Mendon Capital Advisors Corp Sells 239,000 Shares of Veritex Holdings, Inc. $VBTX

Key Points

• Mendon Capital Advisors Corp reduced its stake in Veritex Holdings, Inc. by 90.5% in the first quarter, selling 239,000 shares and now holding 25,000 shares valued at $624,000.
• Veritex recently declared a quarterly dividend of $0.22 per share, with an annualized payout of $0.88, reflecting a dividend yield of 2.6%.
• Analysts have generally rated Veritex as a "Moderate Buy", with several firms increasing their price targets, including a rise to $39.00 from DA Davidson.

Mendon Capital Advisors Corp trimmed its position in shares of Veritex Holdings, Inc. (NASDAQ:VBTX - Free Report) by 90.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,000 shares of the financial services provider's stock after selling 239,000 shares during the period. Mendon Capital Advisors Corp's holdings in Veritex were worth $624,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in shares of Veritex during the 1st quarter worth about $31,000. Quarry LP grew its holdings in Veritex by 327.6% during the first quarter. Quarry LP now owns 6,534 shares of the financial services provider's stock worth $163,000 after purchasing an additional 5,006 shares during the period. Handelsbanken Fonder AB acquired a new position in Veritex during the first quarter worth approximately $227,000. EP Wealth Advisors LLC bought a new stake in Veritex in the fourth quarter valued at approximately $231,000. Finally, Point72 Asset Management L.P. raised its stake in Veritex by 92.6% in the fourth quarter. Point72 Asset Management L.P. now owns 8,884 shares of the financial services provider's stock valued at $241,000 after buying an additional 4,271 shares during the period. Institutional investors and hedge funds own 88.31% of the company's stock.

Veritex Stock Performance

NASDAQ VBTX traded down $0.20 during trading on Monday, reaching $34.20. The company's stock had a trading volume of 184,877 shares, compared to its average volume of 593,132. Veritex Holdings, Inc. has a 12 month low of $20.37 and a 12 month high of $34.96. The firm has a 50 day moving average price of $32.20 and a 200 day moving average price of $26.95. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 16.28 and a beta of 1.08. 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 issued its quarterly earnings results on Friday, July 18th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.02. Veritex had a return on equity of 7.55% and a net margin of 14.83%.The business had revenue of $109.83 million during the quarter, compared to analysts' expectations of $110.91 million. During the same period in the previous year, the company posted $0.52 earnings per share. As a group, equities analysts anticipate that Veritex Holdings, Inc. will post 2.26 EPS for the current fiscal year.

Veritex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a $0.22 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. Veritex's dividend payout ratio (DPR) is presently 41.90%.

Insiders Place Their Bets

In related news, Director Arcilia Acosta sold 7,279 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $32.14, for a total transaction of $233,947.06. Following the completion of the sale, the director owned 54,933 shares of the company's stock, valued at $1,765,546.62. This represents a 11.70% 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 that occurred on 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 approximately $1,931,938.71. This trade represents a 44.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 320,699 shares of company stock valued at $10,361,627 over the last 90 days. 4.30% of the stock is owned by company insiders.

Analyst Ratings Changes

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