Allegiance Bancshares Inc. (ABTX) Rating Lowered to Neutral at Robert W. Baird
Allegiance Bancshares Inc. (NASDAQ:ABTX) was downgraded by analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a note issued to investors on Wednesday. They presently have a $28.00 target price on the stock. Robert W. Baird’s price target indicates a potential downside of 1.58% from the company’s current price.
Several other equities analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Allegiance Bancshares from a “buy” rating to a “hold” rating in a research report on Tuesday, June 28th. Keefe, Bruyette & Woods lifted their price objective on shares of Allegiance Bancshares from $25.00 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, July 28th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Allegiance Bancshares has an average rating of “Hold” and a consensus target price of $27.67.
Shares of Allegiance Bancshares (NASDAQ:ABTX) opened at 28.45 on Wednesday. The firm has a market capitalization of $366.29 million and a P/E ratio of 17.45. Allegiance Bancshares has a 52 week low of $14.38 and a 52 week high of $28.98. The stock’s 50 day moving average price is $26.35 and its 200 day moving average price is $23.18.
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Allegiance Bancshares (NASDAQ:ABTX) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.03. Allegiance Bancshares had a net margin of 19.88% and a return on equity of 8.04%. On average, analysts predict that Allegiance Bancshares will post $1.64 EPS for the current fiscal year.
In other news, insider Lawrence G. Fraser sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $26.18, for a total transaction of $52,360.00. Following the transaction, the insider now directly owns 6,818 shares in the company, valued at approximately $178,495.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 16.04% of the company’s stock.
Several institutional investors have recently bought and sold shares of ABTX. Cullen Frost Bankers Inc. bought a new position in Allegiance Bancshares during the fourth quarter valued at approximately $315,000. Carlton Hofferkamp & Jenks Wealth Management LLC boosted its position in Allegiance Bancshares by 24.2% in the fourth quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 96,043 shares of the company’s stock valued at $2,190,000 after buying an additional 18,700 shares in the last quarter. FSI Group LLC bought a new position in Allegiance Bancshares during the fourth quarter valued at approximately $1,669,000. EJF Capital LLC bought a new position in Allegiance Bancshares during the fourth quarter valued at approximately $3,342,000. Finally, Broadview Advisors LLC bought a new position in Allegiance Bancshares during the fourth quarter valued at approximately $4,224,000. Institutional investors and hedge funds own 28.39% of the company’s stock.
About Allegiance Bancshares
Allegiance Bancshares, Inc is a holding company for Allegiance Bank (the Bank). The Bank provides a range of commercial banking services primarily to Houston metropolitan area-based small to medium-sized businesses and individual customers. The Bank is focused on delivering a range of commercial and community-oriented banking products and services.
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