Zacks Investment Research Downgrades Allegiance Bancshares (ABTX) to Sell

Zacks Investment Research lowered shares of Allegiance Bancshares (NASDAQ:ABTX) from a hold rating to a sell rating in a report issued on Tuesday morning.

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 research firms also recently issued reports on ABTX. BidaskClub upgraded Allegiance Bancshares from a hold rating to a buy rating in a report on Saturday, July 21st. Raymond James began coverage on Allegiance Bancshares in a report on Tuesday, October 2nd. They set a strong-buy rating and a $48.00 price objective for the company. Finally, Stephens downgraded Allegiance Bancshares from an overweight rating to an equal rating and decreased their price objective for the stock from $51.00 to $41.00 in a report on Friday, October 26th.

Shares of Allegiance Bancshares stock opened at $38.40 on Tuesday. Allegiance Bancshares has a 1 year low of $36.10 and a 1 year high of $46.85. The stock has a market capitalization of $512.78 million, a price-to-earnings ratio of 24.30 and a beta of 1.83. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.86.

Allegiance Bancshares (NASDAQ:ABTX) last announced its quarterly earnings results on Thursday, October 25th. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.01. The company had revenue of $29.96 million during the quarter, compared to the consensus estimate of $30.55 million. Allegiance Bancshares had a return on equity of 10.47% and a net margin of 19.41%. On average, research analysts predict that Allegiance Bancshares will post 2.58 EPS for the current fiscal year.

In other Allegiance Bancshares news, Director Paul Michael Mann sold 10,635 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $45.16, for a total value of $480,276.60. Following the completion of the transaction, the director now directly owns 40,049 shares in the company, valued at $1,808,612.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Fred S. Robertson purchased 2,250 shares of the firm’s stock in a transaction on Thursday, August 9th. The stock was bought at an average price of $44.47 per share, with a total value of $100,057.50. Following the completion of the purchase, the director now owns 4,606 shares of the company’s stock, valued at $204,828.82. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 16,724 shares of company stock valued at $754,828. 12.74% of the stock is owned by corporate insiders.

Hedge funds have recently bought and sold shares of the business. Comerica Bank bought a new position in Allegiance Bancshares in the second quarter valued at approximately $1,346,000. Bank of New York Mellon Corp grew its stake in Allegiance Bancshares by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 55,654 shares of the bank’s stock valued at $2,413,000 after purchasing an additional 2,084 shares in the last quarter. First Trust Advisors LP grew its stake in Allegiance Bancshares by 21.0% in the second quarter. First Trust Advisors LP now owns 32,126 shares of the bank’s stock valued at $1,393,000 after purchasing an additional 5,569 shares in the last quarter. Callahan Advisors LLC grew its stake in Allegiance Bancshares by 10.5% in the second quarter. Callahan Advisors LLC now owns 105,815 shares of the bank’s stock valued at $4,587,000 after purchasing an additional 10,050 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Allegiance Bancshares by 37.9% in the first quarter. Dimensional Fund Advisors LP now owns 172,121 shares of the bank’s stock valued at $6,739,000 after purchasing an additional 47,276 shares in the last quarter. Hedge funds and other institutional investors own 46.02% of the company’s stock.

About Allegiance Bancshares

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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