Millennium Management LLC Buys 218,962 Shares of Veritex Holdings, Inc. $VBTX

Key Points

• Millennium Management LLC increased its stake in Veritex Holdings by 22.7%, acquiring 218,962 additional shares, bringing its total ownership to approximately 1,185,353 shares valued at $29.6 million.
• Veritex recently announced a quarterly dividend of $0.22 per share, with an annualized yield of 2.6% and a payout ratio of 41.90%.
• Analysts have set a consensus price target of $33.25 for Veritex stock, with five analysts rating it as a "buy" and three as "hold."

Millennium Management LLC boosted its stake in shares of Veritex Holdings, Inc. (NASDAQ:VBTX - Free Report) by 22.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,185,353 shares of the financial services provider's stock after purchasing an additional 218,962 shares during the quarter. Millennium Management LLC owned about 2.18% of Veritex worth $29,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in VBTX. Nuveen LLC bought a new stake in Veritex during the first quarter valued at about $29,215,000. MetLife Investment Management LLC boosted its position in Veritex by 1,813.1% during the first quarter. MetLife Investment Management LLC now owns 614,873 shares of the financial services provider's stock valued at $15,353,000 after purchasing an additional 582,733 shares in the last quarter. Silvercrest Asset Management Group LLC bought a new stake in Veritex during the fourth quarter valued at about $14,644,000. Nuveen Asset Management LLC boosted its position 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 in the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc bought a new stake in Veritex during the first quarter valued at about $6,621,000. Institutional investors own 88.31% of the company's stock.

Veritex Trading Down 0.0%

Veritex stock opened at $34.19 on Thursday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.20. Veritex Holdings, Inc. has a 52 week low of $20.37 and a 52 week high of $34.96. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 16.28 and a beta of 1.08. The stock has a 50-day moving average price of $31.93 and a 200 day moving average price of $26.82.

Veritex (NASDAQ:VBTX - Get Free Report) last released its earnings results on Friday, July 18th. The financial services provider reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.54 by $0.02. Veritex had a return on equity of 7.55% and a net margin of 14.83%.The firm had revenue of $109.83 million during the quarter, compared to the consensus estimate of $110.91 million. During the same quarter in the previous year, the company posted $0.52 earnings per share. Sell-side analysts anticipate that Veritex Holdings, Inc. will post 2.26 EPS for the current year.

Veritex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. Veritex's payout ratio is 41.90%.

Analysts Set New Price Targets

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

Insider Activity

In related news, Director Fallon William sold 7,220 shares of Veritex stock in a transaction dated Friday, August 1st. The stock was 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. The trade was 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 this hyperlink. Also, EVP Angela Harper sold 47,716 shares of Veritex stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $32.37, for a total value 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 trade represents a 44.43% 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 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.

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