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

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

Several other brokerages have also recently commented on VBTX. Raymond James dropped their target price on Veritex from $32.00 to $31.00 and set a “strong-buy” rating on the stock in a report 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. Hovde Group raised Veritex from a “market perform” rating to an “outperform” rating and set a $31.50 price target on the stock in a research note on Thursday. Keefe, Bruyette & Woods cut shares of Veritex from an “outperform” rating to a “market perform” rating in a report on Thursday, October 24th. Finally, Stephens reduced their price target on shares of Veritex from $34.00 to $31.00 and set an “equal weight” rating for the company in a research report on Thursday. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $31.50.

Veritex Stock Performance

NASDAQ:VBTX traded up $0.16 during mid-day trading on Thursday, hitting $26.91. The stock had a trading volume of 84,976 shares, compared to its average volume of 444,265. Veritex has a 52 week low of $18.08 and a 52 week high of $31.62. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 17.25 and a beta of 1.38. The company has a 50 day simple moving average of $27.96 and a 200-day simple moving average of $26.33.

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 the consensus estimate of $0.56 by ($0.02). Veritex had a return on equity of 7.79% and a net margin of 11.11%. On average, research analysts expect that Veritex will post 2.17 earnings per share for the current fiscal year.

Insider Transactions at Veritex

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Salzhauer Michael increased its position in shares of Veritex by 47.2% in the fourth quarter. Salzhauer Michael now owns 49,177 shares of the financial services provider’s stock valued at $1,336,000 after acquiring an additional 15,779 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Veritex by 19.0% during the 4th quarter. Empowered Funds LLC now owns 173,323 shares of the financial services provider’s stock worth $4,707,000 after purchasing an additional 27,685 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Veritex in the fourth quarter valued at $509,000. R Squared Ltd acquired a new stake in Veritex in the 4th quarter valued at about $45,000. Finally, KBC Group NV increased its position in Veritex by 73.5% during the fourth quarter. KBC Group NV now owns 3,826 shares of the financial services provider’s stock worth $104,000 after buying an additional 1,621 shares during the last quarter. Institutional investors own 88.31% of the company’s stock.

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.