Veritex (NASDAQ:VBTX) Stock Rating Upgraded by Hovde Group

Veritex (NASDAQ:VBTX) was upgraded by equities research analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a report issued on Thursday,Finviz reports. The brokerage currently has a $31.50 price target on the financial services provider’s stock. Hovde Group’s price target points to a potential upside of 17.76% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Piper Sandler boosted their price target on shares of Veritex from $27.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. DA Davidson boosted their target price on Veritex from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. StockNews.com raised Veritex from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, Keefe, Bruyette & Woods downgraded Veritex from an “outperform” rating to a “market perform” rating in a research report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.30.

Veritex Stock Performance

Shares of Veritex stock opened at $26.75 on Thursday. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of 17.15 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. The business has a 50-day moving average of $28.01 and a 200 day moving average of $26.33. Veritex has a 12 month low of $18.08 and a 12 month high of $31.62.

Veritex (NASDAQ:VBTX) last posted its quarterly earnings data on Tuesday, January 28th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.02). Veritex had a net margin of 11.11% and a return on equity of 7.79%. As a group, sell-side analysts forecast that Veritex will post 2.17 earnings per share for the current year.

Insider Buying and Selling

In related news, Director John Sughrue sold 16,820 shares of Veritex stock in a transaction on Monday, November 11th. The shares were sold at an average price of $30.25, for a total transaction of $508,805.00. Following the sale, the director now directly owns 62,643 shares in the company, valued at $1,894,950.75. This trade represents a 21.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.60% of the stock is owned by company insiders.

Institutional Trading of Veritex

A number of hedge funds and other institutional investors have recently made changes to their positions in VBTX. Victory Capital Management Inc. boosted its position in shares of Veritex by 0.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,978,219 shares of the financial services provider’s stock valued at $52,067,000 after purchasing an additional 9,611 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Veritex by 1.4% in the third quarter. Geode Capital Management LLC now owns 1,293,966 shares of the financial services provider’s stock valued at $34,064,000 after acquiring an additional 18,185 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Veritex by 67.6% during the third quarter. Assenagon Asset Management S.A. now owns 807,294 shares of the financial services provider’s stock worth $21,248,000 after acquiring an additional 325,569 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Veritex by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 732,865 shares of the financial services provider’s stock valued at $19,289,000 after purchasing an additional 12,286 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Veritex by 13.0% during the 3rd quarter. Wellington Management Group LLP now owns 680,766 shares of the financial services provider’s stock worth $17,918,000 after purchasing an additional 78,082 shares during the period. 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.