Veritex (NASDAQ:VBTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $31.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.97% from the stock’s current price.
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. “
A number of other research analysts have also recently weighed in on the stock. BidaskClub upgraded shares of Veritex from a “sell” rating to a “hold” rating in a research note on Wednesday, December 20th. Keefe, Bruyette & Woods initiated coverage on shares of Veritex in a research note on Tuesday, January 16th. They set an “outperform” rating and a $33.00 target price on the stock. Finally, Piper Jaffray Companies upgraded shares of Veritex from a “neutral” rating to an “overweight” rating in a research note on Thursday, February 1st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $31.90.
Veritex (NASDAQ:VBTX) traded down $0.02 on Wednesday, hitting $27.44. 53,100 shares of the company were exchanged, compared to its average volume of 125,417. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.03 and a current ratio of 1.03. Veritex has a 52 week low of $23.84 and a 52 week high of $29.43. The stock has a market cap of $662.06, a PE ratio of 31.54, a price-to-earnings-growth ratio of 1.47 and a beta of 1.53.
In related news, insider Michael Clayton Riebe purchased 1,775 shares of Veritex stock in a transaction on Monday, February 5th. The shares were bought at an average cost of $28.38 per share, for a total transaction of $50,374.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman William C. Murphy sold 55,690 shares of Veritex stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $28.93, for a total transaction of $1,611,111.70. Following the completion of the sale, the insider now owns 37,111 shares in the company, valued at $1,073,621.23. The disclosure for this sale can be found here. Insiders own 6.90% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC bought a new stake in Veritex in the 3rd quarter valued at $145,000. Nationwide Fund Advisors increased its holdings in shares of Veritex by 31.8% in the 2nd quarter. Nationwide Fund Advisors now owns 8,819 shares of the financial services provider’s stock worth $232,000 after buying an additional 2,128 shares during the last quarter. Quantitative Systematic Strategies LLC bought a new stake in shares of Veritex in the 3rd quarter worth about $236,000. Frontier Investment Mgmt Co. bought a new stake in shares of Veritex in the 4th quarter worth about $265,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Veritex by 52.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,518 shares of the financial services provider’s stock worth $329,000 after buying an additional 4,304 shares during the last quarter. Institutional investors own 62.01% of the company’s stock.
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Veritex 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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