Veritex Holdings (VBTX) has seen an increase of 13.92% in premarket after announcing a Stock Buyback Program Expansion and Increase. However, the last trading session closed at $35.07 with an incline of 0.06%.
VBTX announces a Stock Buyback Program Expansion and Increase
VBTX authorized an expansion and extension of the Company’s stock buyback program on 15th September 2021. It is done under which the Company may buy back shares of its outstanding common stock from time to time. The Board raised the Shares Buyback Program’s authorization to acquire up to $175.0 million. The Board also approved an extension of the Stock Buyback Program’s expiry date from December 31, 2021, to December 31, 2022.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
Sponsored
The Stock Buyback Program has repurchased approximately $163.8 million with 222,851 shares repurchased during the third quarter of 2021.
Second-quarter 2021 Operating Results
VBTX reported second-quarter 2021 operating results on 27th July 2021. The net income of the company came out to be $29.5 million in net income. Operating earnings were almost $30.0 million and total loans held for investment (LHI), and excluding mortgage, warehouse increased by $308.6 million from the first quarter of 2021.
As of June 30, 2021, total noninterest-bearing deposits had increased by $216.3 million from the first quarter of 2021, accounting for 34.2 percent of total deposits. VBTX also declared a quarterly cash dividend of $0.20 per share of outstanding common stock, up 17.6% from the first quarter of 2021, and payable on August 19, 2021.
Investment in Thrive Mortgage
VBTX reported on 19th July 2021 that the Bank has completed a $53.9 million cash transaction to purchase a 49 percent stake in Thrive Mortgage, LLC. The Company received the opportunity to appoint a member to Thrive’s board of directors as part of the investment.
Thrive is a family-owned company managed by Roy Jones, Chairman, and Chief Executive Officer. It has a seasoned management team with an average tenure of more than 10 years with Thrive.
Thrive is the first firm in Texas to close a totally electronic note with a remote notary. Also, it is an industry pioneer in changing the home finance process into a customer-focused digital experience. https://luxlifemiamiblog.com/ Texas, Ohio, Colorado, Kentucky etc are just a few of the markets that Thrive serves.