Veritex (NASDAQ:VBTX) Posts Earnings Results, Beats Expectations By $0.02 EPS

Veritex (NASDAQ:VBTX) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.02, Fidelity Earnings reports. The business had revenue of $86.90 million for the quarter, compared to analyst estimates of $85.14 million. Veritex had a net margin of 30.32% and a return on equity of 9.38%. The firm’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share.

Veritex stock traded down $1.24 during mid-day trading on Wednesday, hitting $39.55. 1,862 shares of the stock were exchanged, compared to its average volume of 254,637. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.82. Veritex has a 12 month low of $18.08 and a 12 month high of $41.22. The firm’s fifty day simple moving average is $36.91 and its two-hundred day simple moving average is $35.37. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 18.97 and a beta of 1.75.

In related news, Director Manuel J. Mehos sold 15,000 shares of the business’s stock in a transaction dated Thursday, August 12th. The stock was sold at an average price of $35.11, for a total value of $526,650.00. Following the sale, the director now directly owns 385,363 shares in the company, valued at approximately $13,530,094.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO C Malcolm Holland III sold 751 shares of Veritex stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $35.00, for a total value of $26,285.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,250 shares of company stock valued at $745,454. Insiders own 4.72% of the company’s stock.

An institutional investor recently raised its position in Veritex stock. Morgan Stanley raised its stake in shares of Veritex Holdings, Inc. (NASDAQ:VBTX) by 42.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 182,203 shares of the financial services provider’s stock after buying an additional 53,916 shares during the quarter. Morgan Stanley owned about 0.37% of Veritex worth $6,451,000 at the end of the most recent reporting period. 83.63% of the stock is owned by institutional investors.

Several research firms have issued reports on VBTX. Piper Sandler upped their price target on shares of Veritex from $39.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 22nd. Raymond James upped their price objective on shares of Veritex from $42.00 to $44.00 and gave the company a “strong-buy” rating in a report on Wednesday, September 22nd. DA Davidson upped their price objective on shares of Veritex from $40.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, September 22nd. Finally, Zacks Investment Research upgraded shares of Veritex from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Friday, August 13th. Three analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $42.50.

Veritex Company Profile

Veritex Holdings, Inc engages in the provision of commercial banking products and services to small to medium-sized businesses and professionals. It offers personal and business banking products; mortgages; and treasury services. The company was founded by Charles Malcolm Holland III in June 2009 and is headquartered in Dallas, TX.

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Earnings History for Veritex (NASDAQ:VBTX)

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