Wells Fargo & Company MN Decreases Stake in Altabancorp (NASDAQ:ALTA)


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Wells Fargo & Company MN lessened its holdings in shares of Altabancorp (NASDAQ:ALTA) by 7.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,812 shares of the company’s stock after selling 3,209 shares during the period. Wells Fargo & Company MN owned 0.22% of Altabancorp worth $1,139,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ALTA. Bank of New York Mellon Corp grew its position in shares of Altabancorp by 8.7% in the fourth quarter. Bank of New York Mellon Corp now owns 103,995 shares of the company’s stock valued at $2,904,000 after purchasing an additional 8,345 shares in the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in Altabancorp in the 4th quarter valued at $2,619,000. BlackRock Inc. increased its stake in shares of Altabancorp by 2.4% in the 4th quarter. BlackRock Inc. now owns 1,086,584 shares of the company’s stock worth $30,339,000 after acquiring an additional 25,553 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Altabancorp in the 4th quarter worth $113,000. Finally, First Trust Advisors LP purchased a new position in shares of Altabancorp during the 4th quarter worth $207,000. 47.53% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ ALTA opened at $41.75 on Thursday. The firm’s 50-day moving average is $38.62 and its two-hundred day moving average is $31.44. Altabancorp has a 12 month low of $15.61 and a 12 month high of $44.67. The stock has a market capitalization of $787.78 million, a P/E ratio of 17.92 and a beta of 0.99.

Altabancorp (NASDAQ:ALTA) last released its quarterly earnings results on Thursday, January 28th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. Altabancorp had a net margin of 33.10% and a return on equity of 12.77%. The business had revenue of $31.37 million for the quarter, compared to the consensus estimate of $30.65 million. On average, equities research analysts anticipate that Altabancorp will post 2.25 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 16th. Shareholders of record on Tuesday, February 9th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend was Monday, February 8th. Altabancorp’s dividend payout ratio (DPR) is 25.75%.

Several equities research analysts recently issued reports on the stock. Raymond James raised their price objective on shares of Altabancorp from $24.00 to $35.00 and gave the stock an “outperform” rating in a research report on Monday, February 1st. Zacks Investment Research cut Altabancorp from a “buy” rating to a “hold” rating in a report on Tuesday.

About Altabancorp

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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Institutional Ownership by Quarter for Altabancorp (NASDAQ:ALTA)

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