Zacks Investment Research downgraded shares of Allegiance Bancshares (NASDAQ:ABTX) from a hold rating to a sell rating in a research report released on Tuesday.
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. “
Several other research analysts also recently weighed in on the company. BidaskClub downgraded Allegiance Bancshares from a hold rating to a sell rating in a research note on Thursday, September 20th. Stephens downgraded Allegiance Bancshares from an overweight rating to an equal rating and dropped their price target for the stock from $51.00 to $41.00 in a research note on Friday, October 26th. Finally, Raymond James initiated coverage on Allegiance Bancshares in a research note on Tuesday, October 2nd. They issued a strong-buy rating and a $48.00 price target for the company.
Shares of NASDAQ:ABTX traded up $0.71 during mid-day trading on Tuesday, reaching $39.18. 2,353 shares of the company traded hands, compared to its average volume of 50,174. The company has a market cap of $513.32 million, a PE ratio of 24.80 and a beta of 1.83. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.86. Allegiance Bancshares has a 52 week low of $36.10 and a 52 week high of $46.85.
Allegiance Bancshares (NASDAQ:ABTX) last announced its quarterly earnings data on Thursday, October 25th. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.01. Allegiance Bancshares had a return on equity of 10.47% and a net margin of 19.41%. The company had revenue of $29.96 million during the quarter, compared to the consensus estimate of $30.55 million. Equities research analysts predict that Allegiance Bancshares will post 2.57 earnings per share for the current fiscal year.
In related news, Director Paul Michael Mann sold 5,889 shares of the stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $45.09, for a total transaction of $265,535.01. Following the sale, the director now owns 35,020 shares in the company, valued at approximately $1,579,051.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Fred S. Robertson purchased 2,250 shares of the firm’s stock in a transaction that occurred on Thursday, August 9th. The shares were bought at an average price of $44.47 per share, for a total transaction of $100,057.50. Following the acquisition, the director now directly owns 4,606 shares in the company, valued at approximately $204,828.82. The disclosure for this purchase can be found here. 12.74% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN boosted its position in Allegiance Bancshares by 10.7% during the first quarter. Wells Fargo & Company MN now owns 17,677 shares of the bank’s stock valued at $692,000 after purchasing an additional 1,711 shares in the last quarter. Northern Trust Corp raised its position in Allegiance Bancshares by 2.2% during the first quarter. Northern Trust Corp now owns 137,116 shares of the bank’s stock valued at $5,368,000 after acquiring an additional 2,925 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Allegiance Bancshares by 37.9% during the first quarter. Dimensional Fund Advisors LP now owns 172,121 shares of the bank’s stock valued at $6,739,000 after acquiring an additional 47,276 shares in the last quarter. UBS Group AG raised its position in Allegiance Bancshares by 208.5% during the first quarter. UBS Group AG now owns 5,272 shares of the bank’s stock valued at $206,000 after acquiring an additional 3,563 shares in the last quarter. Finally, Millennium Management LLC purchased a new position in Allegiance Bancshares during the first quarter valued at approximately $848,000. 46.02% of the stock is currently owned by institutional investors and hedge funds.
Allegiance Bancshares Company Profile
Allegiance Bancshares, Inc operates as the bank holding company for Allegiance Bank that provides a range of commercial banking services primarily to small and medium-sized businesses, professionals, and individual customers. It accepts deposit products, including checking accounts, commercial accounts, savings accounts, and other time deposits comprising money market accounts and certificates of deposit.
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