Veritex Holdings, Inc. (NASDAQ:VBTX) was the recipient of a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 763,300 shares, an increase of 18.8% from the May 31st total of 642,600 shares. Currently, 1.6% of the company’s stock are short sold. Based on an average daily trading volume, of 254,600 shares, the short-interest ratio is currently 3.0 days.
In related news, Director Manuel J. Mehos sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, April 12th. The shares were sold at an average price of $34.18, for a total transaction of $512,700.00. Following the sale, the director now directly owns 479,685 shares of the company’s stock, valued at approximately $16,395,633.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William Don Ellis sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 4th. The stock was sold at an average price of $34.63, for a total transaction of $865,750.00. Following the sale, the director now directly owns 173,447 shares in the company, valued at $6,006,469.61. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 70,000 shares of company stock worth $2,459,050. 4.72% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. Arlington Partners LLC acquired a new position in shares of Veritex in the 1st quarter valued at $54,000. US Bancorp DE acquired a new position in shares of Veritex in the 4th quarter valued at $43,000. Childress Capital Advisors LLC acquired a new position in shares of Veritex in the 4th quarter valued at $61,000. Veriti Management LLC acquired a new position in shares of Veritex in the 4th quarter valued at $69,000. Finally, Captrust Financial Advisors boosted its stake in Veritex by 58.9% during the 1st quarter. Captrust Financial Advisors now owns 2,999 shares of the financial services provider’s stock worth $98,000 after purchasing an additional 1,112 shares during the period. Institutional investors and hedge funds own 85.28% of the company’s stock.
Shares of NASDAQ:VBTX opened at $35.21 on Monday. Veritex has a 52 week low of $15.19 and a 52 week high of $37.99. The firm has a 50 day moving average price of $35.45. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.05 and a current ratio of 1.06. The stock has a market cap of $1.74 billion, a P/E ratio of 17.26 and a beta of 1.76.
Veritex (NASDAQ:VBTX) last announced its quarterly earnings data on Tuesday, April 27th. The financial services provider reported $0.64 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.12. Veritex had a net margin of 27.84% and a return on equity of 8.86%. The company had revenue of $80.38 million for the quarter, compared to the consensus estimate of $74.55 million. As a group, research analysts expect that Veritex will post 2.52 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 20th. Stockholders of record on Thursday, May 6th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Wednesday, May 5th. Veritex’s payout ratio is 43.59%.
Separately, Raymond James increased their price objective on shares of Veritex from $41.00 to $42.00 and gave the company a “strong-buy” rating in a research report on Friday, June 4th.
Veritex Company Profile
Veritex Holdings, Inc operates as the bank holding company for Veritex Community Bank that provides various commercial banking products and services to small and medium-sized businesses, and professionals. The company accepts deposit products include demand, savings, money market, and time accounts. Its loan products include commercial, mortgage warehouse, commercial real estate, construction and land, 1-4 family residential, paycheck protection program, farmland and agricultural, multi-family residential, and consumer loans; and purchased receivables financing.
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Like any group of stocks related to travel and tourism, hotel stocks saw a steep drop in share prices in 2020. The leisure and hospitality sector that once had 15 million employees has lost 4 million jobs since February.
Many major cities will be feeling the ripple effects of the Covid-19 pandemic for years. However, there is ample evidence that shows the pandemic may be coming to an end. The number of new cases is dropping. The number of those getting vaccinated is rising. And even in the cities with the most restrictive mitigation measures, the slow process of reopening is beginning.
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Many economists are optimistic that travel may begin to look more normal by the summer of this year. And the global economy may deliver 6.4% GDP growth this year. With that in mind, the hotel chains with the best fundamentals and the broadest footprint will be in the best position as the economy reopens.
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