Allegiance Bancshares (NASDAQ:ABTX) Earns “Buy” Rating from Stephens

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Allegiance Bancshares (NASDAQ:ABTX)‘s stock had its “buy” rating reiterated by equities researchers at Stephens in a research report issued to clients and investors on Thursday, October 25th. They currently have a $51.00 target price on the bank’s stock. Stephens’ price target would indicate a potential upside of 30.77% from the company’s previous close.

Several other brokerages have also issued reports on ABTX. BidaskClub upgraded shares of Allegiance Bancshares from a “hold” rating to a “buy” rating in a report on Saturday, July 21st. Raymond James initiated coverage on shares of Allegiance Bancshares in a report on Tuesday, October 2nd. They issued a “strong-buy” rating and a $48.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Allegiance Bancshares from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Wednesday, September 26th.

Shares of ABTX stock traded down $0.02 on Thursday, hitting $39.00. 52,168 shares of the stock traded hands, compared to its average volume of 52,847. The company has a current ratio of 1.05, a quick ratio of 1.08 and a debt-to-equity ratio of 0.64. The stock has a market cap of $518.66 million, a price-to-earnings ratio of 24.68 and a beta of 1.66. Allegiance Bancshares has a twelve month low of $36.50 and a twelve month high of $46.85.

Allegiance Bancshares (NASDAQ:ABTX) last announced its quarterly earnings results on Thursday, October 25th. The bank reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.01. The firm had revenue of $29.96 million for the quarter, compared to analysts’ expectations of $30.55 million. Allegiance Bancshares had a net margin of 19.41% and a return on equity of 10.35%. As a group, equities research analysts predict that Allegiance Bancshares will post 2.57 EPS for the current year.

In other Allegiance Bancshares news, Director Paul Michael Mann sold 5,889 shares of the business’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $45.09, for a total transaction of $265,535.01. Following the sale, the director now directly owns 35,020 shares in the company, valued at $1,579,051.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.74% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of ABTX. Bank of Montreal Can purchased a new stake in Allegiance Bancshares during the second quarter worth about $194,000. UBS Group AG increased its stake in shares of Allegiance Bancshares by 208.5% during the first quarter. UBS Group AG now owns 5,272 shares of the bank’s stock worth $206,000 after buying an additional 3,563 shares during the period. Sheets Smith Wealth Management purchased a new stake in shares of Allegiance Bancshares during the third quarter worth approximately $245,000. Rhumbline Advisers increased its stake in shares of Allegiance Bancshares by 15.1% during the second quarter. Rhumbline Advisers now owns 11,541 shares of the bank’s stock worth $500,000 after buying an additional 1,516 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in shares of Allegiance Bancshares during the second quarter worth approximately $510,000. Institutional investors own 45.96% 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, savings accounts, and other time deposits comprising money market accounts and certificates of deposit.

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