Zacks Investment Research upgraded shares of Allegiance Bancshares (NASDAQ:ABTX) from a sell rating to a hold rating in a research report sent to investors on Monday.

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. “

ABTX has been the subject of several other reports. Raymond James set a $43.00 price objective on Allegiance Bancshares and gave the stock a buy rating in a research note on Thursday, February 28th. ValuEngine lowered Allegiance Bancshares from a hold rating to a sell rating in a report on Friday, March 22nd. BidaskClub upgraded Allegiance Bancshares from a strong sell rating to a sell rating in a research report on Tuesday, December 25th. Stephens restated a hold rating and issued a $37.00 price target on shares of Allegiance Bancshares in a research report on Friday, January 25th. Finally, Brean Capital began coverage on Allegiance Bancshares in a research note on Friday, March 1st. They issued a hold rating and a $38.26 price objective on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Allegiance Bancshares currently has a consensus rating of Hold and an average target price of $39.32.

Shares of ABTX stock opened at $33.41 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.07 and a quick ratio of 1.07. Allegiance Bancshares has a 12 month low of $28.58 and a 12 month high of $46.85. The company has a market cap of $706.51 million, a price-to-earnings ratio of 13.26 and a beta of 1.61.

Allegiance Bancshares (NASDAQ:ABTX) last issued its quarterly earnings results on Friday, January 25th. The bank reported $0.62 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.05). Allegiance Bancshares had a return on equity of 9.55% and a net margin of 22.48%. The business had revenue of $48.17 million for the quarter, compared to analysts’ expectations of $46.96 million. As a group, research analysts predict that Allegiance Bancshares will post 2.86 earnings per share for the current year.

In other Allegiance Bancshares news, CFO Paul P. Egge acquired 1,000 shares of the stock in a transaction dated Friday, December 28th. The shares were acquired at an average cost of $31.30 per share, for a total transaction of $31,300.00. Following the completion of the transaction, the chief financial officer now directly owns 10,934 shares of the company’s stock, valued at $342,234.20. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Steven F. Retzloff acquired 15,000 shares of the stock in a transaction dated Friday, December 28th. The stock was acquired at an average price of $31.30 per share, for a total transaction of $469,500.00. Following the completion of the transaction, the president now directly owns 21,500 shares of the company’s stock, valued at $672,950. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 32,000 shares of company stock worth $1,001,600 and have sold 36,561 shares worth $1,367,567. 10.17% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in Allegiance Bancshares by 13.0% during the 4th quarter. Geode Capital Management LLC now owns 152,593 shares of the bank’s stock valued at $4,939,000 after purchasing an additional 17,512 shares during the period. Dimensional Fund Advisors LP boosted its stake in Allegiance Bancshares by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 268,112 shares of the bank’s stock worth $8,678,000 after purchasing an additional 1,106 shares during the period. Millennium Management LLC grew its holdings in Allegiance Bancshares by 44.5% during the 4th quarter. Millennium Management LLC now owns 37,611 shares of the bank’s stock valued at $1,217,000 after buying an additional 11,583 shares in the last quarter. Legal & General Group Plc grew its holdings in Allegiance Bancshares by 34.0% during the 4th quarter. Legal & General Group Plc now owns 2,249 shares of the bank’s stock valued at $73,000 after buying an additional 571 shares in the last quarter. Finally, Ranger Investment Management L.P. grew its holdings in Allegiance Bancshares by 44.1% during the 4th quarter. Ranger Investment Management L.P. now owns 110,126 shares of the bank’s stock valued at $3,565,000 after buying an additional 33,680 shares in the last quarter. 30.16% of the stock is 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, savings accounts, and other time deposits comprising money market accounts and certificates of deposit.

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