DA Davidson Boosts Veritex (NASDAQ:VBTX) Price Target to $33.00

Veritex (NASDAQ:VBTX) had its target price increased by research analysts at DA Davidson from $30.00 to $33.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price objective points to a potential upside of 20.35% from the company’s previous close.

A number of other equities research analysts also recently issued reports on VBTX. Raymond James raised shares of Veritex from a “market perform” rating to a “strong-buy” rating and set a $30.00 price target on the stock in a research note on Tuesday, September 17th. StockNews.com cut shares of Veritex from a “hold” rating to a “sell” rating in a report on Tuesday. Stephens increased their target price on shares of Veritex from $24.00 to $27.00 and gave the stock an “equal weight” rating in a report on Thursday, July 25th. Keefe, Bruyette & Woods cut shares of Veritex from an “outperform” rating to a “market perform” rating in a report on Thursday. Finally, Piper Sandler raised their price target on shares of Veritex from $27.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has given 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 price target of $29.40.

Veritex Stock Performance

Shares of VBTX traded down $0.46 during mid-day trading on Thursday, hitting $27.42. 60,329 shares of the company traded hands, compared to its average volume of 402,446. The stock has a 50-day moving average price of $25.18 and a two-hundred day moving average price of $22.54. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 17.56 and a beta of 1.37. Veritex has a 1 year low of $15.93 and a 1 year high of $28.46.

Veritex (NASDAQ:VBTX) last posted its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. Veritex had a net margin of 11.11% and a return on equity of 7.88%. The business had revenue of $113.17 million during the quarter, compared to analyst estimates of $110.22 million. During the same period in the prior year, the business posted $0.60 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. Equities analysts anticipate that Veritex will post 2.13 earnings per share for the current year.

Hedge Funds Weigh In On Veritex

Several institutional investors have recently modified their holdings of the business. Meeder Asset Management Inc. acquired a new position in shares of Veritex during the second quarter worth $25,000. Fidelis Capital Partners LLC purchased a new stake in shares of Veritex in the first quarter valued at about $29,000. CWM LLC raised its holdings in shares of Veritex by 1,302.9% in the second quarter. CWM LLC now owns 3,339 shares of the financial services provider’s stock valued at $70,000 after buying an additional 3,101 shares during the last quarter. Point72 DIFC Ltd raised its holdings in shares of Veritex by 16.5% in the second quarter. Point72 DIFC Ltd now owns 5,763 shares of the financial services provider’s stock valued at $122,000 after buying an additional 816 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Veritex in the first quarter valued at about $177,000. 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.