Raymond James Analysts Give Allegiance Bancshares (NASDAQ:ABTX) a $38.00 Price Target

Raymond James set a $38.00 price target on Allegiance Bancshares (NASDAQ:ABTX) in a research note published on Monday, Stock Target Advisor reports. The firm currently has a buy rating on the bank’s stock.

Several other research analysts also recently weighed in on ABTX. BidaskClub downgraded shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday, June 26th. Stephens restated a hold rating and issued a $36.00 target price on shares of Allegiance Bancshares in a research note on Monday, April 29th. ValuEngine upgraded shares of The Western Union from a sell rating to a hold rating in a research note on Friday, March 22nd. Finally, Zacks Investment Research downgraded shares of First Merchants from a hold rating to a sell rating in a research note on Monday, July 1st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $37.82.

ABTX traded up $0.41 during trading on Monday, hitting $33.51. 41,404 shares of the company’s stock were exchanged, compared to its average volume of 81,372. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.29. Allegiance Bancshares has a 1 year low of $28.58 and a 1 year high of $46.00. The stock’s 50 day moving average is $33.22. The stock has a market capitalization of $715.37 million, a price-to-earnings ratio of 13.30 and a beta of 1.40.

Allegiance Bancshares (NASDAQ:ABTX) last released its quarterly earnings data 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). 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 for the quarter, compared to analysts’ expectations of $48.20 million. Sell-side analysts forecast that Allegiance Bancshares will post 2.73 earnings per share for the current year.

In related news, Director Louis A. Jr. Waters sold 6,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $36.76, for a total value of $220,560.00. Following the sale, the director now directly owns 40,229 shares of the company’s stock, valued at $1,478,818.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Umesh Jain sold 3,692 shares of the company’s stock in a transaction 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 sale, the director now directly owns 81,531 shares in the company, valued at $2,707,644.51. The disclosure for this sale can be found here. Insiders sold 12,962 shares of company stock worth $456,868 over the last ninety days. 10.17% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of ABTX. Mercer Global Advisors Inc. ADV acquired a new stake in Allegiance Bancshares in the first quarter valued at $3,596,000. PNC Financial Services Group Inc. raised its holdings 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 valued at $10,413,000 after acquiring an additional 99,125 shares in the last quarter. Segment Wealth Management LLC acquired a new stake in Allegiance Bancshares in the first quarter valued at $1,917,000. Steward Partners Investment Advisory LLC acquired a new stake in Allegiance Bancshares in the first quarter valued at $1,566,000. Finally, Ranger Investment Management L.P. raised its holdings in Allegiance Bancshares by 44.1% in the fourth quarter. Ranger Investment Management L.P. now owns 110,126 shares of the bank’s stock valued at $3,565,000 after acquiring an additional 33,680 shares in the last quarter. 31.28% 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, and savings accounts, as well as other time deposits comprising money market accounts and certificates of deposit.

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