Veritex (NASDAQ:VBTX) Reaches New 12-Month High on Earnings Beat

Veritex Holdings, Inc. (NASDAQ:VBTX - Get Free Report) shares reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $28.46 and last traded at $28.12, with a volume of 133886 shares changing hands. The stock had previously closed at $27.34.

The financial services provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.55 by $0.04. Veritex had a return on equity of 7.97% and a net margin of 11.52%. The firm had revenue of $113.17 million during the quarter, compared to analyst estimates of $110.22 million. During the same quarter in the prior year, the business posted $0.60 EPS. The business's revenue for the quarter was up 3.8% compared to the same quarter last year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. DA Davidson restated a "buy" rating and set a $29.00 price target on shares of Veritex in a research note on Wednesday, August 28th. Raymond James raised shares of Veritex from a "market perform" rating to a "strong-buy" rating and set a $30.00 target price on the stock in a research report on Tuesday, September 17th. Piper Sandler raised their price target on shares of Veritex from $26.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, July 25th. Stephens raised their price objective on Veritex from $24.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 25th. Finally, StockNews.com cut shares of Veritex from a "hold" rating to a "sell" rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Veritex currently has a consensus rating of "Moderate Buy" and an average price target of $28.00.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. purchased a new stake in Veritex in the 2nd quarter worth approximately $25,000. Fidelis Capital Partners LLC acquired a new stake in Veritex during the first quarter valued at $29,000. CWM LLC grew its position in Veritex by 1,302.9% during the second quarter. CWM LLC now owns 3,339 shares of the financial services provider's stock valued at $70,000 after buying an additional 3,101 shares during the period. Point72 DIFC Ltd increased its holdings in Veritex by 16.5% in the second quarter. Point72 DIFC Ltd now owns 5,763 shares of the financial services provider's stock valued at $122,000 after buying an additional 816 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Veritex in the first quarter worth about $177,000. 88.31% of the stock is currently owned by hedge funds and other institutional investors.

Veritex Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $1.52 billion, a PE ratio of 17.43 and a beta of 1.37. The firm's 50 day moving average price is $25.18 and its 200-day moving average price is $22.54.

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.