DA Davidson Raises Veritex (NASDAQ:VBTX) Price Target to $29.00

Veritex (NASDAQ:VBTX) had its target price lifted by DA Davidson from $27.00 to $29.00 in a report released on Thursday morning, Benzinga reports. DA Davidson currently has a buy rating on the financial services provider’s stock.

A number of other research firms also recently weighed in on VBTX. Piper Sandler boosted their target price on shares of Veritex from $26.00 to $27.00 and gave the stock an overweight rating in a report on Thursday. StockNews.com upgraded shares of Veritex from a sell rating to a hold rating in a report on Wednesday, May 29th. Finally, Stephens reiterated an equal weight rating and set a $24.00 price target on shares of Veritex in a report on Wednesday, April 24th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $27.50.

Veritex Stock Up 2.3 %

Shares of VBTX stock opened at $25.34 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.90 and a quick ratio of 0.95. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of 14.73 and a beta of 1.38. The company’s fifty day moving average price is $21.22 and its 200-day moving average price is $20.66. Veritex has a one year low of $15.93 and a one year high of $25.46.

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 company had revenue of $106.81 million during the quarter, compared to analysts’ expectations of $108.39 million. Veritex had a return on equity of 7.97% and a net margin of 11.52%. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.64 EPS. Sell-side analysts expect that Veritex will post 2.16 EPS for the current fiscal year.

Veritex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.80 dividend on an annualized basis and a yield of 3.16%. Veritex’s payout ratio is 46.51%.

Institutional Investors Weigh In On Veritex

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Veritex by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 3,719,181 shares of the financial services provider’s stock valued at $66,759,000 after purchasing an additional 47,336 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in Veritex during the 4th quarter valued at approximately $413,000. Mutual of America Capital Management LLC acquired a new position in Veritex during the 4th quarter valued at approximately $221,000. Louisiana State Employees Retirement System acquired a new position in Veritex during the 4th quarter valued at approximately $633,000. Finally, Sippican Capital Advisors increased its stake in Veritex by 27.2% during the 4th quarter. Sippican Capital Advisors now owns 89,300 shares of the financial services provider’s stock valued at $2,078,000 after purchasing an additional 19,085 shares in the last quarter. Hedge funds and other institutional investors 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.