Veritex (NASDAQ:VBTX) Downgraded by Zacks Investment Research

Veritex (NASDAQ:VBTX) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued on Saturday, Zacks.com reports.

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. “

Other research analysts also recently issued research reports about the company. Stephens reaffirmed a “buy” rating and set a $34.00 target price on shares of Guaranty Bancshares in a report on Tuesday, April 23rd. ValuEngine raised YPF from a “sell” rating to a “hold” rating in a report on Monday, June 24th. Finally, BidaskClub raised Zumiez from a “sell” rating to a “hold” rating in a report on Saturday, June 22nd. Three equities research analysts have rated the stock with a sell rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $31.50.

NASDAQ:VBTX traded up $0.39 during trading hours on Friday, reaching $26.00. 258,997 shares of the stock were exchanged, compared to its average volume of 279,965. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.27. The company’s 50 day moving average is $25.91. Veritex has a 52 week low of $20.34 and a 52 week high of $32.84. The firm has a market cap of $1.39 billion, a PE ratio of 14.13 and a beta of 1.55.

Veritex (NASDAQ:VBTX) last released its earnings results on Monday, April 22nd. The financial services provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. Veritex had a return on equity of 9.11% and a net margin of 16.31%. The company had revenue of $81.40 million for the quarter, compared to the consensus estimate of $78.50 million. Research analysts predict that Veritex will post 2.52 earnings per share for the current year.

In related news, Director Pat S. Bolin purchased 18,771 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average price of $25.80 per share, with a total value of $484,291.80. Following the acquisition, the director now owns 6,262 shares in the company, valued at approximately $161,559.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Gordon Huddleston purchased 1,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was bought at an average cost of $25.82 per share, for a total transaction of $25,820.00. Following the acquisition, the director now owns 8,223 shares in the company, valued at approximately $212,317.86. The disclosure for this purchase can be found here. In the last three months, insiders purchased 26,571 shares of company stock worth $686,096. Company insiders own 4.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in VBTX. Campbell & CO Investment Adviser LLC acquired a new position in shares of Veritex during the 2nd quarter valued at $247,000. First Trust Advisors LP grew its holdings in shares of Veritex by 86.6% in the 1st quarter. First Trust Advisors LP now owns 129,093 shares of the financial services provider’s stock worth $3,127,000 after acquiring an additional 59,918 shares during the last quarter. Metropolitan Life Insurance Co NY grew its holdings in shares of Veritex by 79.3% in the 1st quarter. Metropolitan Life Insurance Co NY now owns 14,006 shares of the financial services provider’s stock worth $339,000 after acquiring an additional 6,195 shares during the last quarter. MetLife Investment Advisors LLC grew its holdings in shares of Veritex by 80.6% in the 1st quarter. MetLife Investment Advisors LLC now owns 19,976 shares of the financial services provider’s stock worth $484,000 after acquiring an additional 8,915 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Veritex in the 1st quarter worth $10,402,000. 75.97% of the stock is currently owned by institutional investors and hedge funds.

Veritex Company Profile

Veritex Holdings, Inc operates as the holding company for Veritex Community Bank that provides various commercial banking products and services to small and medium-sized businesses, and professionals. The company's deposit products include checking, demand, savings, money market, and time deposit accounts, as well as commercial deposit and financial institution money market accounts.

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