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 research report issued 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. “
A number of other equities analysts have also issued reports on VBTX. BidaskClub upgraded shares of Veritex from a “strong sell” rating to a “sell” rating in a research report on Monday, February 5th. Keefe, Bruyette & Woods assumed coverage on shares of Veritex in a research report 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 report on Thursday, February 1st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $32.30.
In related news, 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 value of $1,611,111.70. Following the transaction, the insider now directly owns 37,111 shares in the company, valued at approximately $1,073,621.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ned N. Fleming III sold 12,370 shares of Veritex stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $27.21, for a total transaction of $336,587.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 160,771 shares of company stock worth $4,358,185. 6.90% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of VBTX. Schwab Charles Investment Management Inc. grew its position in Veritex by 37.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 25,500 shares of the financial services provider’s stock valued at $672,000 after buying an additional 6,900 shares during the last quarter. Bank of New York Mellon Corp grew its position in Veritex by 14.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 68,299 shares of the financial services provider’s stock valued at $1,798,000 after buying an additional 8,771 shares during the last quarter. Principal Financial Group Inc. purchased a new position in Veritex in the 2nd quarter valued at $259,000. Wells Fargo & Company MN grew its position in Veritex by 4.1% in the 2nd quarter. Wells Fargo & Company MN now owns 12,596 shares of the financial services provider’s stock valued at $332,000 after buying an additional 491 shares during the last quarter. Finally, Teachers Advisors LLC grew its position in Veritex by 45.6% in the 2nd quarter. Teachers Advisors LLC now owns 25,647 shares of the financial services provider’s stock valued at $675,000 after buying an additional 8,031 shares during the last quarter. Hedge funds and other institutional investors own 62.01% of the company’s stock.
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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