Veritex (NASDAQ:VBTX) Hits New 12-Month High – Here’s Why

Veritex Holdings, Inc. (NASDAQ:VBTX)’s share price reached a new 52-week high on Monday . The stock traded as high as $33.69 and last traded at $32.98, with a volume of 1120793 shares traded. The stock had previously closed at $27.46.

Analyst Upgrades and Downgrades

VBTX has been the topic of several research analyst reports. DA Davidson decreased their price target on shares of Veritex from $34.00 to $32.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Keefe, Bruyette & Woods decreased their price target on shares of Veritex from $33.00 to $30.00 and set a “market perform” rating on the stock in a report on Thursday, April 24th. Raymond James Financial cut shares of Veritex from a “strong-buy” rating to an “outperform” rating and decreased their price target for the stock from $31.00 to $28.00 in a report on Wednesday, April 2nd. Finally, Stephens reaffirmed an “equal weight” rating and issued a $30.00 price target on shares of Veritex in a report on Wednesday, April 23rd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $30.25.

Veritex Price Performance

The firm’s 50-day moving average is $25.13 and its 200-day moving average is $24.99. The company has a market capitalization of $1.78 billion, a PE ratio of 16.05 and a beta of 1.03. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.10.

Veritex (NASDAQ:VBTX) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. Veritex had a net margin of 14.12% and a return on equity of 7.51%. The company had revenue of $109.73 million during the quarter, compared to analyst estimates of $110.73 million. During the same period in the previous year, the business earned $0.53 earnings per share. Equities analysts predict that Veritex Holdings, Inc. will post 2.26 earnings per share for the current fiscal year.

Veritex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.69%. This is a positive change from Veritex’s previous quarterly dividend of $0.20. The ex-dividend date was Thursday, May 8th. Veritex’s dividend payout ratio is presently 43.14%.

Institutional Trading of Veritex

Institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC purchased a new stake in shares of Veritex during the first quarter worth about $28,000. Opal Wealth Advisors LLC purchased a new stake in shares of Veritex during the first quarter worth about $31,000. Quarry LP boosted its holdings in shares of Veritex by 117.0% during the fourth quarter. Quarry LP now owns 1,528 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 824 shares during the period. Strs Ohio purchased a new stake in shares of Veritex during the first quarter worth about $135,000. Finally, Aquatic Capital Management LLC purchased a new stake in shares of Veritex during the fourth quarter worth about $143,000. 88.31% of the stock is currently owned by hedge funds and other institutional investors.

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.