Cornercap Investment Counsel Inc. Reduces Holdings in Veritex Holdings, Inc. (NASDAQ:VBTX)

Cornercap Investment Counsel Inc. lowered its holdings in shares of Veritex Holdings, Inc. (NASDAQ:VBTX) by 19.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,713 shares of the financial services provider’s stock after selling 5,143 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Veritex were worth $571,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Sippican Capital Advisors boosted its stake in Veritex by 0.4% during the 3rd quarter. Sippican Capital Advisors now owns 99,230 shares of the financial services provider’s stock worth $2,612,000 after purchasing an additional 400 shares during the period. Louisiana State Employees Retirement System boosted its stake in Veritex by 1.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 27,400 shares of the financial services provider’s stock worth $578,000 after purchasing an additional 500 shares during the period. Texas Permanent School Fund Corp boosted its stake in Veritex by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 47,556 shares of the financial services provider’s stock worth $974,000 after purchasing an additional 650 shares during the period. ProShare Advisors LLC boosted its stake in Veritex by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 10,622 shares of the financial services provider’s stock worth $218,000 after purchasing an additional 728 shares during the period. Finally, Point72 DIFC Ltd boosted its stake in Veritex by 16.5% during the 2nd quarter. Point72 DIFC Ltd now owns 5,763 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 816 shares during the period. Institutional investors and hedge funds own 88.31% of the company’s stock.

Veritex Stock Performance

Shares of VBTX opened at $29.27 on Friday. The company has a 50-day simple moving average of $26.58 and a 200-day simple moving average of $23.45. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $1.59 billion, a PE ratio of 19.02 and a beta of 1.36. Veritex Holdings, Inc. has a 52-week low of $18.08 and a 52-week high of $30.86.

Veritex (NASDAQ:VBTX) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. The business had revenue of $113.17 million during the quarter, compared to the consensus estimate of $110.22 million. Veritex had a net margin of 11.11% and a return on equity of 7.79%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.60 EPS. Equities research analysts predict that Veritex Holdings, Inc. will post 2.17 earnings per share for the current fiscal year.

Veritex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.73%. Veritex’s dividend payout ratio is presently 51.28%.

Insider Activity

In other Veritex news, CEO C Malcolm Holland III sold 12,777 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $27.69, for a total transaction of $353,795.13. Following the completion of the transaction, the chief executive officer now directly owns 224,132 shares in the company, valued at approximately $6,206,215.08. This trade represents a 5.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Sughrue sold 16,820 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $30.25, for a total transaction of $508,805.00. Following the transaction, the director now owns 62,643 shares of the company’s stock, valued at $1,894,950.75. This trade represents a 21.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VBTX. Piper Sandler increased their price target on shares of Veritex from $27.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Stephens raised their target price on shares of Veritex from $24.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 25th. DA Davidson raised their target price on shares of Veritex from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Keefe, Bruyette & Woods cut shares of Veritex from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 24th. Finally, Raymond James upgraded shares of Veritex from a “market perform” rating to a “strong-buy” rating and set a $30.00 target price for the company in a research note on Tuesday, September 17th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $29.40.

Veritex Company Profile

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.