Allegiance Bancshares, Inc. (NASDAQ:ABTX) Cut to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Allegiance Bancshares, Inc. (NASDAQ:ABTX) from a hold rating to a sell rating in a research report released on Thursday.
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 equities analysts also recently weighed in on ABTX. Keefe, Bruyette & Woods reissued a hold rating and set a $40.00 price target on shares of Allegiance Bancshares in a research report on Wednesday, April 26th. BidaskClub downgraded Allegiance Bancshares from a buy rating to a hold rating in a research report on Tuesday, July 25th. Finally, Stephens reissued a buy rating and set a $42.00 price target on shares of Allegiance Bancshares in a research report on Thursday, June 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Allegiance Bancshares currently has an average rating of Hold and a consensus price target of $40.75.
Allegiance Bancshares (NASDAQ ABTX) opened at 37.45 on Thursday. The firm has a market cap of $492.54 million, a price-to-earnings ratio of 21.90 and a beta of 2.39. Allegiance Bancshares has a one year low of $23.10 and a one year high of $40.45. The stock’s 50 day moving average price is $38.82 and its 200-day moving average price is $37.15.
Allegiance Bancshares (NASDAQ:ABTX) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by $0.06. The business had revenue of $26.58 million for the quarter, compared to analyst estimates of $27.24 million. Allegiance Bancshares had a return on equity of 8.01% and a net margin of 19.75%. During the same period last year, the firm earned $0.36 EPS. Analysts forecast that Allegiance Bancshares will post $1.89 earnings per share for the current year.
In related news, insider Daryl D. Bohls sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $38.96, for a total value of $58,440.00. Following the completion of the sale, the insider now directly owns 7,927 shares in the company, valued at $308,835.92. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Ramon A. Vitulli III sold 1,431 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $38.10, for a total value of $54,521.10. Following the completion of the sale, the insider now owns 6,877 shares of the company’s stock, valued at $262,013.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,400 shares of company stock valued at $249,320. 13.88% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of ABTX. Bank of Montreal Can bought a new position in Allegiance Bancshares during the first quarter valued at approximately $182,000. Bank of America Corp DE raised its position in Allegiance Bancshares by 4.7% in the first quarter. Bank of America Corp DE now owns 5,351 shares of the bank’s stock valued at $199,000 after buying an additional 241 shares during the period. Highbridge Capital Management LLC bought a new position in Allegiance Bancshares during the fourth quarter valued at approximately $203,000. Renaissance Technologies LLC bought a new position in Allegiance Bancshares during the fourth quarter valued at approximately $233,000. Finally, California Public Employees Retirement System bought a new position in Allegiance Bancshares during the first quarter valued at approximately $234,000. Institutional investors and hedge funds own 35.36% of the company’s stock.
About Allegiance Bancshares
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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