inc. lifted its position in shares of Veritex by 16.4% during the first 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. Vanguard Group Inc. lifted its position in shares of Veritex by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 3,795,336 shares of the financial services provider’s stock worth $77,766,000 after buying an additional 23,222 shares during the last quarter. Quantbot Technologies LP lifted its position in shares of Veritex by 1,599.8% in the 1st quarter. Quantbot Technologies LP now owns 39,232 shares of the financial services provider’s stock worth $804,000 after buying an additional 36,924 shares during the last quarter. Cornercap Investment Counsel Inc. acquired a new position in shares of Veritex in the 2nd quarter valued at about $566,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Veritex during the 2nd quarter valued at about $730,000. Institutional investors and hedge funds own 88.31% of the company’s stock.

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.