Veritex Holdings, Inc. (NASDAQ:VBTX – Get a rating) announced a quarterly dividend on Tuesday, October 25, Zacks reports. Shareholders of record on Friday, November 11 will receive a dividend of 0.20 per share from the financial services provider on Friday, November 25. This represents a dividend of $0.80 on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Wednesday, November 9.
Veritex has a dividend payout ratio of 22.7%, indicating that its dividend is sufficiently covered by earnings. Stock analysts expect Veritex to earn $3.52 per share next year, meaning the company should continue to be able to cover its $0.80 annual dividend with a future payout ratio. forecast of 22.7%.
Veritex Stock Performance
VBTXName opened at $29.58 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt ratio of 0.86. Veritex has a 12-month low of $26.14 and a 12-month high of $45.36. The company has a 50-day moving average of $29.06 and a 200-day moving average of $31.08. The stock has a market capitalization of $1.60 billion, a price-earnings ratio of 10.56 and a beta of 1.43.
Veritex (NASDAQ:VBTX – Get a rating) last announced its quarterly results on Wednesday, July 27. The financial services provider reported earnings per share (EPS) of $0.55 for the quarter, missing the consensus estimate of $0.69 per ($0.14). Veritex had a net margin of 35.73% and a return on equity of 10.32%. The company posted revenue of $94.86 million for the quarter, versus analyst estimates of $98.34 million. During the same period of the previous year, the company achieved EPS of $0.60. The company’s revenue for the quarter increased by 9.2% compared to the same quarter last year. On average, equity research analysts expect Veritex to post earnings per share of 2.84 for the current year.
Separately, CFO Terry Earley bought 1,180 shares of the company in a deal that took place on Friday, July 29. The shares were acquired at an average price of $30.50 per share, with a total value of $35,990.00. Following the completion of the purchase, the CFO now directly owns 7,980 shares of the company, valued at $243,390. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available via the SEC website. Company insiders hold 3.38% of the company’s shares.
Institutional investors weigh in on Veritex
Major investors have recently changed their stake in the company. Price T Rowe Associates Inc. ® increased its stake in Veritex shares by 32.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,641,794 shares of the financial services provider valued at $77,299,000 after purchasing an additional 645,296 shares last quarter. Millennium Management LLC increased its position in Veritex by 750.4% during the second quarter. Millennium Management LLC now owns 698,771 shares of the financial services provider worth $20,446,000 after acquiring an additional 616,600 shares in the last quarter. State Street Corp increased its position in Veritex by 19.9% in the first quarter. State Street Corp now owns 2,585,250 shares of the financial services provider valued at $98,679,000 after buying an additional 428,226 shares in the last quarter. BlackRock Inc. increased its stake in Veritex shares by 4.7% during the first quarter. BlackRock Inc. now owns 7,377,556 shares of the financial services provider valued at $281,602,000 after acquiring an additional 328,369 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Veritex shares by 5.6% in the first quarter. Vanguard Group Inc. now owns 3,365,162 shares of the financial services provider worth $128,448,000 after buying an additional 178,482 shares in the last quarter. Institutional investors and hedge funds own 89.32% of the company’s shares.
A Wall Street analyst gives his opinion
Several analysts have recently commented on VBTX shares. Stephens downgraded Veritex shares from an “overweight” rating to an “equally weighted” rating and reduced their target price for the stock from $36.00 to $32.00 in a Wednesday, September 7 report. Raymond James raised its price target on Veritex from $36.00 to $38.00 and gave the stock an “outperform” rating in a report on Thursday. Piper Sandler cut her price target on Veritex to $36.00 in a Thursday, September 29 report. To finish, StockNews.com upgraded Veritex shares from a “sell” rating to a “hold” rating in a Wednesday, Oct. 19 research report. Two analysts rated the stock with a hold rating and three gave the company a buy rating. Based on data from MarketBeat.com, Veritex currently has an average rating of “Moderate Buy” and a consensus target price of $35.33.
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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