Veritex (NASDAQ:VBTX) Sets New 52-Week High – Time to Buy?

Veritex Holdings, Inc. (NASDAQ:VBTX) shares hit a new 52-week high on Wednesday . The company traded as high as $29.89 and last traded at $29.75, with a volume of 6413 shares trading hands. The stock had previously closed at $26.85.

Analysts Set New Price Targets

VBTX has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods lowered shares of Veritex from an “outperform” rating to a “market perform” rating in a report on Thursday, October 24th. Stephens raised their price target on Veritex from $24.00 to $27.00 and gave the company an “equal weight” rating in a research report on Thursday, July 25th. Raymond James upgraded Veritex from a “market perform” rating to a “strong-buy” rating and set a $30.00 price objective on the stock in a research report on Tuesday, September 17th. Piper Sandler raised their price objective on Veritex from $27.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, DA Davidson upped their target price on Veritex from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.40.

Veritex Trading Down 3.4 %

The stock has a fifty day simple moving average of $25.97 and a 200 day simple moving average of $23.08. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $1.59 billion, a P/E ratio of 18.79 and a beta of 1.36.

Veritex (NASDAQ:VBTX) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. The firm had revenue of $113.17 million during the quarter, compared to analyst estimates of $110.22 million. Veritex had a net margin of 11.11% and a return on equity of 7.79%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.60 earnings per share. On average, research analysts expect that Veritex Holdings, Inc. will post 2.17 earnings per share for the current fiscal year.

Veritex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, November 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.73%. Veritex’s payout ratio is 51.28%.

Insider Buying and Selling at Veritex

In other Veritex news, CEO C Malcolm Holland III sold 12,777 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $27.69, for a total transaction of $353,795.13. Following the completion of the sale, the chief executive officer now directly owns 224,132 shares in the company, valued at $6,206,215.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Veritex

Hedge funds have recently modified their holdings of the business. Westwood Holdings Group Inc. grew its holdings 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 valued at $34,193,000 after purchasing an additional 235,154 shares during the period. Vanguard Group Inc. grew its stake in shares of Veritex by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 3,795,336 shares of the financial services provider’s stock valued at $77,766,000 after acquiring an additional 23,222 shares during the period. Quantbot Technologies LP increased its holdings in Veritex by 1,599.8% in the 1st quarter. Quantbot Technologies LP now owns 39,232 shares of the financial services provider’s stock worth $804,000 after acquiring an additional 36,924 shares in the last quarter. Cornercap Investment Counsel Inc. bought a new stake in Veritex during the 2nd quarter worth approximately $566,000. Finally, Renaissance Technologies LLC purchased a new position in Veritex during the second quarter valued at approximately $730,000. 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.