Here is why Veritex Holdings Inc. (VBTX) stock soared on Wednesday?

Veritex Holdings Inc. (VBTX) shares soared 11.04% in after-hours on Wednesday, September 15, 2021, and closed at $38.94. Even in the regular trading session of Wednesday, VBTX’s stock gained 0.06%. VBTX shares have risen by 102.13% over the last 12 months, and they have moved down by 1.90% in the past week. Over the past three months, the stock has lost 6.20%, while over the past six months, it has gained 6.99%.

Let’s see what’s happening with the company?

Discover Tomorrow's Stocks Today!

When it comes to discovering hidden gems within the stock market, Stock Wire News has consistently provided invaluable insights. Stock Wire News invites you to explore their upcoming Wealth Building Report. This report will shine a spotlight on little-known companies with the potential for substantial growth in 2024, and it's completely FREE for a limited time.

Claim the free report now by clicking here and start discovering the hidden gems of the market
Sponsored

VBTX stock buyback program

On September 15, 2021, The Board of Directors of Veritex Holdings, Inc. (VBTX) authorized an increase and extension of its stock buyback program according to which the Company may purchase shares of its outstanding common stock from time to time. The Company can purchase up to $175.0 million of its outstanding common stock and that amount has been increased by the Board to $250.0 million. The Board also extend the expiration date of the Stock Buyback Program from December 31, 2021, to December 31, 2022.

As of September 14, 2021, the Company had repurchased approximately $163.8 million, or 6,522,823 shares, of its common stock through the Stock Buyback Program which includes 222,851 shares repurchased during the third quarter of 2021.

VBTX financial results announcement

On July 27, 2021, Veritex Holdings, Inc. (VBTX), released its financial results for the second quarter ended on June 30, 2021.

Q2 2021 financial highlights

  • VBTX reported net income of $29.5 million, or $0.59 diluted earnings per share in Q2 2021 $24.0 million, or $0.48 diluted EPS, for the quarter ended June 30, 2020.
  • Noninterest expenses were $41.7 million in Q2 2021 compared to $39.6 million for the three months ended March 31, 2021.
  • As of June 30, 2021, the company had cash and cash equivalents of $390 million.

VBTX dividend declaration

On July 27, 2021, Veritex Holdings, Inc. (VBTX) declared a quarterly cash dividend of $0.20 per share on its outstanding common stock. The dividend will be paid on or after August 19, 2021, to shareholders of record as of the close of business on August 5, 2021.

VBTX investment in Thrive Mortgage

On July 19, 2021, Veritex Holdings, Inc. (VBTX) completed the investment to acquire a 49% interest in Thrive Mortgage, LLC for $53.9 million in cash. As part of the investment, the Company obtained the right to designate a member to Thrive’s board of directors.

Conclusion

The recent extension of the stock buyback program was the reason behind its gains on Wednesday and it can continue to perform well in the coming trading days.

Most Popular

Related posts