Veritex (VBTX) Downgraded to “Hold” at Zacks Investment Research

Veritex (NASDAQ:VBTX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.

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. “

A number of other research firms have also commented on VBTX. Keefe, Bruyette & Woods initiated coverage on shares of Veritex in a research report on Tuesday, January 16th. They issued an “outperform” rating and a $33.00 price target on the stock. BidaskClub raised shares of Veritex from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. Finally, Piper Jaffray Companies raised shares of Veritex from a “neutral” rating to an “overweight” rating in a research report on Thursday, February 1st. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $32.30.

Veritex (NASDAQ:VBTX) traded down $0.02 during trading hours on Tuesday, hitting $27.46. 66,800 shares of the stock were exchanged, compared to its average volume of 126,472. Veritex has a 12 month low of $23.84 and a 12 month high of $29.43. The company has a market capitalization of $662.54, a price-to-earnings ratio of 31.56, a price-to-earnings-growth ratio of 1.47 and a beta of 1.53. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.03 and a current ratio of 1.03.

In related news, insider Ned N. Fleming III sold 92,711 shares of the business’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $26.00, for a total transaction of $2,410,486.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael Clayton Riebe bought 1,775 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The shares were bought at an average cost of $28.38 per share, for a total transaction of $50,374.50. The disclosure for this purchase can be found here. Insiders have sold 160,771 shares of company stock worth $4,358,185 in the last ninety days. 6.90% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in VBTX. SG Americas Securities LLC acquired a new stake in Veritex during the third quarter worth $145,000. Nationwide Fund Advisors boosted its stake in Veritex by 31.8% during the second quarter. Nationwide Fund Advisors now owns 8,819 shares of the financial services provider’s stock worth $232,000 after buying an additional 2,128 shares in the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in Veritex during the third quarter worth $236,000. Principal Financial Group Inc. acquired a new stake in Veritex during the second quarter worth $259,000. Finally, Frontier Investment Mgmt Co. acquired a new stake in Veritex during the fourth quarter worth $265,000. 62.01% of the stock is currently owned by institutional investors and hedge funds.

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About Veritex

Veritex Holdings, Inc is a bank holding company. The Company, through its subsidiary, Veritex Community Bank (the Bank), a Texas state chartered bank, provides relationship-driven commercial banking products and services tailored to meet the needs of small to medium-sized businesses and professionals.

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