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 report sent to investors on Friday morning, BidAskClub reports.

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

Shares of Allegiance Bancshares stock opened at $33.51 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market capitalization of $715.14 million, a PE ratio of 13.30 and a beta of 1.40. Allegiance Bancshares has a 52-week low of $28.58 and a 52-week high of $46.00. The business has a 50-day moving average price of $33.09.

Allegiance Bancshares (NASDAQ:ABTX) last issued its earnings results on Friday, April 26th. The bank reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). The firm had revenue of $47.89 million during the quarter, compared to analysts’ expectations of $48.20 million. Allegiance Bancshares had a return on equity of 8.88% and a net margin of 21.98%. On average, research analysts forecast that Allegiance Bancshares will post 2.72 earnings per share for the current fiscal year.

In other news, Director Louis A. Jr. Waters sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $36.61, for a total transaction of $54,915.00. Following the completion of the transaction, the director now directly owns 37,229 shares of the company’s stock, valued at $1,362,953.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Umesh Jain sold 3,692 shares of the business’s 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 transaction, the director now directly owns 81,531 shares of the company’s stock, valued at $2,707,644.51. The disclosure for this sale can be found here. Insiders have sold 6,962 shares of company stock valued at $236,308 over the last three months. 10.17% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABTX. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Allegiance Bancshares during the first quarter valued at approximately $27,000. Legal & General Group Plc grew its position in Allegiance Bancshares by 34.0% during the fourth quarter. Legal & General Group Plc now owns 2,249 shares of the bank’s stock valued at $73,000 after buying an additional 571 shares during the period. BNP Paribas Arbitrage SA grew its position in Allegiance Bancshares by 527.2% during the first quarter. BNP Paribas Arbitrage SA now owns 2,465 shares of the bank’s stock valued at $83,000 after buying an additional 2,072 shares during the period. Metropolitan Life Insurance Co. NY grew its position in Allegiance Bancshares by 372.9% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,275 shares of the bank’s stock valued at $138,000 after buying an additional 3,371 shares during the period. Finally, Adell Harriman & Carpenter Inc. bought a new stake in Allegiance Bancshares during the first quarter valued at approximately $247,000. 31.35% of the stock is 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, and savings accounts, as well as other time deposits comprising money market accounts and certificates of deposit.

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