DA Davidson Issues Pessimistic Forecast for Veritex (NASDAQ:VBTX) Stock Price

Veritex (NASDAQ:VBTX) had its target price lowered by DA Davidson from $34.00 to $32.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price target would indicate a potential upside of 38.35% from the stock’s previous close.

A number of other research analysts have also issued reports on the stock. Raymond James lowered shares of Veritex from a “strong-buy” rating to an “outperform” rating and reduced their target price for the company from $31.00 to $28.00 in a report on Wednesday, April 2nd. Hovde Group upgraded shares of Veritex from a “market perform” rating to an “outperform” rating and set a $31.50 target price on the stock in a research report on Thursday, January 30th. Finally, Stephens reiterated an “equal weight” rating and issued a $30.00 price target on shares of Veritex in a report on Wednesday. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.25.

Veritex Trading Down 0.5 %

Shares of VBTX opened at $23.13 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.94. Veritex has a 1-year low of $18.74 and a 1-year high of $31.62. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 11.86 and a beta of 1.11. The firm has a 50 day simple moving average of $23.87 and a 200-day simple moving average of $26.42.

Veritex (NASDAQ:VBTX) last released its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. Veritex had a return on equity of 7.59% and a net margin of 13.44%. The company had revenue of $109.73 million during the quarter, compared to the consensus estimate of $110.73 million. During the same quarter last year, the business posted $0.53 earnings per share. Equities analysts forecast that Veritex will post 2.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC acquired a new position in shares of Veritex during the first quarter valued at $31,000. USA Financial Formulas bought a new stake in Veritex in the 4th quarter valued at about $32,000. Quarry LP boosted its stake in Veritex by 117.0% during the 4th quarter. Quarry LP now owns 1,528 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 824 shares during the period. R Squared Ltd bought a new position in Veritex in the 4th quarter worth about $45,000. Finally, GAMMA Investing LLC increased its stake in shares of Veritex by 14.7% in the fourth quarter. GAMMA Investing LLC now owns 3,360 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 431 shares during the period. Institutional investors and hedge funds 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.