Connor Clark & Lunn Investment Management Ltd. Has $1.58 Million Stock Holdings in Veritex Holdings, Inc. $VBTX

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in Veritex Holdings by 59.0%, acquiring an additional 23,436 shares, bringing its total to 63,184 shares valued at approximately $1.578 million.
• Veritex's recent quarterly earnings report showed an EPS of $0.56, surpassing analyst estimates of $0.54, with a revenue of $109.83 million, slightly below forecasts.
• The company declared a quarterly dividend of $0.22 per share, resulting in an annual yield of 2.8%, with a payout ratio at 41.90%.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in Veritex Holdings, Inc. (NASDAQ:VBTX - Free Report) by 59.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,184 shares of the financial services provider's stock after purchasing an additional 23,436 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.12% of Veritex worth $1,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Millennium Management LLC increased its holdings in Veritex by 220.5% in the fourth quarter. Millennium Management LLC now owns 966,391 shares of the financial services provider's stock worth $26,247,000 after buying an additional 664,885 shares during the last quarter. Silvercrest Asset Management Group LLC acquired a new position in Veritex during the fourth quarter valued at approximately $14,644,000. Nuveen Asset Management LLC grew its holdings in Veritex by 57.8% during the fourth quarter. Nuveen Asset Management LLC now owns 1,239,873 shares of the financial services provider's stock valued at $33,675,000 after purchasing an additional 454,015 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Veritex during the fourth quarter valued at approximately $6,975,000. Finally, Raymond James Financial Inc. acquired a new position in Veritex during the fourth quarter valued at approximately $6,974,000. 88.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Veritex news, EVP Angela Harper sold 47,716 shares of Veritex stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $32.37, for a total transaction of $1,544,566.92. Following the sale, the executive vice president owned 59,683 shares in the company, valued at $1,931,938.71. The trade was a 44.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John Sughrue sold 5,669 shares of Veritex stock in a transaction on Friday, August 15th. The stock was sold at an average price of $32.00, for a total transaction of $181,408.00. Following the sale, the director owned 50,652 shares in the company, valued at $1,620,864. This represents a 10.07% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 320,699 shares of company stock valued at $10,361,627. 4.30% of the stock is owned by insiders.

Veritex Stock Performance

Shares of Veritex stock traded down $0.23 during midday trading on Thursday, hitting $32.08. The company had a trading volume of 412,404 shares, compared to its average volume of 749,821. The business's 50 day simple moving average is $29.46 and its two-hundred day simple moving average is $26.11. The stock has a market cap of $1.76 billion, a PE ratio of 15.28 and a beta of 1.08. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.96 and a quick ratio of 0.96. Veritex Holdings, Inc. has a 1-year low of $20.37 and a 1-year high of $33.69.

Veritex (NASDAQ:VBTX - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates 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 quarter in the previous year, the company earned $0.52 earnings per share. As a group, equities analysts predict that Veritex Holdings, Inc. will post 2.26 EPS for the current fiscal year.

Veritex Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have commented on VBTX shares. Piper Sandler reiterated a "neutral" rating and set a $34.00 price target (up previously from $30.00) on shares of Veritex in a report on Wednesday, July 16th. The Goldman Sachs Group started coverage on Veritex in a report on Monday, July 14th. They set a "buy" rating on the stock. DA Davidson increased their price target on Veritex from $32.00 to $39.00 and gave the company a "buy" rating in a report on Thursday, July 24th. William Blair upgraded Veritex to an "outperform" rating in a report on Monday, July 14th. Finally, Keefe, Bruyette & Woods increased their price target on Veritex from $30.00 to $37.00 and gave the company a "market perform" rating in a report on Tuesday, July 22nd. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Veritex has a consensus rating of "Moderate Buy" and an average price target of $33.25.

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.