Veritex’s (VBTX) Buy Rating Reiterated at DA Davidson

DA Davidson reissued their buy rating on shares of Veritex (NASDAQ:VBTX) in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a $29.00 price objective on the financial services provider’s stock. DA Davidson also issued estimates for Veritex’s Q3 2024 earnings at $0.58 EPS.

Several other analysts also recently commented on VBTX. Piper Sandler upped 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 upped their price target on Veritex from $24.00 to $27.00 and gave the stock an equal weight rating in a research note on Thursday, July 25th. Finally, StockNews.com upgraded shares of Veritex from a sell rating to a hold rating in a research report on Wednesday, May 29th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $27.50.

Veritex Price Performance

Shares of NASDAQ VBTX opened at $25.19 on Wednesday. The stock has a market cap of $1.37 billion, a P/E ratio of 14.65 and a beta of 1.38. Veritex has a twelve month low of $15.93 and a twelve month high of $25.84. The stock has a 50 day moving average of $22.72 and a two-hundred day moving average of $21.00. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

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 the consensus estimate of $0.53 by ($0.01). The business had revenue of $106.81 million during the quarter, compared to analysts’ expectations of $108.39 million. Veritex had a net margin of 11.52% and a return on equity of 7.97%. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.64 EPS. On average, research analysts forecast that Veritex will post 2.14 earnings per share for the current year.

Veritex Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were issued a $0.20 dividend. The ex-dividend date was Friday, August 9th. This represents a $0.80 annualized dividend and a dividend yield of 3.18%. Veritex’s dividend payout ratio is currently 46.51%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position 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 worth $77,766,000 after purchasing an additional 23,222 shares in the last quarter. Dimensional Fund Advisors LP grew its position 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 buying an additional 299,562 shares during the period. Victory Capital Management Inc. grew its position in Veritex by 1.9% during the second quarter. Victory Capital Management Inc. now owns 1,968,608 shares of the financial services provider’s stock worth $41,518,000 after buying an additional 37,617 shares during the period. Westwood Holdings Group Inc. lifted its position in shares of Veritex by 16.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,668,743 shares of the financial services provider’s stock valued at $34,193,000 after acquiring an additional 235,154 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of Veritex by 23.2% during the 4th quarter. First Trust Advisors LP now owns 1,303,041 shares of the financial services provider’s stock worth $30,322,000 after acquiring an additional 245,133 shares in 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.