Allegiance Bancshares, Inc. (ABTX) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Allegiance Bancshares, Inc. (NASDAQ:ABTX) from a sell rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “Allegiance Bancshares, Inc. operates as a bank holding company. The Company offers banking products and services primarily to small and medium-sized businesses and individual customers, through its subsidiaries. It offers checking accounts, savings accounts, certificates of deposit, bank-by-mail, cashier’s checks, travelers checks, gift cards, savings bonds, personal loans, automobile loans, commercial loans, mortgage loans, home improvement loans, online banking services, safe deposit boxes and automated teller machines. Allegiance Bancshares, Inc. is headquartered in Houston, Texas. “
A number of other analysts have also recently issued reports on the company. Keefe, Bruyette & Woods set a $42.00 target price on Allegiance Bancshares and gave the company a hold rating in a research report on Monday. BidaskClub cut Allegiance Bancshares from a sell rating to a strong sell rating in a research report on Friday, August 25th. Finally, Stephens reissued a buy rating and issued a $42.00 target price on shares of Allegiance Bancshares in a research report on Thursday, June 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Allegiance Bancshares has an average rating of Hold and an average target price of $41.25.
Allegiance Bancshares (ABTX) opened at 34.05 on Tuesday. Allegiance Bancshares has a 52 week low of $25.16 and a 52 week high of $40.45. The stock has a market capitalization of $448.13 million, a PE ratio of 19.91 and a beta of 2.32. The stock has a 50 day moving average price of $36.97 and a 200 day moving average price of $37.57.
Allegiance Bancshares (NASDAQ:ABTX) last announced its earnings results on Tuesday, July 25th. The bank reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $26.58 million during the quarter, compared to analyst estimates of $27.24 million. Allegiance Bancshares had a net margin of 19.75% and a return on equity of 7.90%. During the same period last year, the company earned $0.36 earnings per share. Equities analysts forecast that Allegiance Bancshares will post $1.89 EPS for the current year.
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In other Allegiance Bancshares news, Director Umesh Jain sold 5,088 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $35.33, for a total transaction of $179,759.04. Following the completion of the sale, the director now directly owns 132,275 shares of the company’s stock, valued at approximately $4,673,275.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas A. Reiser acquired 11,000 shares of Allegiance Bancshares stock in a transaction on Thursday, August 10th. The shares were bought at an average cost of $36.53 per share, with a total value of $401,830.00. Following the completion of the purchase, the director now owns 189,190 shares in the company, valued at $6,911,110.70. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 33,900 shares of company stock valued at $1,221,883. 13.88% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Wells Fargo & Company MN increased its stake in Allegiance Bancshares by 1.8% in the second quarter. Wells Fargo & Company MN now owns 7,167 shares of the bank’s stock valued at $275,000 after buying an additional 129 shares in the last quarter. Context BH Capital Management LP increased its stake in Allegiance Bancshares by 1.0% in the second quarter. Context BH Capital Management LP now owns 14,204 shares of the bank’s stock valued at $544,000 after buying an additional 140 shares in the last quarter. Bank of America Corp DE increased its stake in Allegiance Bancshares by 4.7% in the first quarter. Bank of America Corp DE now owns 5,351 shares of the bank’s stock valued at $199,000 after buying an additional 241 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Allegiance Bancshares by 3.4% in the second quarter. The Manufacturers Life Insurance Company now owns 9,621 shares of the bank’s stock valued at $368,000 after buying an additional 319 shares in the last quarter. Finally, Campbell Newman Asset Management Inc. increased its stake in Allegiance Bancshares by 4.8% in the second quarter. Campbell Newman Asset Management Inc. now owns 7,552 shares of the bank’s stock valued at $289,000 after buying an additional 349 shares in the last quarter. 39.73% of the stock is owned by hedge funds and other institutional investors.
Allegiance Bancshares Company Profile
Allegiance Bancshares, Inc is a bank holding company. Through its subsidiary, Allegiance Bank (the Bank), the Company provides a range of commercial banking services primarily to Houston metropolitan area-based small to medium-sized businesses, professionals and individual customers. In addition to banking during normal business hours, the Company offers extended drive-in hours, automated teller machines (ATMs) and banking by telephone, mail and Internet.
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