Zacks Investment Research Lowers Spirit of Texas Bancshares (STXB) to Sell

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Spirit of Texas Bancshares (NASDAQ:STXB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Spirit of Texas Bancshares Inc. is a bank holding company. It offers commercial and retail banking services. The company provides checking and savings accounts; commercial, consumer, mortgage, SBA and foreign national lending services and treasury management services. It operates primarily in College Station, Colleyville, Conroe, Dallas, Fort Worth, Grapevine, Clear Lake, Post Oak Road, Richmond Ave, Stafford, Magnolia, Tomball, Woodlands Central, Woodlands North and Woodlands West. Spirit of Texas Bancshares Inc. is based in Texas, United States. “

A number of other brokerages have also commented on STXB. Stephens set a $26.00 price target on Spirit of Texas Bancshares and gave the company a “buy” rating in a research note on Tuesday, February 5th. Sandler O’Neill began coverage on Spirit of Texas Bancshares in a research note on Monday. They set a “buy” rating and a $21.32 price target for the company. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $23.32.

Spirit of Texas Bancshares stock traded up $0.10 during midday trading on Wednesday, reaching $21.87. 2,738 shares of the stock traded hands, compared to its average volume of 20,239. Spirit of Texas Bancshares has a 12 month low of $16.70 and a 12 month high of $23.53. The firm has a market cap of $295.65 million and a PE ratio of 20.83. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.34.

Spirit of Texas Bancshares (NASDAQ:STXB) last announced its quarterly earnings results on Wednesday, January 30th. The company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. Spirit of Texas Bancshares had a return on equity of 7.99% and a net margin of 14.71%. The company had revenue of $16.89 million during the quarter, compared to analyst estimates of $16.10 million. As a group, equities research analysts forecast that Spirit of Texas Bancshares will post 1.68 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of STXB. BlackRock Inc. raised its position in Spirit of Texas Bancshares by 331.6% during the fourth quarter. BlackRock Inc. now owns 459,086 shares of the company’s stock valued at $10,457,000 after purchasing an additional 352,717 shares during the period. RMB Capital Management LLC raised its holdings in shares of Spirit of Texas Bancshares by 22.5% in the fourth quarter. RMB Capital Management LLC now owns 929,037 shares of the company’s stock worth $21,163,000 after buying an additional 170,903 shares during the period. Creative Planning purchased a new stake in shares of Spirit of Texas Bancshares in the fourth quarter worth approximately $2,372,000. Geode Capital Management LLC purchased a new stake in shares of Spirit of Texas Bancshares in the fourth quarter worth approximately $2,371,000. Finally, Vanguard Group Inc raised its holdings in shares of Spirit of Texas Bancshares by 134.9% in the third quarter. Vanguard Group Inc now owns 164,964 shares of the company’s stock worth $3,562,000 after buying an additional 94,745 shares during the period. Institutional investors and hedge funds own 32.77% of the company’s stock.

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.

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