Allegiance Bancshares (NASDAQ:ABTX) Upgraded to “Hold” by BidaskClub

BidaskClub upgraded shares of Allegiance Bancshares (NASDAQ:ABTX) from a sell rating to a hold rating in a research note released on Saturday, October 19th, BidAskClub reports.

A number of other research analysts also recently issued reports on the stock. Zacks Investment Research upgraded shares of Allegiance Bancshares from a sell rating to a hold rating in a research report on Wednesday, October 9th. Raymond James set a $38.00 price target on shares of Allegiance Bancshares and gave the stock a buy rating in a research report on Monday, July 8th. Finally, ValuEngine upgraded shares of Allegiance Bancshares from a sell rating to a hold rating in a research report on Thursday, August 15th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $37.82.

Shares of ABTX traded down $0.12 during midday trading on Friday, reaching $35.20. 133,600 shares of the stock were exchanged, compared to its average volume of 128,552. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. The firm has a 50 day simple moving average of $33.62 and a 200-day simple moving average of $33.65. The company has a market cap of $728.79 million, a price-to-earnings ratio of 13.97 and a beta of 1.40. Allegiance Bancshares has a 12-month low of $28.58 and a 12-month high of $39.11.

Allegiance Bancshares (NASDAQ:ABTX) last announced its quarterly earnings data on Friday, October 25th. The bank reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.12). Allegiance Bancshares had a return on equity of 7.65% and a net margin of 21.42%. The firm had revenue of $47.73 million for the quarter, compared to analyst estimates of $49.00 million. Research analysts expect that Allegiance Bancshares will post 2.5 earnings per share for the current fiscal year.

In related news, Director William S. Nichols III sold 11,600 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $35.26, for a total transaction of $409,016.00. Following the transaction, the director now owns 2,900 shares in the company, valued at approximately $102,254. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Umesh Jain sold 7,313 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $32.15, for a total transaction of $235,112.95. Following the transaction, the director now owns 23,741 shares in the company, valued at approximately $763,273.15. The disclosure for this sale can be found here. Insiders sold a total of 106,290 shares of company stock worth $3,503,503 in the last 90 days. Corporate insiders own 10.17% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in shares of Allegiance Bancshares by 58.3% during the 2nd quarter. BlackRock Inc. now owns 1,077,495 shares of the bank’s stock valued at $35,924,000 after acquiring an additional 396,835 shares during the period. Banc Funds Co. LLC lifted its position in shares of Allegiance Bancshares by 25.6% during the 2nd quarter. Banc Funds Co. LLC now owns 408,758 shares of the bank’s stock valued at $13,628,000 after acquiring an additional 83,226 shares during the period. Callahan Advisors LLC lifted its position in shares of Allegiance Bancshares by 6.0% during the 2nd quarter. Callahan Advisors LLC now owns 171,722 shares of the bank’s stock valued at $5,725,000 after acquiring an additional 9,765 shares during the period. Northern Trust Corp lifted its position in shares of Allegiance Bancshares by 3.5% during the 2nd quarter. Northern Trust Corp now owns 158,074 shares of the bank’s stock valued at $5,270,000 after acquiring an additional 5,280 shares during the period. Finally, Cortina Asset Management LLC lifted its position in shares of Allegiance Bancshares by 14.1% during the 2nd quarter. Cortina Asset Management LLC now owns 126,070 shares of the bank’s stock valued at $4,203,000 after acquiring an additional 15,557 shares during the period. Institutional investors own 33.20% of the company’s stock.

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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