Stephens Downgrades Allegiance Bancshares (ABTX) to Equal

Stephens cut shares of Allegiance Bancshares (NASDAQ:ABTX) from an overweight rating to an equal rating in a research report report published on Friday, MarketBeat.com reports. Stephens currently has $41.00 price target on the bank’s stock, down from their previous price target of $51.00.

A number of other brokerages also recently issued reports on ABTX. BidaskClub raised Allegiance Bancshares from a hold rating to a buy rating in a research report on Saturday, July 21st. Raymond James assumed coverage on Allegiance Bancshares in a research report on Tuesday, October 2nd. They set a strong-buy rating and a $48.00 price target on the stock. Finally, Zacks Investment Research raised Allegiance Bancshares from a hold rating to a buy rating and set a $48.00 price target on the stock in a research report on Wednesday, September 26th.

Shares of NASDAQ ABTX traded down $1.29 during trading hours on Friday, reaching $38.36. 49,920 shares of the stock were exchanged, compared to its average volume of 43,339. The firm has a market cap of $530.03 million, a P/E ratio of 24.28 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 earnings results on Thursday, October 25th. The bank reported $0.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.01. The company had revenue of $29.96 million for the quarter, compared to analyst estimates of $30.55 million. Allegiance Bancshares had a return on equity of 10.47% and a net margin of 19.41%. Analysts forecast that Allegiance Bancshares will post 2.54 EPS for the current year.

In related news, Director Paul Michael Mann sold 5,889 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $1,579,051.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Fred S. Robertson bought 2,250 shares of Allegiance Bancshares stock in a transaction on Thursday, August 9th. The stock was acquired at an average cost of $44.47 per share, for a total transaction of $100,057.50. Following the acquisition, the director now owns 4,606 shares in the company, valued at approximately $204,828.82. The disclosure for this purchase can be found here. Insiders have sold 16,924 shares of company stock worth $763,828 in the last three months. 12.74% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of ABTX. Dimensional Fund Advisors LP boosted its holdings in shares of Allegiance Bancshares by 34.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 231,709 shares of the bank’s stock valued at $10,045,000 after purchasing an additional 59,588 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Allegiance Bancshares by 9.5% in the 2nd quarter. BlackRock Inc. now owns 633,896 shares of the bank’s stock valued at $27,479,000 after purchasing an additional 54,985 shares in the last quarter. Stephens Investment Management Group LLC boosted its holdings in shares of Allegiance Bancshares by 20.8% in the 2nd quarter. Stephens Investment Management Group LLC now owns 178,090 shares of the bank’s stock valued at $7,765,000 after purchasing an additional 30,712 shares in the last quarter. Comerica Bank acquired a new stake in shares of Allegiance Bancshares in the 2nd quarter valued at $1,346,000. Finally, Millennium Management LLC acquired a new stake in shares of Allegiance Bancshares in the 1st quarter valued at $848,000. 46.02% of the stock is currently owned by hedge funds and other institutional investors.

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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