Veritex (NASDAQ:VBTX) Downgraded to “Sell” at ValuEngine

Veritex (NASDAQ:VBTX) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a report released on Monday, ValuEngine reports.

A number of other equities analysts have also recently weighed in on VBTX. Stephens set a $29.00 price target on Veritex and gave the stock a “buy” rating in a report on Tuesday, September 24th. Raymond James cut their price target on Veritex from $30.00 to $29.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. Zacks Investment Research raised Veritex from a “sell” rating to a “hold” rating in a report on Saturday, October 5th. Finally, BidaskClub cut Veritex from a “sell” rating to a “strong sell” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $28.67.

Shares of NASDAQ VBTX traded up $0.74 during trading on Monday, reaching $25.30. The company had a trading volume of 499,090 shares, compared to its average volume of 321,839. Veritex has a twelve month low of $20.34 and a twelve month high of $28.53. The stock has a market capitalization of $1.30 billion, a PE ratio of 13.75 and a beta of 1.57. The stock has a 50-day moving average price of $24.34 and a two-hundred day moving average price of $25.17. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.49.

Veritex (NASDAQ:VBTX) last released its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.63 by ($0.04). Veritex had a return on equity of 9.83% and a net margin of 18.42%. The company had revenue of $77.48 million during the quarter, compared to analyst estimates of $82.50 million. On average, sell-side analysts predict that Veritex will post 2.33 EPS for the current year.

In other news, Director Manuel J. Mehos sold 7,400 shares of Veritex stock in a transaction on Monday, September 16th. The stock was sold at an average price of $25.40, for a total value of $187,960.00. Following the completion of the sale, the director now owns 440,831 shares of the company’s stock, valued at $11,197,107.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO C Malcolm Holland III sold 2,500 shares of Veritex stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $25.88, for a total value of $64,700.00. Following the completion of the sale, the chief executive officer now directly owns 101,777 shares of the company’s stock, valued at approximately $2,633,988.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,700 shares of company stock valued at $299,280. Insiders own 3.92% of the company’s stock.

Large investors have recently made changes to their positions in the company. Phocas Financial Corp. purchased a new stake in shares of Veritex in the second quarter valued at $51,000. Oppenheimer Asset Management Inc. grew its position in shares of Veritex by 39.4% in the second quarter. Oppenheimer Asset Management Inc. now owns 4,316 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 1,220 shares during the period. Bank of Montreal Can grew its position in shares of Veritex by 226.6% in the second quarter. Bank of Montreal Can now owns 6,300 shares of the financial services provider’s stock valued at $163,000 after purchasing an additional 4,371 shares during the period. Royal Bank of Canada grew its position in Veritex by 5.6% during the second quarter. Royal Bank of Canada now owns 9,091 shares of the financial services provider’s stock valued at $236,000 after acquiring an additional 482 shares during the period. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Veritex during the second quarter valued at about $247,000. 78.10% of the stock is owned by institutional investors and hedge funds.

About Veritex

Veritex Holdings, Inc operates as the holding company for Veritex Community Bank that provides various commercial banking products and services to small and medium-sized businesses, and professionals. The company's deposit products include checking, demand, savings, money market, and time deposit accounts, as well as commercial deposit and financial institution money market accounts.

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