Allegiance Bancshares (NASDAQ:ABTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage presently has a $44.00 price objective on the bank’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.68% from the stock’s previous close.
According to Zacks, “Allegiance Bancshares, Inc. operates as a bank holding company. The Company offers banking products and services primarily to small and medium-sized businesses and individual customers, through its subsidiaries. It offers checking accounts, savings accounts, certificates of deposit, bank-by-mail, cashier’s checks, travelers checks, gift cards, savings bonds, personal loans, automobile loans, commercial loans, mortgage loans, home improvement loans, online banking services, safe deposit boxes and automated teller machines. Allegiance Bancshares, Inc. is headquartered in Houston, Texas. “
A number of other equities analysts have also recently issued reports on ABTX. BidaskClub cut shares of Allegiance Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, December 29th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $44.00 price objective on shares of Allegiance Bancshares in a research note on Thursday, October 26th. Finally, TheStreet raised shares of Allegiance Bancshares from a “c-” rating to a “b-” rating in a research note on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $43.33.
Allegiance Bancshares (NASDAQ:ABTX) last announced its quarterly earnings data on Tuesday, October 24th. The bank reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.27). Allegiance Bancshares had a net margin of 16.88% and a return on equity of 6.91%. The business had revenue of $28.46 million during the quarter, compared to the consensus estimate of $28.81 million. During the same period in the previous year, the business posted $0.42 earnings per share. Allegiance Bancshares’s revenue was up 14.3% compared to the same quarter last year. equities research analysts predict that Allegiance Bancshares will post 1.59 EPS for the current year.
In other news, Director Umesh Jain sold 34,000 shares of Allegiance Bancshares stock in a transaction on Friday, October 27th. The shares were sold at an average price of $39.01, for a total transaction of $1,326,340.00. Following the transaction, the director now directly owns 132,275 shares of the company’s stock, valued at $5,160,047.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Paul Michael Mann sold 4,195 shares of Allegiance Bancshares stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $40.50, for a total transaction of $169,897.50. Following the transaction, the director now directly owns 42,752 shares in the company, valued at $1,731,456. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,859 shares of company stock worth $2,730,508. Insiders own 13.88% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in ABTX. Schwab Charles Investment Management Inc. boosted its position in shares of Allegiance Bancshares by 29.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 22,100 shares of the bank’s stock worth $847,000 after purchasing an additional 5,000 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Allegiance Bancshares by 9.1% during the second quarter. Bank of New York Mellon Corp now owns 54,391 shares of the bank’s stock worth $2,083,000 after acquiring an additional 4,550 shares during the period. Swiss National Bank acquired a new stake in shares of Allegiance Bancshares during the second quarter worth $705,000. Wells Fargo & Company MN raised its holdings in shares of Allegiance Bancshares by 1.8% during the second quarter. Wells Fargo & Company MN now owns 7,167 shares of the bank’s stock worth $275,000 after acquiring an additional 129 shares during the period. Finally, Alliancebernstein L.P. acquired a new stake in shares of Allegiance Bancshares during the second quarter worth $310,000. 41.32% of the stock is currently owned by institutional investors.
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Allegiance Bancshares Company Profile
Allegiance Bancshares, Inc is a bank holding company. Through its subsidiary, Allegiance Bank (the Bank), the Company provides a range of commercial banking services primarily to Houston metropolitan area-based small to medium-sized businesses, professionals and individual customers. In addition to banking during normal business hours, the Company offers extended drive-in hours, automated teller machines (ATMs) and banking by telephone, mail and Internet.
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