Banc Funds Co. LLC Has $17.44 Million Stake in Allegiance Bancshares, Inc. (ABTX)
Banc Funds Co. LLC grew its position in Allegiance Bancshares, Inc. (NASDAQ:ABTX) by 2.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 455,253 shares of the bank’s stock after purchasing an additional 10,000 shares during the quarter. Banc Funds Co. LLC owned approximately 3.46% of Allegiance Bancshares worth $17,436,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in ABTX. Teachers Advisors LLC raised its holdings in shares of Allegiance Bancshares by 4.4% in the 4th quarter. Teachers Advisors LLC now owns 18,171 shares of the bank’s stock valued at $657,000 after purchasing an additional 759 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of Allegiance Bancshares in the 1st quarter valued at $182,000. Bank of New York Mellon Corp raised its holdings in shares of Allegiance Bancshares by 14.5% in the 1st quarter. Bank of New York Mellon Corp now owns 49,841 shares of the bank’s stock valued at $1,855,000 after purchasing an additional 6,325 shares in the last quarter. American International Group Inc. raised its holdings in shares of Allegiance Bancshares by 7.1% in the 1st quarter. American International Group Inc. now owns 6,763 shares of the bank’s stock valued at $252,000 after purchasing an additional 448 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Allegiance Bancshares in the 1st quarter valued at $3,441,000. Institutional investors and hedge funds own 39.73% of the company’s stock.
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Allegiance Bancshares (NASDAQ:ABTX) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.06). The company had revenue of $26.58 million during the quarter, compared to analyst estimates of $27.24 million. Allegiance Bancshares had a net margin of 19.75% and a return on equity of 7.90%. During the same period in the prior year, the company earned $0.36 earnings per share.
In related news, insider Daryl D. Bohls sold 1,500 shares of the company’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $39.17, for a total value of $58,755.00. Following the sale, the insider now directly owns 7,927 shares of the company’s stock, valued at $310,500.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Umesh Jain sold 10,100 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $36.03, for a total transaction of $363,903.00. Following the completion of the sale, the director now directly owns 145,675 shares in the company, valued at $5,248,670.25. The disclosure for this sale can be found here. Insiders sold 33,900 shares of company stock worth $1,210,738 over the last ninety days. 13.88% of the stock is currently owned by corporate insiders.
A number of equities research analysts have recently weighed in on ABTX shares. BidaskClub upgraded shares of Allegiance Bancshares from a “hold” rating to a “buy” rating in a report on Friday, July 7th. Stephens restated a “buy” rating and issued a $42.00 price objective on shares of Allegiance Bancshares in a report on Thursday, June 29th. Zacks Investment Research upgraded shares of Allegiance Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Finally, Keefe, Bruyette & Woods set a $42.00 price objective on shares of Allegiance Bancshares and gave the company a “hold” rating in a report on Monday, August 28th. One investment 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 $41.25.
Allegiance Bancshares 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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