Veritex (NASDAQ:VBTX) Price Target Raised to $27.00 at Piper Sandler

Veritex (NASDAQ:VBTX) had its target price upped by Piper Sandler from $26.00 to $27.00 in a research note released on Thursday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

Several other research analysts also recently commented on VBTX. StockNews.com upgraded Veritex from a sell rating to a hold rating in a research note on Wednesday, May 29th. Stephens reiterated an equal weight rating and set a $24.00 target price on shares of Veritex in a research note on Wednesday, April 24th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Veritex presently has a consensus rating of Moderate Buy and a consensus price target of $27.50.

Veritex Stock Up 2.3 %

VBTX stock opened at $25.34 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.90 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $21.22 and a two-hundred day moving average price of $20.65. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 14.73 and a beta of 1.38. Veritex has a twelve month low of $15.93 and a twelve month high of $25.46.

Veritex (NASDAQ:VBTX) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The company had revenue of $106.81 million during the quarter, compared to the consensus estimate of $108.39 million. Veritex had a net margin of 11.52% and a return on equity of 7.97%. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 earnings per share. Analysts anticipate that Veritex will post 2.15 EPS for the current fiscal year.

Veritex Announces Dividend

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

Institutional Trading of Veritex

Several hedge funds have recently added to or reduced their stakes in VBTX. Assenagon Asset Management S.A. lifted its holdings in Veritex by 968.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 566,284 shares of the financial services provider’s stock worth $11,603,000 after purchasing an additional 513,284 shares during the last quarter. Kennedy Capital Management LLC acquired a new stake in Veritex during the 1st quarter worth approximately $9,139,000. Mendon Capital Advisors Corp acquired a new stake in Veritex during the 4th quarter worth approximately $8,144,000. Dimensional Fund Advisors LP lifted its holdings in Veritex by 19.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,853,774 shares of the financial services provider’s stock worth $43,139,000 after purchasing an additional 305,980 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in Veritex by 23.2% during the 4th quarter. First Trust Advisors LP now owns 1,303,041 shares of the financial services provider’s stock worth $30,322,000 after purchasing an additional 245,133 shares during the last quarter. 88.31% of the stock is owned by institutional investors and hedge funds.

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.