Altabancorp (NASDAQ:ALTA) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 354,300 shares, an increase of 28.7% from the August 15th total of 275,200 shares. Currently, 3.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 69,800 shares, the days-to-cover ratio is currently 5.1 days.
Altabancorp stock opened at $40.29 on Wednesday. The company has a market cap of $760.96 million, a price-to-earnings ratio of 17.14 and a beta of 0.95. Altabancorp has a 12 month low of $18.76 and a 12 month high of $47.80. The stock’s 50-day moving average is $41.10 and its 200-day moving average is $42.23.
Altabancorp (NASDAQ:ALTA) last announced its earnings results on Tuesday, July 27th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.54 by $0.22. The business had revenue of $30.59 million for the quarter, compared to the consensus estimate of $30.26 million. Altabancorp had a return on equity of 12.27% and a net margin of 34.49%. Analysts expect that Altabancorp will post 2.23 EPS for the current fiscal year.
A number of analysts recently commented on ALTA shares. Raymond James reaffirmed a “market perform” rating on shares of Altabancorp in a research note on Wednesday, May 26th. Piper Sandler reissued a “neutral” rating and issued a $49.00 price target (up from $46.00) on shares of Altabancorp in a research note on Wednesday, May 26th. Finally, Zacks Investment Research lowered Altabancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, June 29th.
In other news, major shareholder Newbold Family Trust sold 2,500 shares of the firm’s stock in a transaction on Tuesday, July 20th. The stock was sold at an average price of $40.97, for a total value of $102,425.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 16.17% of the company’s stock.
Several large investors have recently made changes to their positions in ALTA. Dimensional Fund Advisors LP raised its holdings in shares of Altabancorp by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 538,431 shares of the company’s stock valued at $15,033,000 after buying an additional 3,320 shares during the period. US Bancorp DE raised its holdings in shares of Altabancorp by 32.2% during the 1st quarter. US Bancorp DE now owns 3,121 shares of the company’s stock valued at $131,000 after buying an additional 760 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Altabancorp by 23.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 58,603 shares of the company’s stock worth $2,464,000 after purchasing an additional 11,112 shares during the last quarter. IndexIQ Advisors LLC purchased a new stake in Altabancorp during the 1st quarter worth approximately $404,000. Finally, BlackRock Inc. increased its holdings in Altabancorp by 8.8% during the 1st quarter. BlackRock Inc. now owns 1,182,363 shares of the company’s stock worth $49,706,000 after purchasing an additional 95,779 shares during the last quarter. Institutional investors and hedge funds own 45.74% of the company’s stock.
Altabancorp Company Profile
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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