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

Veritex Holdings, Inc. (NASDAQ:VBTX)’s stock price reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $28.46 and last traded at $28.12, with a volume of 133886 shares trading 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. The business had revenue of $113.17 million for the quarter, compared to the consensus estimate of $110.22 million. Veritex had a net margin of 11.52% and a return on equity of 7.97%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 EPS.

Wall Street Analyst Weigh In

A number of research firms have weighed in on VBTX. Raymond James upgraded shares of Veritex from a “market perform” rating to a “strong-buy” rating and set a $30.00 price objective for the company in a research report on Tuesday, September 17th. Stephens upped their price objective on shares of Veritex from $24.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 25th. DA Davidson restated a “buy” rating and set a $29.00 price objective on shares of Veritex in a research report on Wednesday, August 28th. StockNews.com cut shares of Veritex from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Piper Sandler increased their target price on shares of Veritex from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

Hedge Funds Weigh In On Veritex

Hedge funds and other institutional investors have recently modified their holdings of the business. Kennedy Capital Management LLC purchased a new position in Veritex during the first quarter worth about $9,139,000. F M Investments LLC purchased a new position in Veritex during the second quarter worth about $8,483,000. Assenagon Asset Management S.A. raised its stake in Veritex by 67.6% during the third quarter. Assenagon Asset Management S.A. now owns 807,294 shares of the financial services provider’s stock worth $21,248,000 after purchasing an additional 325,569 shares during the period. Dimensional Fund Advisors LP raised its stake in Veritex by 14.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,445,102 shares of the financial services provider’s stock worth $51,566,000 after purchasing an additional 299,562 shares during the period. Finally, Westwood Holdings Group Inc. raised its stake in Veritex by 16.4% during the first quarter. Westwood Holdings Group Inc. now owns 1,668,743 shares of the financial services provider’s stock worth $34,193,000 after purchasing an additional 235,154 shares during the period. 88.31% of the stock is owned by hedge funds and other institutional investors.

Veritex Trading Up 2.0 %

The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 17.43 and a beta of 1.37. The business’s 50-day simple moving average is $25.18 and its two-hundred day simple moving average is $22.54. The company has a quick ratio of 0.95, a current 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.