Allegiance Bancshares (NASDAQ:ABTX) Downgraded by BidaskClub to Strong Sell

BidaskClub cut shares of Allegiance Bancshares (NASDAQ:ABTX) from a sell rating to a strong sell rating in a research note released on Thursday morning, BidAskClub reports.

Several other research firms have also weighed in on ABTX. ValuEngine lowered Allegiance Bancshares from a hold rating to a sell rating in a research note on Monday, August 3rd. Zacks Investment Research downgraded Allegiance Bancshares from a hold rating to a sell rating in a report on Friday, July 24th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the company. The stock currently has an average rating of Sell and an average target price of $27.00.

Shares of ABTX opened at $24.96 on Thursday. Allegiance Bancshares has a 12-month low of $20.88 and a 12-month high of $38.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $509.98 million, a price-to-earnings ratio of 13.21 and a beta of 1.27. The stock’s 50-day moving average price is $25.53 and its 200 day moving average price is $25.07.

Allegiance Bancshares (NASDAQ:ABTX) last issued its quarterly earnings results on Thursday, July 30th. The bank reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.24. Allegiance Bancshares had a return on equity of 5.52% and a net margin of 16.08%. The firm had revenue of $52.41 million for the quarter, compared to analyst estimates of $50.27 million. Equities research analysts expect that Allegiance Bancshares will post 1.72 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend was Friday, August 28th. Allegiance Bancshares’s dividend payout ratio is 15.56%.

In related news, Director Roland L. Williams sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $25.26, for a total value of $75,780.00. Following the completion of the sale, the director now owns 130,027 shares in the company, valued at $3,284,482.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roland L. Williams sold 6,559 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $25.85, for a total value of $169,550.15. Following the transaction, the director now owns 139,386 shares in the company, valued at approximately $3,603,128.10. The disclosure for this sale can be found here. 8.57% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can lifted its position in Allegiance Bancshares by 148.3% during the 2nd quarter. Bank of Montreal Can now owns 1,996 shares of the bank’s stock worth $44,000 after buying an additional 1,192 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Allegiance Bancshares during the 2nd quarter worth approximately $126,000. HWG Holdings LP acquired a new stake in shares of Allegiance Bancshares during the 2nd quarter worth approximately $127,000. PNC Financial Services Group Inc. boosted its position in shares of Allegiance Bancshares by 7.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,852 shares of the bank’s stock worth $166,000 after acquiring an additional 485 shares in the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Allegiance Bancshares by 79.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,672 shares of the bank’s stock worth $185,000 after acquiring an additional 3,392 shares in the last quarter. Hedge funds and other institutional investors own 44.95% 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.

Further Reading: Growth Stocks

Receive News & Ratings for Allegiance Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegiance Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.