Veritex Holdings, Inc. (NASDAQ:VBTX) Short Interest Down 27.6% in September

Veritex Holdings, Inc. (NASDAQ:VBTX – Get Rating) benefited from a sharp drop in short-term interest rates in September. As of September 15, there was short interest totaling 976,900 shares, down 27.6% from the August 31 total of 1,350,000 shares. Based on an average daily volume of 341,200 shares, the short interest ratio is currently 2.9 days.

A Wall Street analyst gives his opinion

A number of stock analysts have recently commented on the stock. Raymond James cut his price target on Veritex shares from $38.00 to $36.00 and set an “outperform” rating for the company in a Tuesday, September 13 research note. StockNews.com downgraded Veritex shares from a “hold” rating to a “sell” rating in a Thursday, July 28 research rating. Stephens downgraded Veritex shares from an “overweight” rating to an “equally weighted” rating and reduced his target price for the company from $36.00 to $32.00 in a Wednesday, Sept. 7 research note. Finally, Piper Sandler cut her price target on Veritex shares to $39.00 in a research note on Monday, July 4. One financial analyst gave the stock a sell rating, one gave the company a hold rating and three gave the company a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.67.

Insider buying and selling

In related news, CFO Terry Earley bought 1,180 Veritex shares in a trade that took place on Friday, July 29. The shares were purchased at an average cost of $30.50 per share, with a total value of $35,990.00. Following the purchase, the CFO now owns 7,980 shares of the company, valued at $243,390. The acquisition was disclosed in a filing with the SEC, available on the SEC’s website. Insiders of the company own 3.38% of the shares of the company.

Institutional entries and exits

Several large investors have recently bought and sold shares of VBTX. Citigroup Inc. increased its equity stake in Veritex by 39.6% during the fourth quarter. Citigroup Inc. now owns 38,968 shares of the financial services provider worth $1,550,000 after purchasing an additional 11,062 shares during the period. JPMorgan Chase & Co. increased its equity stake in Veritex to 97.5% during the fourth quarter. JPMorgan Chase & Co. now owns 321,136 shares of the financial services provider worth $12,774,000 after purchasing an additional 158,527 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Veritex shares by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 346,266 shares of the financial services provider worth $13,775,000 after purchasing an additional 6,067 shares during the period. Geode Capital Management LLC increased its stake in Veritex shares by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 879,147 shares of the financial services provider worth $34,972,000 after purchasing an additional 17,041 shares during the period. Finally, the Public Sector Pension Investment Board increased its holding in Veritex shares by 0.3% during the fourth quarter. The Public Sector Pension Investment Board now owns 100,407 shares of the financial services provider worth $3,994,000 after purchasing an additional 330 shares during the period. 89.32% of the shares are held by institutional investors.

Veritex down 0.7%

NASDAQ:VBTX shares opened at $27.25 on Wednesday. Veritex has a 52-week low of $26.83 and a 52-week high of $45.36. The company has a market capitalization of $1.47 billion, a P/E ratio of 9.95 and a beta of 1.45. The company has a 50-day simple moving average of $30.73 and a 200-day simple moving average of $32.72. The company has a debt ratio of 0.86, a quick ratio of 1.04 and a current ratio of 1.04.

Veritex (NASDAQ:VBTX – Get Rating) last released its quarterly results on Wednesday, July 27. The financial services provider reported earnings per share of $0.55 for the quarter, missing the consensus estimate of $0.69 per ($0.14). The company posted revenue of $94.86 million in the quarter, versus a consensus estimate of $98.34 million. Veritex had a net margin of 35.73% and a return on equity of 10.32%. The company’s revenue increased by 9.2% compared to the same quarter last year. During the same period of the previous year, the company had earned earnings per share of $0.60. Sell-side analysts expect Veritex to post earnings per share of 2.88 for the current year.

Veritex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 26. Shareholders of record on Friday August 12 received a dividend of $0.20. The ex-dividend date was Thursday, August 11. This represents an annualized dividend of $0.80 and a yield of 2.94%. Veritex’s dividend payout ratio is currently 29.20%.

About Veritex

(Get a rating)

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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