Zacks Investment Research upgraded shares of Allegiance Bancshares (NASDAQ:ABTX) from a sell rating to a hold rating in a research note published on Tuesday.

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. “

Several other brokerages have also issued reports on ABTX. Keefe, Bruyette & Woods set a $42.00 price objective on shares of Allegiance Bancshares and gave the company a hold rating in a report on Monday, August 28th. BidaskClub raised shares of Allegiance Bancshares from a sell rating to a hold rating in a report on Wednesday, December 20th. Finally, TheStreet raised shares of Allegiance Bancshares from a c- rating to a b- rating in a report on Tuesday, October 24th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $43.00.

Allegiance Bancshares (NASDAQ:ABTX) opened at $38.80 on Tuesday. The stock has a market cap of $517.38, a P/E ratio of 25.70 and a beta of 2.33. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04. Allegiance Bancshares has a 1-year low of $31.20 and a 1-year high of $40.53.

Allegiance Bancshares (NASDAQ:ABTX) last issued its quarterly earnings data on Tuesday, October 24th. The bank reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.27). The business had revenue of $28.46 million for the quarter, compared to analysts’ expectations of $28.81 million. Allegiance Bancshares had a net margin of 16.88% and a return on equity of 6.91%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 earnings per share. equities analysts predict that Allegiance Bancshares will post 1.59 EPS for the current year.

In other Allegiance Bancshares news, insider Daryl D. Bohls sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $38.00, for a total value of $57,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Umesh Jain sold 22,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $39.00, for a total transaction of $877,500.00. Following the completion of the sale, the director now owns 4,374 shares of the company’s stock, valued at $170,586. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 69,859 shares of company stock valued at $2,730,358. 13.88% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE boosted its stake 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 acquiring an additional 241 shares in the last quarter. Parametric Portfolio Associates LLC acquired a new stake in Allegiance Bancshares in the second quarter valued at approximately $239,000. California Public Employees Retirement System acquired a new stake in Allegiance Bancshares in the first quarter valued at approximately $234,000. GSA Capital Partners LLP acquired a new stake in Allegiance Bancshares in the second quarter valued at approximately $244,000. Finally, Voya Investment Management LLC boosted its stake in Allegiance Bancshares by 15.0% in the second quarter. Voya Investment Management LLC now owns 6,910 shares of the bank’s stock valued at $265,000 after acquiring an additional 899 shares in the last quarter. Institutional investors own 41.32% of the company’s stock.

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About Allegiance Bancshares

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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