Allegiance Bancshares (NASDAQ:ABTX) Raised to “Hold” at Zacks Investment Research

Allegiance Bancshares (NASDAQ:ABTX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

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 equities analysts have also commented on the stock. Raymond James set a $38.00 price target on shares of Allegiance Bancshares and gave the company a “buy” rating in a research report on Monday, July 8th. ValuEngine upgraded shares of Allegiance Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Finally, BidaskClub lowered shares of Allegiance Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Allegiance Bancshares presently has a consensus rating of “Hold” and a consensus price target of $37.82.

NASDAQ:ABTX traded up $0.14 on Wednesday, reaching $34.06. The stock had a trading volume of 42,299 shares, compared to its average volume of 91,434. The company has a market capitalization of $717.68 million, a P/E ratio of 13.52 and a beta of 1.39. Allegiance Bancshares has a 1-year low of $28.58 and a 1-year high of $43.45. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average price of $32.75 and a 200-day moving average price of $33.76.

Allegiance Bancshares (NASDAQ:ABTX) last released its quarterly earnings results on Friday, July 26th. The bank reported $0.67 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.01. The firm had revenue of $49.42 million for the quarter, compared to analyst estimates of $48.20 million. Allegiance Bancshares had a net margin of 22.35% and a return on equity of 8.32%. Sell-side analysts predict that Allegiance Bancshares will post 2.61 earnings per share for the current fiscal year.

In related news, Director Umesh Jain sold 30,437 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $32.21, for a total transaction of $980,375.77. Following the completion of the sale, the director now directly owns 55,816 shares of the company’s stock, valued at $1,797,833.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William S. Nichols III sold 11,600 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $35.26, for a total transaction of $409,016.00. Following the sale, the director now directly owns 2,900 shares of the company’s stock, valued at $102,254. The disclosure for this sale can be found here. Over the last three months, insiders have sold 122,546 shares of company stock valued at $4,034,576. 10.17% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the business. Aperio Group LLC bought a new stake in Allegiance Bancshares in the second quarter valued at approximately $55,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Allegiance Bancshares by 101.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,640 shares of the bank’s stock valued at $55,000 after purchasing an additional 826 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in Allegiance Bancshares in the first quarter valued at approximately $254,000. Doliver Advisors LP bought a new stake in Allegiance Bancshares in the second quarter valued at approximately $331,000. Finally, Municipal Employees Retirement System of Michigan bought a new stake in Allegiance Bancshares in the second quarter valued at approximately $449,000. 33.18% of the stock is owned by hedge funds and other institutional investors.

About Allegiance Bancshares

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, and savings accounts, as well as other time deposits comprising money market accounts and certificates of deposit.

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