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Investing.com - Keefe, Bruyette & Woods raised its price target on Veritex Holdings (NASDAQ:VBTX) to $37.00 from $30.00 while maintaining a Market Perform rating.
The firm cited Veritex’s achievement of its 1.0% return on assets (ROA) target as a key factor in the price target adjustment. The bank’s current ROA stands at 0.92%, while delivering an impressive 39.22% return over the past year.
KBW noted that Veritex’s performance exceeded expectations due to a lower provision and higher net interest income, while loan shrinkage stabilized and credit metrics improved.
The research firm raised its earnings per share estimates for Veritex to $2.25 and $2.35, reflecting the lower provision and higher net interest income.
KBW aligned the new $37 price target with the 1.95x exchange ratio to Huntington Bancshares (NASDAQ:HBAN)’ $19 price target.
In other recent news, Veritex Holdings, Inc. reported second-quarter earnings that surpassed analyst projections. The bank posted an adjusted earnings per share of $0.56, exceeding the expected $0.54. However, revenue for the quarter was slightly below forecasts, totaling $109.83 million compared to the consensus estimate of $110.59 million. This revenue figure still marked an increase from the same period last year. These developments reflect Veritex Holdings’ ongoing financial performance.
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