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Dallas-based Veritex Holdings, Inc. (NASDAQ:VBTX), a $1.46 billion market cap commercial bank currently trading below its Fair Value according to InvestingPro analysis, disclosed in a recent SEC filing that their Chief Financial Officer, Terry S. Earley, will retire on June 30, 2025. William L. Holford, currently the Executive Vice President, Director of Strategic Corporate Development, is set to take over the CFO role starting July 1, 2025.
The transition plan for the financial leadership at Veritex, a state commercial bank headquartered in Texas that has maintained profitability with a 7.36% revenue growth over the last twelve months, was revealed today. Earley, who has held the position of Senior Executive Vice President and CFO, will step down but is expected to join the bank’s board of directors and continue in a consultancy role. InvestingPro subscribers can access detailed analysis showing the bank’s strong shareholder yield and additional financial health indicators.
Holford, who has been with Veritex since 2011, brings two decades of experience in the financial services industry to his upcoming position. His prior roles at the bank have included Controller, Treasurer, and his current position, underscoring a broad range of experience within the company.
The filing also noted that there are no familial or disclosable relationships between Holford and any directors or executive officers at Veritex, which aligns with regulatory requirements for transparency in corporate governance.
Details regarding any adjustments to Holford’s compensation package in light of his new role will be shared if and when they are finalized.
Veritex’s announcement also contained forward-looking statements regarding the anticipated impact of the leadership change on the company’s strategic objectives and financial performance. The bank, which currently offers a 2.97% dividend yield and trades at a P/E ratio of 16.48, cautioned that these projections are subject to various assumptions, risks, and uncertainties and should not be relied upon unduly. For comprehensive analysis and additional insights, investors can access the full Pro Research Report available on InvestingPro, which covers over 1,400 US stocks including Veritex Holdings.
This information is based on a press release statement and further details can be found in Veritex’s filings with the SEC. The bank’s stock is traded on the Nasdaq Global Market under the ticker symbol (NASDAQ:VBTX).
"In other recent news, Veritex Holdings announced its plan to redeem all of its outstanding 4.75% Fixed-to-Floating Rate Subordinated Notes, amounting to $75 million. This financial move aligns with the company’s broader capital management strategy. The redemption of these notes is scheduled to occur in 2025, with the company planning to use cash on hand for the payment.
In terms of earnings, Veritex reported a successful third quarter in 2024, with operating earnings reaching $32.2 million and pretax pre-provision earnings of $44.6 million. Despite a decrease in total loans, the bank reported growth in revenue and an improved net interest margin.
Piper Sandler and DA Davidson, two analyst firms, have responded positively to these recent developments. They have maintained their upbeat ratings for Veritex and increased their price targets to $30 and $33 respectively. Furthermore, Veritex’s strategic positioning within the Houston and Dallas-Fort Worth metropolitan areas is seen as a competitive advantage, especially considering the potential for mergers and acquisitions within the banking industry."
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