Veritex (NASDAQ:VBTX) Hits New 12-Month High on Better-Than-Expected Earnings

Veritex Holdings, Inc. (NASDAQ:VBTX)’s share price hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $28.46 and last traded at $28.12, with a volume of 133886 shares changing hands. The stock had previously closed at $27.34.

The financial services provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.55 by $0.04. Veritex had a net margin of 11.52% and a return on equity of 7.97%. The firm had revenue of $113.17 million during the quarter, compared to the consensus estimate of $110.22 million. During the same quarter in the prior year, the firm earned $0.60 EPS. Veritex’s revenue for the quarter was up 3.8% on a year-over-year basis.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Raymond James raised shares of Veritex from a “market perform” rating to a “strong-buy” rating and set a $30.00 price objective on the stock in a research note on Tuesday, September 17th. Stephens boosted their price objective on shares of Veritex from $24.00 to $27.00 and gave the company an “equal weight” rating in a research note on Thursday, July 25th. DA Davidson reaffirmed a “buy” rating and set a $29.00 price target on shares of Veritex in a research note on Wednesday, August 28th. Piper Sandler upped their price target on shares of Veritex from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, StockNews.com cut shares of Veritex from a “hold” rating to a “sell” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Veritex presently has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Hedge Funds Weigh In On Veritex

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. acquired a new stake in Veritex in the 2nd quarter valued at about $25,000. Fidelis Capital Partners LLC acquired a new stake in Veritex in the 1st quarter valued at about $29,000. CWM LLC grew its stake in Veritex by 1,302.9% in the 2nd quarter. CWM LLC now owns 3,339 shares of the financial services provider’s stock valued at $70,000 after acquiring an additional 3,101 shares during the last quarter. Point72 DIFC Ltd grew its stake in Veritex by 16.5% in the 2nd quarter. Point72 DIFC Ltd now owns 5,763 shares of the financial services provider’s stock valued at $122,000 after acquiring an additional 816 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Veritex in the 1st quarter valued at about $177,000. 88.31% of the stock is owned by institutional investors and hedge funds.

Veritex Stock Performance

The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 17.43 and a beta of 1.37. The stock’s 50 day moving average is $25.18 and its 200 day moving average is $22.54. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

About Veritex

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.