Brandywine Global Investment Management LLC Purchases New Position in Veritex Holdings, Inc. $VBTX

Key Points

• Brandywine Global Investment Management LLC purchased a new position in Veritex Holdings, acquiring 38,225 shares valued at approximately $954,000, according to its filing with the SEC.
• Insider trading activity was noted, with Director Fallon William selling 7,220 shares, and EVP Angela Harper selling 47,716 shares, indicating significant changes in ownership by executives.
• Veritex announced a quarterly dividend of $0.22, representing an annualized dividend of $0.88, and has a current payout ratio of 41.90%.

Brandywine Global Investment Management LLC bought a new position in shares of Veritex Holdings, Inc. (NASDAQ:VBTX - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm bought 38,225 shares of the financial services provider's stock, valued at approximately $954,000. Brandywine Global Investment Management LLC owned approximately 0.07% of Veritex as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Veritex by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 3,931,593 shares of the financial services provider's stock worth $98,172,000 after purchasing an additional 56,676 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Veritex by 4.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,803,752 shares of the financial services provider's stock worth $76,149,000 after purchasing an additional 125,189 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Veritex by 3.0% during the 1st quarter. Victory Capital Management Inc. now owns 2,040,856 shares of the financial services provider's stock worth $50,960,000 after purchasing an additional 59,056 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Veritex by 57.8% during the 4th quarter. Nuveen Asset Management LLC now owns 1,239,873 shares of the financial services provider's stock worth $33,675,000 after purchasing an additional 454,015 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Veritex during the 1st quarter worth about $29,215,000. Institutional investors and hedge funds own 88.31% of the company's stock.

Insider Buying and Selling

In related news, Director Fallon William sold 7,220 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $30.68, for a total transaction of $221,509.60. Following the completion of the sale, the director owned 14,191 shares of the company's stock, valued at $435,379.88. This represents a 33.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Angela Harper sold 47,716 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $32.37, for a total transaction of $1,544,566.92. Following the sale, the executive vice president directly owned 59,683 shares of the company's stock, valued at $1,931,938.71. This represents a 44.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 315,030 shares of company stock valued at $10,180,219 in the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Veritex Price Performance

Shares of VBTX opened at $32.16 on Tuesday. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 15.31 and a beta of 1.08. Veritex Holdings, Inc. has a 1-year low of $20.37 and a 1-year high of $33.69. The company's fifty day simple moving average is $29.04 and its 200 day simple moving average is $25.98. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.20.

Veritex (NASDAQ:VBTX - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The financial services provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.54 by $0.02. Veritex had a net margin of 14.83% and a return on equity of 7.55%. The firm had revenue of $109.83 million for the quarter, compared to the consensus estimate of $110.91 million. During the same period in the previous year, the company earned $0.52 earnings per share. On average, research analysts forecast that Veritex Holdings, Inc. will post 2.26 earnings per share for the current fiscal year.

Veritex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Thursday, August 7th. Veritex's payout ratio is presently 41.90%.

Analyst Ratings Changes

A number of brokerages recently issued reports on VBTX. The Goldman Sachs Group began coverage on shares of Veritex in a research report on Monday, July 14th. They set a "buy" rating for the company. Keefe, Bruyette & Woods raised their price objective on shares of Veritex from $30.00 to $37.00 and gave the company a "market perform" rating in a research report on Tuesday, July 22nd. William Blair upgraded shares of Veritex to an "outperform" rating in a research report on Monday, July 14th. Stephens restated an "equal weight" rating and issued a $30.00 price objective on shares of Veritex in a research report on Wednesday, April 23rd. Finally, DA Davidson raised their price objective on shares of Veritex from $32.00 to $39.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Veritex has a consensus rating of "Moderate Buy" and an average target price of $33.25.

Veritex 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.

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