DA Davidson Cuts Veritex (NASDAQ:VBTX) Price Target to $34.00

Veritex (NASDAQ:VBTX) had its price target cut by analysts at DA Davidson from $36.00 to $34.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price objective would suggest a potential upside of 26.35% from the stock’s previous close.

VBTX has been the subject of several other reports. Stephens cut their target price on shares of Veritex from $34.00 to $31.00 and set an “equal weight” rating for the company in a research note on Thursday. Piper Sandler boosted their target price on Veritex from $27.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Raymond James cut their price target on Veritex from $32.00 to $31.00 and set a “strong-buy” rating for the company in a report on Thursday. Keefe, Bruyette & Woods cut Veritex from an “outperform” rating to a “market perform” rating in a report on Thursday, October 24th. Finally, StockNews.com upgraded shares of Veritex from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Veritex presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.50.

Veritex Stock Up 0.6 %

Shares of NASDAQ VBTX traded up $0.16 during trading on Thursday, reaching $26.91. The company had a trading volume of 84,976 shares, compared to its average volume of 444,265. Veritex has a 12-month low of $18.08 and a 12-month high of $31.62. The business’s 50-day moving average is $27.96 and its 200 day moving average is $26.33. The stock has a market cap of $1.47 billion, a PE ratio of 17.25 and a beta of 1.38. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14.

Veritex (NASDAQ:VBTX) last issued its quarterly earnings data on Tuesday, January 28th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). Veritex had a net margin of 11.11% and a return on equity of 7.79%. As a group, equities analysts forecast that Veritex will post 2.17 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John Sughrue sold 16,820 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $30.25, for a total transaction of $508,805.00. Following the completion of the transaction, the director now directly owns 62,643 shares of the company’s stock, valued at approximately $1,894,950.75. This represents a 21.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its position in shares of Veritex by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,293,966 shares of the financial services provider’s stock worth $34,064,000 after buying an additional 18,185 shares during the period. Barclays PLC boosted its stake in shares of Veritex by 63.8% in the third quarter. Barclays PLC now owns 117,609 shares of the financial services provider’s stock valued at $3,095,000 after purchasing an additional 45,787 shares during the period. GAMMA Investing LLC lifted its holdings in Veritex by 14.7% in the 4th quarter. GAMMA Investing LLC now owns 3,360 shares of the financial services provider’s stock worth $91,000 after buying an additional 431 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Veritex by 24.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 631,372 shares of the financial services provider’s stock valued at $16,618,000 after buying an additional 122,809 shares during the last quarter. Finally, Stifel Financial Corp increased its position in shares of Veritex by 4.6% during the third quarter. Stifel Financial Corp now owns 48,582 shares of the financial services provider’s stock worth $1,279,000 after acquiring an additional 2,115 shares during the last quarter. Institutional investors and hedge funds own 88.31% of the company’s stock.

About Veritex

Veritex Holdings, Inc operates as the bank holding company for Veritex Community Bank that provides various commercial banking products and services to small and medium-sized businesses, and professionals. The company accepts deposit products include demand, savings, money market, and time accounts. Its loan products include commercial real estate and general commercial, mortgage warehouse loans, residential real estate, construction and land, farmland, paycheck protection program, 1-4 family residential, agricultural, multi-family residential, and consumer loans, as well as purchased receivables financing.