Veritex (VBTX) Lowered to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Veritex (NASDAQ:VBTX) from a buy rating to a hold rating in a research note released 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. “
Several other analysts have also recently weighed in on VBTX. BidaskClub raised Veritex from a sell rating to a hold rating in a report on Friday. Keefe, Bruyette & Woods began coverage on 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 raised Veritex from a neutral rating to an overweight rating in a report on Thursday, February 1st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $31.90.
Veritex (NASDAQ:VBTX) last released its quarterly earnings results on Monday, January 29th. The financial services provider reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.08). Veritex had a net margin of 18.67% and a return on equity of 5.71%. The business had revenue of $28.05 million during the quarter, compared to analysts’ expectations of $25.90 million. equities research analysts forecast 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 dated Tuesday, December 12th. The stock was sold at an average price of $27.21, for a total transaction of $336,587.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman William C. Murphy sold 55,690 shares of the firm’s stock in a transaction dated 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 $1,073,621.23. The disclosure for this sale can be found here. Company 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. Wells Fargo & Company MN raised its holdings in shares of Veritex by 4.1% during 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 in the last quarter. Nationwide Fund Advisors raised its holdings in shares of Veritex by 31.8% during the 2nd quarter. Nationwide Fund Advisors now owns 8,819 shares of the financial services provider’s stock valued at $232,000 after buying an additional 2,128 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of Veritex by 10.0% during the 2nd quarter. California State Teachers Retirement System now owns 25,317 shares of the financial services provider’s stock valued at $667,000 after buying an additional 2,300 shares in the last quarter. Monarch Partners Asset Management LLC raised its holdings in shares of Veritex by 15.3% during the 4th quarter. Monarch Partners Asset Management LLC now owns 22,780 shares of the financial services provider’s stock valued at $629,000 after buying an additional 3,030 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in shares of Veritex by 10.9% during the 3rd quarter. Allianz Asset Management GmbH now owns 41,727 shares of the financial services provider’s stock valued at $1,125,000 after buying an additional 4,118 shares in the last quarter. 65.60% of the stock is currently owned by institutional investors.
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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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