Veritex (VBTX) Lifted to “Buy” at Zacks Investment Research

Veritex (NASDAQ:VBTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $31.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.97% from the company’s current price.

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 equities analysts have also recently issued reports on the company. Keefe, Bruyette & Woods assumed coverage on Veritex in a report on Tuesday, January 16th. They set an “outperform” rating and a $33.00 target price on the stock. BidaskClub upgraded Veritex from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. Finally, Piper Jaffray Companies upgraded Veritex from a “neutral” rating to an “overweight” rating in a report on Thursday, February 1st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $31.90.

Veritex (NASDAQ VBTX) traded down $0.02 during trading on Wednesday, reaching $27.44. The company had a trading volume of 53,100 shares, compared to its average volume of 125,417. The company has a market capitalization of $662.06, a PE ratio of 31.54, a price-to-earnings-growth ratio of 1.47 and a beta of 1.53. Veritex has a fifty-two week low of $23.84 and a fifty-two week high of $29.43. 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 other Veritex news, insider Michael Clayton Riebe purchased 1,775 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were bought at an average price of $28.38 per share, with a total value of $50,374.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ned N. Fleming III sold 12,370 shares of the firm’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $27.21, for a total value of $336,587.70. The disclosure for this sale can be found here. 6.90% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VBTX. Schwab Charles Investment Management Inc. raised its position in shares of Veritex by 37.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 25,500 shares of the financial services provider’s stock worth $672,000 after purchasing an additional 6,900 shares during the period. Wells Fargo & Company MN raised its position in shares of Veritex by 4.1% during the second quarter. Wells Fargo & Company MN now owns 12,596 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 491 shares during the period. Teachers Advisors LLC raised its position in shares of Veritex by 45.6% during the second quarter. Teachers Advisors LLC now owns 25,647 shares of the financial services provider’s stock worth $675,000 after purchasing an additional 8,031 shares during the period. TIAA CREF Investment Management LLC raised its position in shares of Veritex by 50.3% during the second quarter. TIAA CREF Investment Management LLC now owns 38,654 shares of the financial services provider’s stock worth $1,018,000 after purchasing an additional 12,930 shares during the period. Finally, Nationwide Fund Advisors raised its position in shares of 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 purchasing an additional 2,128 shares during the period. 62.01% of the stock is currently owned by institutional investors.

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Veritex Company Profile

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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