Piper Sandler has adjusted its outlook on Veritex Holdings (NASDAQ: NASDAQ:), raising the price target to $30 from $27, while maintaining an Overweight rating on the stock.

The adjustment follows a day of strong performance for Veritex shares, which outpaced the index.

The firm’s analyst highlighted several positive developments for the bank, including improved credit trends and a reduction in commercial real estate and risk-based capital ratio to approximately 302% from 320%.

Additionally, Veritex experienced an increase in deposits, attributed to growth in non-interest bearing deposits (NIBDs) and interest-bearing transaction accounts. In contrast, the bank saw a decrease in brokered and public funds.

A strategic move by Veritex…