Veritex (VBTX) Lifted to “Strong-Buy” at Zacks Investment Research

Veritex (NASDAQ:VBTX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Saturday. The brokerage currently has a $33.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 14.19% from the stock’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. “

Separately, BidaskClub upgraded shares of Veritex from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $32.13.

Veritex (VBTX) opened at $28.90 on Friday. Veritex has a 52-week low of $23.84 and a 52-week high of $29.43. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $687.85, a PE ratio of 30.42, a P/E/G ratio of 1.67 and a beta of 1.62.

Veritex (NASDAQ:VBTX) last announced its quarterly earnings results on Monday, October 23rd. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.02). Veritex had a net margin of 21.85% and a return on equity of 5.30%. The company had revenue of $21.11 million for the quarter, compared to analysts’ expectations of $20.80 million. research analysts forecast that Veritex will post 0.99 EPS for the current fiscal year.

In other Veritex news, insider Ned N. Fleming III sold 12,370 shares of the company’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $27.21, for a total value of $336,587.70. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Ned N. Fleming III sold 92,711 shares of the company’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $26.00, for a total transaction of $2,410,486.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 122,370 shares of company stock worth $3,198,144. Corporate insiders own 6.90% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in VBTX. SG Americas Securities LLC purchased a new stake in shares of Veritex during the third quarter valued at approximately $145,000. Nationwide Fund Advisors grew its holdings in shares of Veritex by 31.8% during the second quarter. Nationwide Fund Advisors now owns 8,819 shares of the financial services provider’s stock valued at $232,000 after buying an additional 2,128 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in shares of Veritex during the third quarter valued at approximately $236,000. Principal Financial Group Inc. purchased a new stake in shares of Veritex during the second quarter valued at approximately $259,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Veritex by 52.4% during the second 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 during the last quarter. Institutional investors and hedge funds own 61.79% of the company’s stock.

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Veritex Company Profile

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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