Municipal Employees Retirement System of Michigan Invests $449,000 in Allegiance Bancshares Inc (NASDAQ:ABTX)

Municipal Employees Retirement System of Michigan bought a new position in shares of Allegiance Bancshares Inc (NASDAQ:ABTX) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,470 shares of the bank’s stock, valued at approximately $449,000. Municipal Employees Retirement System of Michigan owned about 0.06% of Allegiance Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its position in Allegiance Bancshares by 47.3% during the first quarter. PNC Financial Services Group Inc. now owns 308,830 shares of the bank’s stock valued at $10,413,000 after purchasing an additional 99,125 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Allegiance Bancshares by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 268,112 shares of the bank’s stock valued at $8,678,000 after purchasing an additional 1,106 shares during the last quarter. Royce & Associates LP lifted its position in Allegiance Bancshares by 6.8% during the first quarter. Royce & Associates LP now owns 243,139 shares of the bank’s stock valued at $8,199,000 after purchasing an additional 15,500 shares during the last quarter. Callahan Advisors LLC lifted its position in Allegiance Bancshares by 6.0% during the second quarter. Callahan Advisors LLC now owns 171,722 shares of the bank’s stock valued at $5,725,000 after purchasing an additional 9,765 shares during the last quarter. Finally, Cortina Asset Management LLC lifted its position in Allegiance Bancshares by 14.1% during the second quarter. Cortina Asset Management LLC now owns 126,070 shares of the bank’s stock valued at $4,203,000 after purchasing an additional 15,557 shares during the last quarter. Hedge funds and other institutional investors own 33.18% of the company’s stock.

Several equities analysts have commented on ABTX shares. Raymond James set a $38.00 price objective on shares of Allegiance Bancshares and gave the company a “buy” rating in a research report on Monday, July 8th. Zacks Investment Research upgraded shares of Allegiance Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, July 1st. BidaskClub upgraded shares of Allegiance Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Finally, ValuEngine upgraded shares of Allegiance Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $37.82.

In other news, Director David B. Moulton sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $33.88, for a total value of $67,760.00. Following the completion of the sale, the director now owns 30,941 shares in the company, valued at approximately $1,048,281.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Louis A. Jr. Waters sold 3,600 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $34.15, for a total transaction of $122,940.00. The disclosure for this sale can be found here. Insiders sold a total of 101,240 shares of company stock valued at $3,276,925 in the last 90 days. Company insiders own 10.17% of the company’s stock.

Allegiance Bancshares stock opened at $35.50 on Friday. The firm has a 50-day moving average price of $32.69 and a 200-day moving average price of $34.25. The firm has a market capitalization of $736.10 million, a PE ratio of 14.09 and a beta of 1.40. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.21. Allegiance Bancshares Inc has a 12-month low of $28.58 and a 12-month high of $45.20.

Allegiance Bancshares (NASDAQ:ABTX) last released its earnings results on Friday, July 26th. The bank reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.01. The firm had revenue of $49.42 million during the quarter, compared to analyst estimates of $48.20 million. Allegiance Bancshares had a net margin of 22.35% and a return on equity of 8.32%. As a group, sell-side analysts predict that Allegiance Bancshares Inc will post 2.61 earnings per share for the current fiscal year.

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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Institutional Ownership by Quarter for Allegiance Bancshares (NASDAQ:ABTX)

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