Brokerages predict that Altabancorp (NASDAQ:ALTA) will post $30.19 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Altabancorp’s earnings. The lowest sales estimate is $29.66 million and the highest is $30.80 million. Altabancorp reported sales of $30.96 million during the same quarter last year, which would suggest a negative year over year growth rate of 2.5%. The business is expected to issue its next earnings report on Wednesday, April 28th.
On average, analysts expect that Altabancorp will report full year sales of $123.27 million for the current year, with estimates ranging from $121.20 million to $124.30 million. For the next fiscal year, analysts anticipate that the company will post sales of $130.00 million, with estimates ranging from $126.40 million to $136.00 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Altabancorp.
Altabancorp (NASDAQ:ALTA) last issued its quarterly earnings results on Thursday, January 28th. The company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.04. Altabancorp had a net margin of 33.10% and a return on equity of 12.77%.
ALTA has been the subject of several research analyst reports. Piper Sandler lifted their target price on shares of Altabancorp from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, November 16th. Zacks Investment Research upgraded shares of Altabancorp from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Raymond James boosted their price objective on shares of Altabancorp from $24.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, February 1st.
Shares of ALTA traded down $0.06 during trading hours on Wednesday, hitting $34.17. The company’s stock had a trading volume of 43,519 shares, compared to its average volume of 54,676. The business has a 50 day simple moving average of $30.17 and a two-hundred day simple moving average of $26.87. The company has a market cap of $642.50 million, a price-to-earnings ratio of 14.67 and a beta of 0.99. Altabancorp has a 52-week low of $13.55 and a 52-week high of $34.77.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Tuesday, February 9th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Monday, February 8th. Altabancorp’s payout ratio is currently 25.75%.
In other Altabancorp news, major shareholder & Susan Christiansen Fam Brett bought 2,200 shares of Altabancorp stock in a transaction dated Wednesday, December 30th. The shares were purchased at an average cost of $27.47 per share, with a total value of $60,434.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert Brent Anderson sold 5,000 shares of the company’s stock in a transaction dated Monday, December 14th. The stock was sold at an average price of $30.00, for a total transaction of $150,000.00. Following the completion of the sale, the director now directly owns 18,624 shares in the company, valued at $558,720. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 2,228 shares of company stock worth $61,200 and sold 14,000 shares worth $397,275. 16.17% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC bought a new position in Altabancorp in the 3rd quarter worth about $34,000. Denali Advisors LLC boosted its stake in Altabancorp by 144.3% in the 4th quarter. Denali Advisors LLC now owns 1,930 shares of the company’s stock worth $54,000 after purchasing an additional 1,140 shares in the last quarter. US Bancorp DE bought a new position in Altabancorp in the 3rd quarter worth about $48,000. SG Americas Securities LLC bought a new position in Altabancorp in the 4th quarter worth about $113,000. Finally, Morgan Stanley bought a new position in Altabancorp in the 3rd quarter worth about $136,000. 47.53% of the stock is currently owned by hedge funds and other institutional investors.
Altabancorp Company Profile
Altabancorp operates as the bank holding company for Altabank, a state-chartered bank that provides retail and commercial banking products and services. The company accepts various deposits, such as checking, rewards checking, savings, and money market deposit accounts, as well as individual retirement accounts and certificates of deposit.
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