Veritex (NASDAQ:VBTX) Hits New 12-Month High - Here's Why

Shares of Veritex Holdings, Inc. (NASDAQ:VBTX - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $33.69 and last traded at $32.98, with a volume of 1120793 shares traded. The stock had previously closed at $27.46.

Wall Street Analyst Weigh In

VBTX has been the subject of several research analyst reports. Stephens reissued an "equal weight" rating and issued a $30.00 price objective on shares of Veritex in a research report on Wednesday, April 23rd. Raymond James Financial lowered Veritex from a "strong-buy" rating to an "outperform" rating and lowered their price objective for the stock from $31.00 to $28.00 in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods reduced their target price on Veritex from $33.00 to $30.00 and set a "market perform" rating for the company in a research note on Thursday, April 24th. Finally, DA Davidson decreased 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. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.25.

Veritex Price Performance

The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 16.05 and a beta of 1.03. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.94 and a current ratio of 0.94. The business has a 50 day simple moving average of $25.13 and a 200-day simple moving average of $24.99.

Veritex (NASDAQ:VBTX - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The business had revenue of $109.73 million during the quarter, compared to the consensus estimate of $110.73 million. Veritex had a return on equity of 7.51% and a net margin of 14.12%. During the same quarter in the previous year, the business earned $0.53 EPS. Equities research analysts expect that Veritex Holdings, Inc. will post 2.26 earnings per share for the current year.

Veritex Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 8th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date was Thursday, May 8th. This is an increase from Veritex's previous quarterly dividend of $0.20. Veritex's payout ratio is presently 43.14%.

Hedge Funds Weigh In On Veritex

Hedge funds and other institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC bought a new stake in shares of Veritex in the 1st quarter worth approximately $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Veritex in the 1st quarter worth approximately $31,000. Quarry LP raised its holdings in shares of Veritex by 117.0% in the 4th quarter. Quarry LP now owns 1,528 shares of the financial services provider's stock worth $42,000 after purchasing an additional 824 shares during the period. Aquatic Capital Management LLC bought a new stake in shares of Veritex in the 4th quarter worth approximately $143,000. Finally, Meeder Asset Management Inc. raised its holdings in shares of Veritex by 9.8% in the 4th quarter. Meeder Asset Management Inc. now owns 5,366 shares of the financial services provider's stock worth $146,000 after purchasing an additional 481 shares during the period. Hedge funds and other institutional investors own 88.31% of the company's stock.

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.

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