Raymond James Upgrades Veritex (NASDAQ:VBTX) to “Strong-Buy”

Veritex (NASDAQ:VBTX) was upgraded by equities research analysts at Raymond James from a “market perform” rating to a “strong-buy” rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm presently has a $30.00 price objective on the financial services provider’s stock. Raymond James’ price objective points to a potential upside of 16.87% from the company’s current price.

Several other analysts have also recently issued reports on the company. StockNews.com upgraded Veritex from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Piper Sandler increased their price objective on Veritex from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Stephens increased their price objective on Veritex from $24.00 to $27.00 and gave the company an “equal weight” rating in a research note on Thursday, July 25th. Finally, DA Davidson reiterated a “buy” rating and issued a $29.00 price objective on shares of Veritex in a research note on Wednesday, August 28th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $28.00.

Veritex Stock Up 0.1 %

NASDAQ:VBTX opened at $25.67 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average is $23.75 and its two-hundred day moving average is $21.42. Veritex has a 52 week low of $15.93 and a 52 week high of $26.72. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 14.92 and a beta of 1.37.

Veritex (NASDAQ:VBTX) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Veritex had a return on equity of 7.97% and a net margin of 11.52%. The firm had revenue of $106.81 million for the quarter, compared to analyst estimates of $108.39 million. During the same quarter last year, the company earned $0.64 earnings per share. The firm’s revenue for the quarter was down 6.7% on a year-over-year basis. Research analysts anticipate that Veritex will post 2.14 EPS for the current year.

Hedge Funds Weigh In On Veritex

Several large investors have recently bought and sold shares of the business. Point72 DIFC Ltd increased its holdings in Veritex by 16.5% in the second quarter. Point72 DIFC Ltd now owns 5,763 shares of the financial services provider’s stock valued at $122,000 after buying an additional 816 shares during the last quarter. Dana Investment Advisors Inc. increased its holdings in Veritex by 27.8% in the second quarter. Dana Investment Advisors Inc. now owns 264,840 shares of the financial services provider’s stock valued at $5,585,000 after buying an additional 57,540 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Veritex during the second quarter worth about $234,000. The Manufacturers Life Insurance Company grew its holdings in shares of Veritex by 6.4% during the second quarter. The Manufacturers Life Insurance Company now owns 26,684 shares of the financial services provider’s stock worth $563,000 after purchasing an additional 1,605 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Veritex by 56.2% during the second quarter. Millennium Management LLC now owns 292,499 shares of the financial services provider’s stock worth $6,169,000 after purchasing an additional 105,261 shares during the last quarter. Hedge funds and other institutional investors own 88.31% of the company’s stock.

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.