Allegiance Bancshares (NASDAQ:ABTX) Rating Increased to Hold at BidaskClub

Allegiance Bancshares (NASDAQ:ABTX) was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Friday, BidAskClub reports.

Several other equities research analysts have also recently issued reports on ABTX. Zacks Investment Research cut shares of First Merchants from a “hold” rating to a “sell” rating in a research report on Monday, July 1st. Raymond James cut shares of First Midwest Bancorp to a “hold” rating in a research report on Monday, July 8th. ValuEngine upgraded shares of The Western Union from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Finally, Stephens reiterated a “hold” rating and set a $36.00 price target on shares of Allegiance Bancshares in a research report on Monday, April 29th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Allegiance Bancshares presently has an average rating of “Hold” and an average target price of $37.82.

NASDAQ:ABTX opened at $33.51 on Friday. The stock has a 50-day simple moving average of $33.09. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $714.94 million, a P/E ratio of 13.30 and a beta of 1.40. Allegiance Bancshares has a twelve month low of $28.58 and a twelve month high of $46.00.



Allegiance Bancshares (NASDAQ:ABTX) last posted its quarterly earnings results on Friday, April 26th. The bank reported $0.62 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.03). Allegiance Bancshares had a return on equity of 8.88% and a net margin of 21.98%. The business had revenue of $47.89 million during the quarter, compared to analysts’ expectations of $48.20 million. As a group, analysts expect that Allegiance Bancshares will post 2.72 earnings per share for the current year.

In related news, Director Louis A. Jr. Waters sold 1,500 shares of Allegiance Bancshares stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $36.61, for a total value of $54,915.00. Following the completion of the transaction, the director now owns 37,229 shares in the company, valued at $1,362,953.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Umesh Jain sold 3,692 shares of Allegiance Bancshares stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $33.21, for a total transaction of $122,611.32. Following the completion of the transaction, the director now owns 81,531 shares of the company’s stock, valued at approximately $2,707,644.51. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,962 shares of company stock valued at $236,308. Company insiders own 10.17% of the company’s stock.

Several hedge funds have recently made changes to their positions in ABTX. Mercer Global Advisors Inc. ADV acquired a new position in shares of Allegiance Bancshares in the first quarter valued at approximately $3,596,000. PNC Financial Services Group Inc. lifted its stake in Allegiance Bancshares by 47.3% in the first quarter. PNC Financial Services Group Inc. now owns 308,830 shares of the bank’s stock worth $10,413,000 after acquiring an additional 99,125 shares during the last quarter. Segment Wealth Management LLC purchased a new position in Allegiance Bancshares in the first quarter worth approximately $1,917,000. Steward Partners Investment Advisory LLC purchased a new position in Allegiance Bancshares in the first quarter worth approximately $1,566,000. Finally, BlackRock Inc. lifted its stake in Allegiance Bancshares by 5.2% in the fourth quarter. BlackRock Inc. now owns 677,093 shares of the bank’s stock worth $21,916,000 after acquiring an additional 33,650 shares during the last quarter. Hedge funds and other institutional investors own 31.35% of the company’s stock.

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

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