Zacks Investment Research Upgrades Allegiance Bancshares (ABTX) to “Buy”

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 target price on the bank’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.96% 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. “

Several other equities research analysts also recently commented on ABTX. BidaskClub downgraded shares of Allegiance Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, December 29th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $44.00 target price on shares of Allegiance Bancshares in a research report on Thursday, October 26th. Finally, TheStreet upgraded shares of Allegiance Bancshares from a “c-” rating to a “b-” rating in a research report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $43.33.

Allegiance Bancshares (NASDAQ:ABTX) traded up $0.45 during trading hours on Friday, reaching $39.30. 21,200 shares of the company traded hands, compared to its average volume of 18,400. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69. Allegiance Bancshares has a twelve month low of $31.20 and a twelve month high of $40.53. The firm has a market cap of $518.03 and a P/E ratio of 26.03.

Allegiance Bancshares (NASDAQ:ABTX) last posted its earnings results on Tuesday, October 24th. The bank reported $0.22 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.27). Allegiance Bancshares had a return on equity of 3.98% and a net margin of 10.49%. The business had revenue of $28.46 million for the quarter, compared to analyst estimates of $28.81 million. During the same quarter in the prior year, the business earned $0.42 earnings per share. The firm’s quarterly revenue was up 14.3% on a year-over-year basis. equities analysts predict that Allegiance Bancshares will post 1.59 earnings per share for the current fiscal year.

In other news, Director Umesh Jain sold 34,000 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $39.01, for a total value of $1,326,340.00. Following the transaction, the director now owns 132,275 shares in the company, valued at approximately $5,160,047.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Michael Mann sold 4,195 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 42,752 shares in the company, valued at approximately $1,731,456. The disclosure for this sale can be found here. Insiders sold a total of 69,859 shares of company stock worth $2,730,508 in the last 90 days. Corporate insiders own 13.88% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN lifted its position in shares of Allegiance Bancshares by 1.8% in the 2nd quarter. Wells Fargo & Company MN now owns 7,167 shares of the bank’s stock worth $275,000 after purchasing an additional 129 shares during the period. Context BH Capital Management LP increased its stake in shares of Allegiance Bancshares by 1.0% in the 2nd quarter. Context BH Capital Management LP now owns 14,204 shares of the bank’s stock valued at $544,000 after acquiring an additional 140 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Allegiance Bancshares by 3.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,621 shares of the bank’s stock valued at $368,000 after acquiring an additional 319 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Allegiance Bancshares by 1.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 67,069 shares of the bank’s stock valued at $2,568,000 after acquiring an additional 670 shares in the last quarter. Finally, Voya Investment Management LLC increased its stake in shares of Allegiance Bancshares by 15.0% in the 2nd quarter. Voya Investment Management LLC now owns 6,910 shares of the bank’s stock valued at $265,000 after acquiring an additional 899 shares in the last quarter. Hedge funds and other institutional investors own 41.32% of the company’s stock.

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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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