Zacks Investment Research Upgrades Allegiance Bancshares, Inc. (NASDAQ:ABTX) to Hold

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, August 29th.

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. “

ABTX has been the subject of a number of other reports. Keefe, Bruyette & Woods set a $42.00 price target on Allegiance Bancshares and gave the company a hold rating in a report on Monday, August 28th. BidaskClub upgraded Allegiance Bancshares from a hold rating to a buy rating in a report on Friday, July 7th. Finally, Stephens reiterated a buy rating and issued a $42.00 price target on shares of Allegiance Bancshares in a report on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $41.25.

Shares of Allegiance Bancshares (NASDAQ:ABTX) opened at 34.30 on Tuesday. The company’s 50-day moving average is $35.36 and its 200-day moving average is $37.41. Allegiance Bancshares has a one year low of $25.16 and a one year high of $40.45. The company has a market cap of $451.42 million, a price-to-earnings ratio of 20.06 and a beta of 2.38.

Allegiance Bancshares (NASDAQ:ABTX) last issued its quarterly earnings results on Tuesday, July 25th. The bank reported $0.40 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.06). Allegiance Bancshares had a net margin of 19.75% and a return on equity of 7.90%. The firm had revenue of $26.58 million during the quarter, compared to the consensus estimate of $27.24 million. During the same quarter last year, the firm posted $0.36 earnings per share. On average, equities analysts predict that Allegiance Bancshares will post $1.89 EPS for the current year.

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In other Allegiance Bancshares news, Director Thomas A. Reiser purchased 11,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was bought at an average price 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 approximately $6,911,110.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Daryl D. Bohls sold 1,500 shares of the stock in a transaction on Monday, July 10th. The stock was sold at an average price of $39.17, for a total value of $58,755.00. Following the completion of the transaction, the insider now directly owns 7,927 shares of the company’s stock, valued at approximately $310,500.59. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,900 shares of company stock valued at $1,210,738. 13.88% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its stake in shares of Allegiance Bancshares by 1.8% in the second quarter. Wells Fargo & Company MN now owns 7,167 shares of the bank’s stock worth $275,000 after purchasing an additional 129 shares in the last quarter. Context BH Capital Management LP lifted its holdings in shares of 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 during the period. Bank of America Corp DE lifted its holdings in shares of 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 during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of 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 during the period. Finally, Campbell Newman Asset Management Inc. lifted its holdings in shares of 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 during the period. 39.73% of the stock is owned by 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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