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

Veritex (NASDAQ:VBTX) had its price target increased by research analysts at Piper Sandler from $27.00 to $30.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target would indicate a potential upside of 9.29% from the stock’s previous close.

VBTX has been the subject of several other research reports. Stephens increased their target price on shares of Veritex from $24.00 to $27.00 and gave the stock an “equal weight” rating in a report on Thursday, July 25th. Keefe, Bruyette & Woods downgraded shares of Veritex from an “outperform” rating to a “market perform” rating in a research report on Thursday. DA Davidson reissued a “buy” rating and issued a $29.00 price target on shares of Veritex in a research report on Wednesday, August 28th. StockNews.com lowered Veritex from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Raymond James upgraded 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.60.

Veritex Stock Performance

Shares of Veritex stock traded down $0.43 during midday trading on Thursday, hitting $27.45. The company had a trading volume of 15,341 shares, compared to its average volume of 402,242. Veritex has a 1-year low of $15.93 and a 1-year high of $28.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market cap of $1.49 billion, a PE ratio of 17.60 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.

Veritex (NASDAQ:VBTX) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping 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 11.11% and a return on equity of 7.88%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 EPS. As a group, equities analysts predict that Veritex will post 2.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. boosted its stake in shares of Veritex by 67.6% during the 3rd 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 last quarter. Raymond James & Associates acquired a new stake in shares of Veritex during the 3rd quarter valued at approximately $3,971,000. Vontobel Holding Ltd. acquired a new stake in shares of Veritex during the 3rd quarter worth approximately $240,000. CWM LLC raised its holdings in shares of Veritex by 163.8% during the third quarter. CWM LLC now owns 8,808 shares of the financial services provider’s stock valued at $232,000 after buying an additional 5,469 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Veritex in the 3rd quarter worth approximately $949,000. 88.31% of the stock is owned by hedge funds and other institutional investors.

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.