Spark Investment Management LLC Decreases Stake in Allegiance Bancshares, Inc. (ABTX)
Spark Investment Management LLC decreased its stake in Allegiance Bancshares, Inc. (NASDAQ:ABTX) by 9.9% during the second quarter, Holdings Channel reports. The firm owned 31,800 shares of the bank’s stock after selling 3,500 shares during the period. Spark Investment Management LLC’s holdings in Allegiance Bancshares were worth $1,217,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of Montreal Can acquired a new position in Allegiance Bancshares during the first quarter valued at approximately $182,000. Bank of America Corp DE increased 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 acquired a new position in Allegiance Bancshares during the fourth quarter valued at approximately $203,000. California Public Employees Retirement System acquired a new position in Allegiance Bancshares during the first quarter valued at approximately $234,000. Finally, Renaissance Technologies LLC acquired a new position in Allegiance Bancshares during the fourth quarter valued at approximately $233,000. 35.36% of the stock is currently owned by hedge funds and other institutional investors.
Allegiance Bancshares, Inc. (NASDAQ:ABTX) opened at 36.65 on Thursday. The company has a 50 day moving average of $38.29 and a 200 day moving average of $37.34. Allegiance Bancshares, Inc. has a 52 week low of $24.58 and a 52 week high of $40.45. The stock has a market capitalization of $482.02 million, a P/E ratio of 21.43 and a beta of 2.32.
Allegiance Bancshares (NASDAQ:ABTX) last posted its earnings results on Tuesday, July 25th. The bank reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $26.58 million for the quarter, compared to the consensus estimate of $27.24 million. Allegiance Bancshares had a net margin of 19.75% and a return on equity of 7.90%. During the same quarter in the prior year, the company posted $0.36 earnings per share. Equities analysts expect that Allegiance Bancshares, Inc. will post $1.89 EPS for the current fiscal year.
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Several research analysts have commented on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and set a $40.00 price target on shares of Allegiance Bancshares in a research note on Wednesday, April 26th. BidaskClub downgraded shares of Allegiance Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Zacks Investment Research downgraded shares of Allegiance Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, Stephens reissued a “buy” rating and set a $42.00 price target on shares of Allegiance Bancshares in a research note on Thursday, June 29th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $40.75.
In related news, insider Ramon A. Vitulli III sold 1,431 shares of the stock in a transaction on Friday, May 19th. The stock was sold at an average price of $38.10, for a total transaction of $54,521.10. Following the sale, the insider now owns 6,877 shares in the company, valued at approximately $262,013.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daryl D. Bohls sold 1,500 shares of the stock in a transaction on Friday, June 9th. The shares were sold at an average price of $39.67, for a total value of $59,505.00. Following the sale, the insider now owns 7,927 shares in the company, valued at approximately $314,464.09. The disclosure for this sale can be found here. Insiders have sold a total of 4,900 shares of company stock valued at $190,880 over the last quarter. Corporate insiders own 13.88% of the company’s stock.
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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