Dynamic Advisor Solutions LLC bought a new position in shares of Altabancorp (NASDAQ:ALTA) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 79,721 shares of the company’s stock, valued at approximately $3,453,000.
Several other large investors also recently modified their holdings of ALTA. Magnetar Financial LLC bought a new position in shares of Altabancorp in the 2nd quarter worth $9,063,000. Mutual of America Capital Management LLC bought a new position in shares of Altabancorp in the 2nd quarter worth $5,063,000. BlackRock Inc. increased its holdings in shares of Altabancorp by 8.8% in the 1st quarter. BlackRock Inc. now owns 1,182,363 shares of the company’s stock worth $49,706,000 after buying an additional 95,779 shares during the last quarter. Keebeck Alpha LP bought a new position in shares of Altabancorp in the 2nd quarter worth $2,958,000. Finally, EP Wealth Advisors LLC bought a new position in shares of Altabancorp in the 1st quarter worth $1,697,000. 45.74% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on ALTA shares. Zacks Investment Research lowered shares of Altabancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 29th. Raymond James reaffirmed a “market perform” rating on shares of Altabancorp in a research note on Wednesday, May 26th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $49.00 price objective (up previously from $46.00) on shares of Altabancorp in a research note on Wednesday, May 26th.
Altabancorp (NASDAQ:ALTA) last announced its quarterly earnings data on Tuesday, July 27th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.22. The company had revenue of $30.59 million during the quarter, compared to analysts’ expectations of $30.26 million. Altabancorp had a net margin of 34.49% and a return on equity of 12.27%. As a group, analysts predict that Altabancorp will post 2.23 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 16th. Shareholders of record on Monday, August 9th were given a dividend of $0.17 per share. The ex-dividend date was Friday, August 6th. This represents a $0.68 annualized dividend and a yield of 1.69%. This is a boost from Altabancorp’s previous quarterly dividend of $0.15. Altabancorp’s dividend payout ratio is presently 29.69%.
In other Altabancorp news, major shareholder Newbold Family Trust sold 2,500 shares of the stock in a transaction on Tuesday, July 20th. The shares were sold at an average price of $40.97, for a total transaction of $102,425.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 16.17% of the company’s stock.
Altabancorp is a bank holding company, which through its subsidiaries, engages in the provision of retail and commercial banking products and services to small and medium sized businesses and individuals. The company was founded in 1905 and is headquartered in American Fork, UT.
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