Veritex (NASDAQ:VBTX) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Veritex (NASDAQ:VBTX - Get Free Report) posted its quarterly earnings data on Friday. The financial services provider reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.02, RTT News reports. Veritex had a return on equity of 7.59% and a net margin of 14.83%. The company had revenue of $109.83 million during the quarter, compared to analysts' expectations of $110.91 million. During the same period in the prior year, the business earned $0.52 earnings per share.

Veritex Price Performance

Shares of NASDAQ:VBTX traded down $0.33 during midday trading on Tuesday, reaching $32.11. The company's stock had a trading volume of 1,223,627 shares, compared to its average volume of 474,057. Veritex has a fifty-two week low of $20.10 and a fifty-two week high of $33.69. The company has a market capitalization of $1.74 billion, a P/E ratio of 15.29 and a beta of 1.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.94 and a quick ratio of 0.94. The business's fifty day simple moving average is $26.00 and its 200-day simple moving average is $25.17.

Veritex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.74%. Veritex's payout ratio is presently 41.90%.

Institutional Trading of Veritex

A number of hedge funds and other institutional investors have recently made changes to their positions in VBTX. Acadian Asset Management LLC acquired a new stake in Veritex in the first quarter worth about $28,000. Strs Ohio acquired a new stake in Veritex in the first quarter worth about $135,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Veritex by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,225 shares of the financial services provider's stock worth $780,000 after purchasing an additional 1,362 shares during the period. Intech Investment Management LLC increased its position in Veritex by 24.5% in the first quarter. Intech Investment Management LLC now owns 46,022 shares of the financial services provider's stock worth $1,149,000 after purchasing an additional 9,055 shares during the period. Finally, Jane Street Group LLC increased its position in Veritex by 451.0% in the first quarter. Jane Street Group LLC now owns 115,022 shares of the financial services provider's stock worth $2,872,000 after purchasing an additional 94,148 shares during the period. 88.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on VBTX. William Blair raised Veritex to an "outperform" rating in a research report on Monday, July 14th. Raymond James Financial cut Veritex from a "strong-buy" rating to an "outperform" rating and reduced their price objective for the company from $31.00 to $28.00 in a research report on Wednesday, April 2nd. DA Davidson reduced their target price on Veritex from $34.00 to $32.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Keefe, Bruyette & Woods raised their target price on Veritex from $30.00 to $37.00 and gave the stock a "market perform" rating in a research report on Tuesday. Finally, Stephens reaffirmed an "equal weight" rating and issued a $30.00 target price on shares of Veritex in a research report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $32.08.

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.