Veritex (NASDAQ:VBTX) Downgraded to “Sell” at ValuEngine

Veritex (NASDAQ:VBTX) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Monday, ValuEngine reports.

Several other equities research analysts have also weighed in on VBTX. Zacks Investment Research raised Veritex from a “sell” rating to a “hold” rating in a research report on Saturday, October 5th. Stephens set a $29.00 price target on Veritex and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Raymond James dropped their price target on Veritex from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. Finally, BidaskClub downgraded Veritex from a “sell” rating to a “strong sell” rating in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $28.67.

Shares of NASDAQ VBTX traded up $0.74 during midday trading on Monday, hitting $25.30. 499,090 shares of the company’s stock were exchanged, compared to its average volume of 321,839. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.99 and a quick ratio of 0.99. Veritex has a twelve month low of $20.34 and a twelve month high of $28.53. The company has a market cap of $1.30 billion, a PE ratio of 13.75 and a beta of 1.57. The firm’s fifty day simple moving average is $24.34 and its 200-day simple moving average is $25.17.

Veritex (NASDAQ:VBTX) last issued its earnings results on Monday, July 22nd. The financial services provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.63 by ($0.04). Veritex had a return on equity of 9.83% and a net margin of 18.42%. The business had revenue of $77.48 million for the quarter, compared to analyst estimates of $82.50 million. Equities analysts anticipate that Veritex will post 2.33 EPS for the current fiscal year.

In related news, Director Manuel J. Mehos sold 7,400 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $25.40, for a total transaction of $187,960.00. Following the transaction, the director now owns 440,831 shares in the company, valued at approximately $11,197,107.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Angela Harper sold 1,800 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $25.90, for a total value of $46,620.00. The disclosure for this sale can be found here. Insiders have sold a total of 11,700 shares of company stock worth $299,280 in the last 90 days. 3.92% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. purchased a new position in shares of Veritex in the 3rd quarter valued at approximately $616,000. State of Alaska Department of Revenue grew its stake in shares of Veritex by 141.1% in the 3rd quarter. State of Alaska Department of Revenue now owns 37,398 shares of the financial services provider’s stock valued at $907,000 after purchasing an additional 21,884 shares during the last quarter. Phocas Financial Corp. purchased a new position in shares of Veritex in the 2nd quarter valued at approximately $51,000. Royal Bank of Canada grew its stake in shares of Veritex by 5.6% in the 2nd quarter. Royal Bank of Canada now owns 9,091 shares of the financial services provider’s stock valued at $236,000 after purchasing an additional 482 shares during the last quarter. Finally, First Manhattan Co. grew its stake in shares of Veritex by 2.0% in the 2nd quarter. First Manhattan Co. now owns 535,941 shares of the financial services provider’s stock valued at $13,907,000 after purchasing an additional 10,650 shares during the last quarter. Institutional investors own 78.10% of the company’s stock.

About Veritex

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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