Zacks Investment Research Downgrades Veritex (VBTX) to Hold

Veritex (NASDAQ:VBTX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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 several other research reports. BidaskClub upgraded shares of Veritex from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. Keefe, Bruyette & Woods began coverage on shares of Veritex in a report on Tuesday, January 16th. They issued an “outperform” rating and a $33.00 price target on the stock. Finally, Piper Jaffray Companies upgraded shares of Veritex from a “neutral” rating to an “overweight” rating in a report on Thursday, February 1st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $31.90.

Veritex (NASDAQ VBTX) opened at $28.01 on Tuesday. The firm has a market cap of $634.39, a PE ratio of 32.20, a PEG ratio of 1.47 and a beta of 1.53. Veritex has a 1-year low of $23.84 and a 1-year high of $29.43. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.12.

Veritex (NASDAQ:VBTX) last announced its quarterly earnings data on Monday, January 29th. The financial services provider reported $0.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.08). The company had revenue of $28.05 million for the quarter, compared to analysts’ expectations of $25.90 million. Veritex had a return on equity of 5.71% and a net margin of 18.67%. research analysts anticipate that Veritex will post 1.86 earnings per share for the current year.

In related news, insider Ned N. Fleming III sold 12,370 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $27.21, for a total value of $336,587.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Clayton Riebe purchased 1,775 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was acquired at an average price of $28.38 per share, for a total transaction of $50,374.50. The disclosure for this purchase can be found here. Company insiders own 6.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of VBTX. SG Americas Securities LLC purchased a new position in Veritex in the third quarter valued at approximately $145,000. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Veritex during the fourth quarter valued at approximately $179,000. Nationwide Fund Advisors raised its stake in shares of Veritex by 31.8% during the second quarter. Nationwide Fund Advisors now owns 8,819 shares of the financial services provider’s stock valued at $232,000 after purchasing an additional 2,128 shares during the period. Quantitative Systematic Strategies LLC purchased a new stake in shares of Veritex during the third quarter valued at approximately $236,000. Finally, Principal Financial Group Inc. purchased a new stake in shares of Veritex during the second quarter valued at approximately $259,000. Hedge funds and other 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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