Veritex Holdings, Inc. (NASDAQ:VBTX – Get a rating) recorded a sharp increase in short-term interest during the month of October. As of October 31, there was short interest totaling 1,400,000 shares, an increase of 33.3% from the total of 1,050,000 shares as of October 15. Based on an average daily trading volume of 314,200 shares, the day-to-cover ratio is currently 4.5 days.
Veritex Stock Performance
Veritex stock traded down $0.05 during Friday’s midday session, hitting $32.55. 228,157 shares of the company were traded, compared to its average volume of 340,088. The company has a 50-day simple moving average of $29.07 and a two-hundred-day simple moving average of $30.79 . Veritex has a fifty-two week low of $26.14 and a fifty-two week high of $43.71. The stock has a market capitalization of $1.76 billion, a price-earnings ratio of 11.63 and a beta of 1.47. The company has a debt ratio of 0.98, a current ratio of 1.05 and a quick ratio of 1.05.
Veritex (NASDAQ:VBTX – Get a rating) last announced its quarterly results on Tuesday, October 25. The financial services provider reported earnings per share (EPS) of $0.80 for the quarter, beating the consensus estimate of $0.79 by $0.01. Veritex had a return on equity of 10.70% and a net margin of 33.87%. The company posted revenue of $114.06 million in the quarter, versus a consensus estimate of $109.70 million. On average, research analysts expect Veritex to post EPS of 2.88 for the current fiscal year.
Veritex announces dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, November 25. Shareholders of record on Friday, November 11 will receive a dividend of $0.20 per share. This represents a dividend of $0.80 on an annualized basis and a dividend yield of 2.46%. The ex-date of this dividend is Wednesday, November 9. Veritex’s dividend payout ratio is currently 28.57%.
Changes to analyst ratings
VBTX has been the subject of several recent analyst reports. StockNews.com upgraded Veritex from a “sell” rating to a “hold” rating in a report on Wednesday, October 19. Stephens raised its price target on Veritex from $32.00 to $38.00 and gave the company an “equal weight” rating in a Thursday, October 27 report. Raymond James raised his price target on Veritex from $36.00 to $38.00 and gave the company an “outperform” rating in a Thursday, October 27 report. Finally, Piper Sandler cut her price target on Veritex to $36.00 in a Thursday, September 29 report. Two investment analysts gave the stock a hold rating and three gave the company a buy rating. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $37.33.
Institutional investors weigh in on Veritex
A number of hedge funds and other institutional investors have recently changed their holdings in VBTX. Assetmark Inc. increased its holdings of Veritex shares by 610.0% during the second quarter. Assetmark Inc. now owns 1,065 shares of the financial services provider worth $31,000 after buying 915 additional shares in the last quarter. Lazard Asset Management LLC acquired a new equity stake in Veritex during the first quarter at a value of $33,000. Private Capital Group LLC increased its position in Veritex shares by 122.1% in the second quarter. Private Capital Group LLC now owns 1,288 shares of the financial services provider worth $38,000 after purchasing an additional 708 shares during the period. Point72 Hong Kong Ltd bought a new position in Veritex shares in the first quarter worth $41,000. Finally, Picton Mahoney Asset Management bought a new position in Veritex stock in the third quarter worth $60,000. Institutional investors and hedge funds own 89.32% of the company’s shares.
Veritex Holdings, Inc. operates as a bank holding company for Veritex Community Bank which provides various commercial banking products and services to small and medium businesses and professionals. The Company accepts deposit products including current, savings, money market and term accounts. Its lending products include Commercial and General Commercial Real Estate, Warehouse Mortgages, Residential Real Estate, Construction and Land, Farmland, Consumer, Paycheck Protection Program, Residential Lending for 1 to 4 families, agricultural, multi-family residential and consumer, as well as in the form of purchased receivables financing.
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