Veritex Holdings, Inc. (VBTX) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Veritex Holdings, Inc. (NASDAQ:VBTX) from a hold rating to a sell rating in a report published on Friday morning.

According to Zacks, “Veritex Holdings, Inc. is a bank holding company. The Bank, through its wholly owned subsidiary, Veritex Community Bank conducts its banking activities. Veritex Community Bank provides various commercial banking services to individual and corporate customers. The company offers a range of deposit accounts, loans and a range of online banking solutions. It offers debit cards, night depository services, direct deposits, cashier’s checks, and letters of credit; cash management deposit products, as well as treasury management services. Veritex Holdings, Inc. is headquartered in Dallas, Texas. “

VBTX has been the topic of a number of other research reports. Piper Jaffray Companies reiterated a neutral rating and issued a $29.50 price objective (up previously from $29.00) on shares of Veritex Holdings in a report on Wednesday, August 9th. BidaskClub downgraded Veritex Holdings from a hold rating to a sell rating in a report on Monday, July 31st. Finally, Stephens set a $32.00 target price on Veritex Holdings and gave the company a buy rating in a research report on Tuesday, August 8th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $31.83.

Veritex Holdings (NASDAQ:VBTX) traded up 0.27% during midday trading on Friday, hitting $26.22. The company had a trading volume of 102,411 shares. The company has a market cap of $398.91 million, a price-to-earnings ratio of 26.62 and a beta of 1.66. The firm has a 50-day moving average price of $26.41 and a 200-day moving average price of $26.57. Veritex Holdings has a 12 month low of $17.45 and a 12 month high of $29.43.

Veritex Holdings (NASDAQ:VBTX) last released its quarterly earnings data on Monday, October 23rd. The financial services provider reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). Veritex Holdings had a net margin of 21.85% and a return on equity of 6.41%. The business had revenue of $21.11 million during the quarter, compared to analysts’ expectations of $20.80 million. Equities analysts anticipate that Veritex Holdings will post $1.01 EPS for the current year.

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In related news, insider Ned N. Fleming III sold 26,334 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $26.07, for a total value of $686,527.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ned N. Fleming III sold 55,134 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $26.16, for a total value of $1,442,305.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 419,800 shares of company stock valued at $11,059,556. Insiders own 6.90% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Northpointe Capital LLC boosted its position in shares of Veritex Holdings by 72.4% in the 3rd quarter. Northpointe Capital LLC now owns 602,189 shares of the financial services provider’s stock valued at $16,235,000 after purchasing an additional 252,803 shares during the period. Banc Funds Co. LLC boosted its position in shares of Veritex Holdings by 21.6% in the 2nd quarter. Banc Funds Co. LLC now owns 596,442 shares of the financial services provider’s stock valued at $15,704,000 after purchasing an additional 106,000 shares during the period. Vanguard Group Inc. boosted its position in shares of Veritex Holdings by 10.3% in the 2nd quarter. Vanguard Group Inc. now owns 555,031 shares of the financial services provider’s stock valued at $14,614,000 after purchasing an additional 51,747 shares during the period. Kennedy Capital Management Inc. boosted its position in shares of Veritex Holdings by 76.6% in the 2nd quarter. Kennedy Capital Management Inc. now owns 331,285 shares of the financial services provider’s stock valued at $8,723,000 after purchasing an additional 143,718 shares during the period. Finally, Jacobs Asset Management LLC boosted its position in shares of Veritex Holdings by 36.4% in the 2nd quarter. Jacobs Asset Management LLC now owns 306,989 shares of the financial services provider’s stock valued at $8,083,000 after purchasing an additional 81,989 shares during the period. 52.30% of the stock is owned by hedge funds and other institutional investors.

Veritex Holdings Company Profile

Veritex Holdings, Inc is a bank holding company. The Company, through its subsidiary, Veritex Community Bank (the Bank), a Texas state chartered bank, provides relationship-driven commercial banking products and services tailored to meet the needs of small to medium-sized businesses and professionals.

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