Veritex (VBTX) Upgraded to “Buy” at Zacks Investment Research

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Veritex (NASDAQ:VBTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The brokerage presently has a $25.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.82% from the company’s current price.

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. “

Several other equities analysts have also issued reports on VBTX. BidaskClub lowered Veritex from a “hold” rating to a “sell” rating in a research note on Thursday, September 20th. Raymond James assumed coverage on Veritex in a research note on Tuesday, October 2nd. They issued an “outperform” rating and a $33.00 target price on the stock. Stephens set a $39.00 target price on Veritex and gave the company a “buy” rating in a research note on Monday, October 22nd. Finally, ValuEngine lowered Veritex from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $32.60.

Shares of Veritex stock traded down $0.13 during trading on Friday, hitting $22.16. 238,656 shares of the stock traded hands, compared to its average volume of 439,175. The firm has a market cap of $539.29 million, a P/E ratio of 23.33, a P/E/G ratio of 1.43 and a beta of 1.60. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.17. Veritex has a 52-week low of $20.34 and a 52-week high of $33.08.

Veritex (NASDAQ:VBTX) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.10). The firm had revenue of $31.69 million for the quarter, compared to analysts’ expectations of $30.50 million. Veritex had a net margin of 23.12% and a return on equity of 6.83%. Analysts forecast that Veritex will post 1.65 earnings per share for the current year.

In other Veritex news, CEO C Malcolm Holland III sold 3,750 shares of the firm’s stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $25.62, for a total value of $96,075.00. Following the completion of the sale, the chief executive officer now owns 93,046 shares of the company’s stock, valued at $2,383,838.52. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 4.70% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Advisors Asset Management Inc. acquired a new stake in shares of Veritex during the third quarter worth about $112,000. Panagora Asset Management Inc. acquired a new stake in shares of Veritex during the third quarter worth about $151,000. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Veritex by 43.5% during the second quarter. Metropolitan Life Insurance Co. NY now owns 7,811 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 2,368 shares during the period. Voya Investment Management LLC acquired a new stake in shares of Veritex during the second quarter worth about $246,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Veritex during the fourth quarter worth about $172,000. 77.94% of the stock is owned by institutional investors and hedge funds.

Veritex Company Profile

Veritex Holdings, Inc operates as the holding company for Veritex Community Bank that provides various commercial banking products and services to small and medium-sized businesses, and professionals. The company's deposit products include checking, demand, savings, money market, and time deposit accounts, as well as commercial deposit and financial institution money market accounts.

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