Veritex (VBTX) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Veritex (NASDAQ:VBTX) from a buy rating to a hold rating in a research report report published on Tuesday morning.

According to Zacks, “Veritex Holdings, Inc. is a bank holding company. The Bank, through its wholly owned subsidiary, Veritex Community Bank conducts its banking activities. Veritex Community Bank provides various commercial banking services to individual and corporate customers. The company offers a range of deposit accounts, loans and a range of online banking solutions. It offers debit cards, night depository services, direct deposits, cashier’s checks, and letters of credit; cash management deposit products, as well as treasury management services. Veritex Holdings, Inc. is headquartered in Dallas, Texas. “

VBTX has been the topic of a number of other reports. BidaskClub cut Veritex from a sell rating to a strong sell rating in a research note on Friday, January 26th. Piper Jaffray Companies upgraded Veritex from a neutral rating to an overweight rating in a research note on Thursday, February 1st. Finally, Keefe, Bruyette & Woods started coverage on Veritex in a research note on Tuesday, January 16th. They set an outperform rating and a $33.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $31.63.

Shares of Veritex (NASDAQ:VBTX) opened at $27.09 on Tuesday. The company has a market capitalization of $699.18, a price-to-earnings ratio of 31.14, a PEG ratio of 1.60 and a beta of 1.50. Veritex has a 52 week low of $23.84 and a 52 week high of $29.50. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.04 and a current ratio of 1.04.

Veritex (NASDAQ:VBTX) last released its earnings results on Monday, January 29th. The financial services provider reported $0.23 EPS for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.08). The business had revenue of $28.05 million for the quarter, compared to the consensus estimate of $25.90 million. Veritex had a return on equity of 5.00% and a net margin of 18.67%. research analysts predict that Veritex will post 1.81 earnings per share for the current fiscal year.

In other news, insider Michael Clayton Riebe acquired 1,775 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were acquired at an average cost of $28.38 per share, for a total transaction of $50,374.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman William C. Murphy sold 55,690 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $28.93, for a total value of $1,611,111.70. Following the completion of the sale, the insider now owns 37,111 shares in the company, valued at $1,073,621.23. The disclosure for this sale can be found here. Insiders own 6.90% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Frontier Investment Mgmt Co. bought a new stake in Veritex in the 4th quarter valued at about $265,000. Venturi Wealth Management LLC purchased a new position in Veritex during the 3rd quarter valued at about $1,164,000. The Manufacturers Life Insurance Company grew its holdings in Veritex by 52.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,518 shares of the financial services provider’s stock valued at $329,000 after buying an additional 4,304 shares in the last quarter. Northern Trust Corp grew its holdings in Veritex by 28.4% during the 2nd quarter. Northern Trust Corp now owns 160,582 shares of the financial services provider’s stock valued at $4,227,000 after buying an additional 35,520 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in Veritex by 138.4% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 60,780 shares of the financial services provider’s stock valued at $1,639,000 after buying an additional 35,280 shares in the last quarter. Institutional investors and hedge funds own 65.60% of the company’s stock.

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About Veritex

Veritex Holdings, Inc is a bank holding company. The Company, through its subsidiary, Veritex Community Bank (the Bank), a Texas state chartered bank, provides relationship-driven commercial banking products and services tailored to meet the needs of small to medium-sized businesses and professionals.

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