Allegiance Bancshares Inc (NASDAQ:ABTX) Sees Significant Growth in Short Interest

Allegiance Bancshares Inc (NASDAQ:ABTX) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 1,520,000 shares, an increase of 178.0% from the September 30th total of 546,700 shares. Based on an average daily volume of 220,400 shares, the days-to-cover ratio is presently 6.9 days. Approximately 7.9% of the shares of the stock are short sold.

A number of analysts have issued reports on ABTX shares. BidaskClub raised Allegiance Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, November 5th. ValuEngine raised Allegiance Bancshares from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Raymond James downgraded Allegiance Bancshares from an “outperform” rating to a “market perform” rating in a research note on Monday, October 28th. Finally, Zacks Investment Research raised Allegiance Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, October 9th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $37.82.

Shares of ABTX traded down $0.27 during midday trading on Wednesday, reaching $35.06. The company had a trading volume of 104,800 shares, compared to its average volume of 128,679. Allegiance Bancshares has a 1-year low of $28.58 and a 1-year high of $38.95. The stock has a market cap of $732.53 million, a PE ratio of 13.91 and a beta of 1.40. The firm has a 50 day simple moving average of $33.71 and a 200-day simple moving average of $33.63. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23.

Allegiance Bancshares (NASDAQ:ABTX) last issued its earnings results on Friday, October 25th. The bank reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.12). The company had revenue of $47.73 million during the quarter, compared to analyst estimates of $49.00 million. Allegiance Bancshares had a return on equity of 7.65% and a net margin of 21.42%. As a group, sell-side analysts anticipate that Allegiance Bancshares will post 2.5 earnings per share for the current fiscal year.

In other Allegiance Bancshares news, Director Umesh Jain sold 30,437 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $32.21, for a total value of $980,375.77. Following the completion of the sale, the director now directly owns 55,816 shares of the company’s stock, valued at approximately $1,797,833.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Louis A. Jr. Waters sold 7,200 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $31.49, for a total value of $226,728.00. Following the completion of the sale, the director now directly owns 16,631 shares of the company’s stock, valued at $523,710.19. The disclosure for this sale can be found here. Over the last three months, insiders sold 97,267 shares of company stock valued at $3,214,594. 10.17% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Academy Capital Management Inc. TX purchased a new stake in Allegiance Bancshares during the third quarter valued at about $217,000. Russell Investments Group Ltd. purchased a new stake in Allegiance Bancshares during the third quarter valued at about $122,000. California Public Employees Retirement System purchased a new stake in Allegiance Bancshares during the third quarter valued at about $295,000. Rhumbline Advisers grew its position in Allegiance Bancshares by 10.4% during the third quarter. Rhumbline Advisers now owns 28,022 shares of the bank’s stock valued at $899,000 after acquiring an additional 2,633 shares during the period. Finally, Segment Wealth Management LLC grew its position in Allegiance Bancshares by 17.6% during the third quarter. Segment Wealth Management LLC now owns 66,848 shares of the bank’s stock valued at $2,145,000 after acquiring an additional 10,000 shares during the period. Institutional investors and hedge funds own 33.27% 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, and savings accounts, as well as other time deposits comprising money market accounts and certificates of deposit.

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