Fayez Sarofim & Co. Purchases New Stake in Allegiance Bancshares, Inc. (ABTX)
Fayez Sarofim & Co. purchased a new position in shares of Allegiance Bancshares, Inc. (NASDAQ:ABTX) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 14,286 shares of the bank’s stock, valued at approximately $547,000. Fayez Sarofim & Co. owned 0.11% of Allegiance Bancshares at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in shares of Allegiance Bancshares by 600.6% during the first quarter. Dimensional Fund Advisors LP now owns 42,244 shares of the bank’s stock worth $1,571,000 after purchasing an additional 36,214 shares during the period. Vanguard Group Inc. raised its position in shares of Allegiance Bancshares by 14.6% during the first quarter. Vanguard Group Inc. now owns 434,296 shares of the bank’s stock worth $16,156,000 after purchasing an additional 55,342 shares during the period. Mendon Capital Advisors Corp acquired a new stake in shares of Allegiance Bancshares during the first quarter worth about $897,000. Wellington Management Group LLP acquired a new stake in shares of Allegiance Bancshares during the first quarter worth about $3,441,000. Finally, Menta Capital LLC acquired a new stake in shares of Allegiance Bancshares during the first quarter worth about $266,000. 39.73% of the stock is currently owned by institutional investors.
Shares of Allegiance Bancshares, Inc. (NASDAQ:ABTX) remained flat at $34.85 during midday trading on Tuesday. 1,463 shares of the company were exchanged. The firm’s 50-day moving average is $35.29 and its 200 day moving average is $37.39. The firm has a market capitalization of $458.66 million, a PE ratio of 20.38 and a beta of 2.38. Allegiance Bancshares, Inc. has a 52-week low of $25.16 and a 52-week high of $40.45.
Allegiance Bancshares (NASDAQ:ABTX) last announced its earnings results on Tuesday, July 25th. The bank reported $0.40 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.06). Allegiance Bancshares had a net margin of 19.75% and a return on equity of 7.90%. The business had revenue of $26.58 million for the quarter, compared to the consensus estimate of $27.24 million. During the same quarter in the previous year, the company earned $0.36 EPS. On average, analysts predict that Allegiance Bancshares, Inc. will post $1.89 EPS for the current year.
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In other news, Director Thomas A. Reiser purchased 11,000 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were acquired at an average price of $36.53 per share, for a total transaction of $401,830.00. Following the completion of the acquisition, the director now owns 189,190 shares in the company, valued at $6,911,110.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Daryl D. Bohls sold 1,500 shares of the stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $39.17, for a total value of $58,755.00. Following the completion of the transaction, the insider now owns 7,927 shares in the company, valued at approximately $310,500.59. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,900 shares of company stock worth $1,210,738. 13.88% of the stock is owned by corporate insiders.
A number of equities research analysts have recently commented on ABTX shares. Stephens reaffirmed a “buy” rating and set a $42.00 price target on shares of Allegiance Bancshares in a research report on Thursday, June 29th. BidaskClub lowered Allegiance Bancshares from a “sell” rating to a “strong sell” rating in a research report on Friday, August 25th. Zacks Investment Research raised Allegiance Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Finally, Keefe, Bruyette & Woods set a $42.00 price target on Allegiance Bancshares and gave the stock a “hold” rating in a research report on Monday, August 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $41.25.
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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