UPDATE: Raymond James Reiterates on ViewPoint Financial Following Annual Texas Bank Tour

In a report published Tuesday, Raymond James analyst Michael Rose reiterated an Outperform rating on ViewPoint Financial Group VPFG, and raised the price target from $23.00 to $24.00. In the report, Raymond James noted, “We recently hosted a Texas field trip and met with the senior management teams of several Texas-based banks including Comerica (CMA), Prosperity Bancshares (PB), First Financial Bankshares (FFIN), Viewpoint Financial (VPFG), Amegy Bank (subsidiary of ZION), Southside Bancshares (SBSI), Independent Bank Group (IBTX), and Cadence Bancorp (private). Additionally, we met with IBERIABANK (IBKC) and Bank of Oklahoma (BOKF), both of which have operations in Texas. Major topics of conversation included: (1) the relative strength of the Texas economy; (2) competitive trends across the state; (3) thoughts on M&A and the pickup in industry consolidation; (4) the increasing regulatory burden and associated costs; and (5) organic growth/market share takeaway opportunities.” ViewPoint Financial Group closed on Monday at $21.79.