Spirit of Texas Bancshares (STXB) Lifted to Overweight at Piper Jaffray Companies

Spirit of Texas Bancshares (NASDAQ:STXB) was upgraded by research analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a note issued to investors on Sunday. The firm currently has a $20.30 price objective on the stock. Piper Jaffray Companies’ price target would suggest a potential downside of 5.76% from the company’s previous close.

Several other research firms have also issued reports on STXB. Zacks Investment Research raised Spirit of Texas Bancshares from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Tuesday, September 4th. Stephens reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Spirit of Texas Bancshares in a research note on Wednesday, October 24th.

NASDAQ STXB traded down $0.23 during trading on Friday, hitting $21.54. 337,212 shares of the stock traded hands, compared to its average volume of 29,995. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.13 and a current ratio of 1.13. Spirit of Texas Bancshares has a 12-month low of $16.70 and a 12-month high of $22.60.

Spirit of Texas Bancshares (NASDAQ:STXB) last released its quarterly earnings results on Tuesday, October 23rd. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $14.26 million for the quarter. Spirit of Texas Bancshares had a net margin of 12.89% and a return on equity of 6.96%. As a group, equities analysts anticipate that Spirit of Texas Bancshares will post 1.2 EPS for the current year.

Several large investors have recently bought and sold shares of STXB. Chicago Equity Partners LLC bought a new stake in shares of Spirit of Texas Bancshares in the 3rd quarter valued at approximately $403,000. Northern Trust Corp bought a new stake in shares of Spirit of Texas Bancshares in the 2nd quarter valued at approximately $413,000. ELCO Management Co. LLC lifted its stake in shares of Spirit of Texas Bancshares by 17.6% in the 3rd quarter. ELCO Management Co. LLC now owns 23,339 shares of the company’s stock valued at $504,000 after purchasing an additional 3,492 shares during the last quarter. Clover Partners L.P. lifted its stake in shares of Spirit of Texas Bancshares by 219.4% in the 3rd quarter. Clover Partners L.P. now owns 79,855 shares of the company’s stock valued at $1,724,000 after purchasing an additional 54,855 shares during the last quarter. Finally, State of Wisconsin Investment Board bought a new stake in shares of Spirit of Texas Bancshares in the 2nd quarter valued at approximately $2,060,000. 29.71% of the stock is owned by institutional investors and hedge funds.

About Spirit of Texas Bancshares

Spirit of Texas Bancshares, Inc operates as the holding company for Spirit of Texas Bank SSB that provides various commercial and retail banking services to small and medium-sized businesses and individuals. It offers checking accounts, money market accounts, savings accounts, certificates of deposit, and IRA accounts, The company also provides commercial and industrial loans; 1-4 single family residential real estate loans; construction, land, and development loans; commercial real estate loans, such as owner-occupied commercial real estate loans, other commercial real estate loans, and multifamily loans and farmland; consumer loans and leases; and municipal and other loans.

Further Reading: Balance Sheet

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