Veritex (NASDAQ:VBTX) Price Target Raised to $30.00

Veritex (NASDAQ:VBTX) had its price objective raised by Piper Sandler from $27.00 to $30.00 in a research note published on Thursday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

Several other analysts have also recently issued reports on VBTX. StockNews.com cut Veritex from a “hold” rating to a “sell” rating in a report on Tuesday, October 22nd. Stephens increased their price objective on shares of Veritex from $24.00 to $27.00 and gave the company an “equal weight” rating in a research report on Thursday, July 25th. DA Davidson restated a “buy” rating and issued a $29.00 target price on shares of Veritex in a report on Wednesday, August 28th. Raymond James raised shares of Veritex from a “market perform” rating to a “strong-buy” rating and set a $30.00 price target for the company in a report on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods cut Veritex from an “outperform” rating to a “market perform” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $29.40.

Veritex Price Performance

Shares of NASDAQ:VBTX opened at $27.08 on Thursday. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 15.74 and a beta of 1.37. The firm has a fifty day moving average price of $25.36 and a 200 day moving average price of $22.65. Veritex has a fifty-two week low of $16.84 and a fifty-two week high of $28.46. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.95.

Veritex (NASDAQ:VBTX) last released its quarterly earnings data on Tuesday, October 22nd. 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 11.11% and a return on equity of 7.88%. The business 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. The business’s revenue was up 3.8% on a year-over-year basis. As a group, sell-side analysts expect that Veritex will post 2.13 earnings per share for the current fiscal year.

Veritex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 8th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Friday, November 8th. Veritex’s dividend payout ratio (DPR) is currently 46.51%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its position in Veritex by 10.1% in the 4th quarter. Wellington Management Group LLP now owns 547,221 shares of the financial services provider’s stock valued at $12,734,000 after acquiring an additional 50,406 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Veritex by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 3,772,114 shares of the financial services provider’s stock valued at $87,777,000 after buying an additional 52,933 shares in the last quarter. Principal Financial Group Inc. boosted its position in Veritex by 11.7% in the 1st quarter. Principal Financial Group Inc. now owns 316,050 shares of the financial services provider’s stock valued at $6,476,000 after buying an additional 33,166 shares during the period. BNP Paribas Financial Markets increased its position in shares of Veritex by 38.7% during the first quarter. BNP Paribas Financial Markets now owns 53,362 shares of the financial services provider’s stock worth $1,093,000 after acquiring an additional 14,884 shares during the period. Finally, Capstone Investment Advisors LLC purchased a new position in shares of Veritex during the first quarter worth approximately $332,000. Institutional investors own 88.31% of the company’s stock.

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.