Allegiance Bancshares, Inc. (ABTX) Cut to Strong Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Allegiance Bancshares, Inc. (NASDAQ:ABTX) from a hold rating to a strong sell rating in a research note released on Friday 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. “

ABTX has been the topic of a number of other research reports. Keefe, Bruyette & Woods set a $42.00 price objective on Allegiance Bancshares and gave the stock a hold rating in a research report on Monday, August 28th. TheStreet raised Allegiance Bancshares from a c- rating to a b- rating in a research report on Tuesday, October 24th. BidaskClub raised Allegiance Bancshares from a hold rating to a buy rating in a research report on Friday, July 7th. Finally, Stephens reissued a buy rating and issued a $42.00 target price on shares of Allegiance Bancshares in a report on Thursday, June 29th. Two equities research 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. Allegiance Bancshares currently has a consensus rating of Hold and a consensus target price of $41.67.

Allegiance Bancshares (NASDAQ ABTX) opened at 39.15 on Friday. The stock has a market capitalization of $515.25 million, a P/E ratio of 22.89 and a beta of 2.41. Allegiance Bancshares has a one year low of $25.16 and a one year high of $40.45. The stock has a 50 day moving average price of $36.98 and a 200-day moving average price of $37.58.

Allegiance Bancshares (NASDAQ:ABTX) last posted its quarterly earnings data on Tuesday, October 24th. The bank reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.27). Allegiance Bancshares had a return on equity of 6.99% and a net margin of 16.88%. The company had revenue of $28.46 million for the quarter, compared to analysts’ expectations of $28.81 million. During the same period in the prior year, the company posted $0.42 EPS. The firm’s revenue was up 14.3% compared to the same quarter last year. Analysts anticipate that Allegiance Bancshares will post $1.68 earnings per share for the current year.

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In other Allegiance Bancshares news, insider Daryl D. Bohls sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $36.68, for a total transaction of $55,020.00. Following the transaction, the insider now owns 7,927 shares of the company’s stock, valued at $290,762.36. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas A. Reiser acquired 11,000 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were purchased at an average cost of $36.53 per share, for a total transaction of $401,830.00. Following the acquisition, the director now owns 189,190 shares of the company’s stock, valued at approximately $6,911,110.70. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 33,900 shares of company stock worth $1,208,983. Corporate insiders own 13.88% of the company’s stock.

Several hedge funds have recently modified their holdings of ABTX. Wellington Management Group LLP purchased a new position in shares of Allegiance Bancshares during the first quarter worth about $3,441,000. Vanguard Group Inc. boosted its stake 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 buying an additional 55,342 shares during the period. Royce & Associates LP acquired a new stake in shares of Allegiance Bancshares during the first quarter worth about $1,395,000. Dimensional Fund Advisors LP boosted its stake 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 buying an additional 36,214 shares during the period. Finally, State Street Corp boosted its stake in shares of Allegiance Bancshares by 15.2% during the second quarter. State Street Corp now owns 188,429 shares of the bank’s stock worth $7,218,000 after buying an additional 24,826 shares during the period. 39.47% of the stock is currently owned by institutional investors.

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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