Veritex (NASDAQ:VBTX) Downgraded by Keefe, Bruyette & Woods to Market Perform

Veritex (NASDAQ:VBTX) was downgraded by analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, MarketBeat.com reports.

Several other equities research analysts have also recently commented on the stock. DA Davidson reiterated a “buy” rating and set a $29.00 price target on shares of Veritex in a research report on Wednesday, August 28th. StockNews.com cut shares of Veritex from a “hold” rating to a “sell” rating in a research report on Tuesday. Stephens increased their price target on Veritex from $24.00 to $27.00 and gave the company an “equal weight” rating in a research note on Thursday, July 25th. Raymond James upgraded Veritex from a “market perform” rating to a “strong-buy” rating and set a $30.00 price objective for the company in a report on Tuesday, September 17th. Finally, Piper Sandler raised their target price on Veritex from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $28.00.

Veritex Stock Performance

VBTX stock opened at $27.88 on Thursday. The company has a 50 day moving average price of $25.18 and a 200 day moving average price of $22.54. Veritex has a fifty-two week low of $15.93 and a fifty-two week high of $28.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $1.52 billion, a PE ratio of 17.87 and a beta of 1.37.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. lifted its holdings in shares of Veritex by 67.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 807,294 shares of the financial services provider’s stock valued at $21,248,000 after purchasing an additional 325,569 shares in the last quarter. Raymond James & Associates bought a new position in Veritex in the third quarter valued at approximately $3,971,000. Vontobel Holding Ltd. acquired a new position in shares of Veritex in the third quarter valued at approximately $240,000. CWM LLC increased its position in shares of Veritex by 163.8% during the third quarter. CWM LLC now owns 8,808 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 5,469 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Veritex in the 3rd quarter valued at $949,000. 88.31% of the stock is owned by institutional investors and hedge funds.

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.