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 research report issued to clients and investors on Friday. The brokerage currently has a $44.00 price objective on the bank’s stock. Zacks Investment Research‘s target price 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 brokerages have also weighed in on ABTX. TheStreet raised shares of Allegiance Bancshares from a “c-” rating to a “b-” rating in a report on Tuesday, October 24th. BidaskClub lowered shares of Allegiance Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $44.00 price target on shares of Allegiance Bancshares in a report on Thursday, October 26th. One 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’s stock. Allegiance Bancshares has an average rating of “Hold” and a consensus target price of $43.33.

Shares of Allegiance Bancshares (ABTX) opened at $39.40 on Friday. The firm has a market cap of $519.37, a P/E ratio of 26.09 and a beta of 2.34. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04. Allegiance Bancshares has a fifty-two week low of $31.20 and a fifty-two week high of $40.53.

Allegiance Bancshares (NASDAQ:ABTX) last posted its quarterly earnings data on Tuesday, October 24th. The bank reported $0.22 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.27). The firm had revenue of $28.46 million for the quarter, compared to analyst estimates of $28.81 million. Allegiance Bancshares had a return on equity of 6.91% and a net margin of 16.88%. The business’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.42 EPS. equities research analysts forecast that Allegiance Bancshares will post 1.59 EPS for the current year.

In related news, Director Umesh Jain sold 34,000 shares of the firm’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 completion of the sale, the director now owns 132,275 shares of the company’s stock, valued at $5,160,047.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Daryl D. Bohls sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $37.17, for a total transaction of $55,755.00. Following the completion of the sale, the insider now directly owns 7,927 shares of the company’s stock, valued at approximately $294,646.59. The disclosure for this sale can be found here. In the last three months, insiders sold 69,859 shares of company stock valued at $2,730,508. 13.88% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of the stock. FMR LLC increased its holdings in shares of Allegiance Bancshares by 1.8% in the second quarter. FMR LLC now owns 1,129,320 shares of the bank’s stock valued at $43,253,000 after purchasing an additional 20,280 shares in the last quarter. Vanguard Group Inc. boosted its stake in Allegiance Bancshares by 11.3% in the second quarter. Vanguard Group Inc. now owns 483,169 shares of the bank’s stock valued at $18,506,000 after acquiring an additional 48,873 shares during the last quarter. Banc Funds Co. LLC boosted its stake in Allegiance Bancshares by 2.2% in the second quarter. Banc Funds Co. LLC now owns 455,253 shares of the bank’s stock valued at $17,436,000 after acquiring an additional 10,000 shares during the last quarter. State Street Corp boosted its stake in Allegiance Bancshares by 15.2% in the second quarter. State Street Corp now owns 188,429 shares of the bank’s stock valued at $7,218,000 after acquiring an additional 24,826 shares during the last quarter. Finally, Stieven Capital Advisors L.P. bought a new position in Allegiance Bancshares in the third quarter valued at approximately $6,072,000. 41.32% of the stock is owned by institutional investors and hedge funds.

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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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