Log Out

Veritex (NASDAQ:VBTX) Given New $36.00 Price Target at Raymond James

Defense World · Sep 14, 2022 03:32

Veritex (NASDAQ:VBTX – Get Rating) had its price objective decreased by Raymond James from $38.00 to $36.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Raymond James currently has an outperform rating on the financial services provider's stock.

VBTX has been the topic of several other research reports. Piper Sandler cut their price target on Veritex to $39.00 in a research report on Monday, July 4th. Stephens lowered Veritex from an overweight rating to an equal weight rating and cut their price target for the stock from $36.00 to $32.00 in a research report on Wednesday, September 7th. Finally, StockNews.com lowered Veritex from a hold rating to a sell rating in a research report on Thursday, July 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $37.75.

Get Veritex alerts:

Veritex Price Performance

Shares of NASDAQ VBTX opened at $28.99 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.04 and a current ratio of 1.04. Veritex has a fifty-two week low of $26.85 and a fifty-two week high of $45.36. The firm has a market capitalization of $1.56 billion, a PE ratio of 10.58 and a beta of 1.45. The stock's 50-day simple moving average is $30.72 and its 200-day simple moving average is $33.42.

Veritex (NASDAQ:VBTX – Get Rating) last issued its earnings results on Wednesday, July 27th. The financial services provider reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.14). Veritex had a return on equity of 10.32% and a net margin of 35.73%. The business had revenue of $94.86 million for the quarter, compared to analyst estimates of $98.34 million. During the same period last year, the business posted $0.60 EPS. Veritex's revenue was up 9.2% on a year-over-year basis. As a group, equities research analysts forecast that Veritex will post 2.87 EPS for the current fiscal year.

Veritex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date was Thursday, August 11th. Veritex's payout ratio is currently 29.20%.

Insider Activity

In related news, CFO Terry Earley bought 1,180 shares of the company's stock in a transaction dated Friday, July 29th. The shares were acquired at an average price of $30.50 per share, with a total value of $35,990.00. Following the completion of the acquisition, the chief financial officer now owns 7,980 shares in the company, valued at approximately $243,390. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 3.38% of the company's stock.

Institutional Trading of Veritex

A number of institutional investors have recently modified their holdings of VBTX. Envestnet Asset Management Inc. boosted its stake in shares of Veritex by 6.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 24,522 shares of the financial services provider's stock valued at $975,000 after buying an additional 1,571 shares in the last quarter. Bank of America Corp DE boosted its position in Veritex by 59.9% during the fourth quarter. Bank of America Corp DE now owns 190,336 shares of the financial services provider's stock worth $7,572,000 after purchasing an additional 71,334 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Veritex by 3.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 936,485 shares of the financial services provider's stock valued at $37,253,000 after purchasing an additional 31,721 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Veritex by 20.7% in the fourth quarter. Teacher Retirement System of Texas now owns 9,590 shares of the financial services provider's stock valued at $381,000 after buying an additional 1,645 shares in the last quarter. Finally, Panagora Asset Management Inc. acquired a new position in shares of Veritex during the 4th quarter worth $950,000. 89.32% of the stock is currently owned by hedge funds and other institutional investors.

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.