Altabancorp (NASDAQ:ALTA) Upgraded at Zacks Investment Research

Altabancorp (NASDAQ:ALTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The firm currently has a $40.00 price target on the stock. Zacks Investment Research‘s target price indicates a potential upside of 9.92% from the company’s previous close.

According to Zacks, “Altabancorp is the bank holding company for Altabank(TM), a full-service bank. It provides loans, deposit and cash management services to businesses and individuals principally in Preston, Idaho to St. George, Utah. Altabancorp is based in AMERICAN FORK, Utah. “

Several other analysts also recently weighed in on the company. Raymond James raised their target price on Altabancorp from $24.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, February 1st. Piper Sandler raised their target price on Altabancorp from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, November 16th.

NASDAQ ALTA traded up $0.79 during trading hours on Tuesday, hitting $36.39. The company had a trading volume of 4,245 shares, compared to its average volume of 50,254. Altabancorp has a fifty-two week low of $13.55 and a fifty-two week high of $35.96. The company has a market capitalization of $684.24 million, a price-to-earnings ratio of 15.62 and a beta of 0.99. The firm’s 50 day moving average is $32.54 and its 200 day moving average is $27.94.

Altabancorp (NASDAQ:ALTA) last announced its quarterly earnings results on Thursday, January 28th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.04. Altabancorp had a return on equity of 12.77% and a net margin of 33.10%. As a group, equities analysts predict that Altabancorp will post 2.25 EPS for the current fiscal year.

In other news, major shareholder & Susan Christiansen Fam Brett purchased 2,200 shares of the firm’s stock in a transaction that occurred on Wednesday, December 30th. The stock was acquired at an average cost of $27.47 per share, for a total transaction of $60,434.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Brent Anderson sold 5,000 shares of Altabancorp stock in a transaction dated Monday, December 14th. The stock was sold at an average price of $30.00, for a total value of $150,000.00. Following the completion of the transaction, the director now owns 18,624 shares of the company’s stock, valued at $558,720. The disclosure for this sale can be found here. Insiders sold 9,000 shares of company stock valued at $263,730 over the last quarter. Insiders own 16.17% of the company’s stock.

Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its stake in Altabancorp by 229.9% in the fourth quarter. JPMorgan Chase & Co. now owns 47,877 shares of the company’s stock valued at $1,336,000 after acquiring an additional 33,364 shares during the period. Amussen Hunsaker Associates LLC acquired a new stake in shares of Altabancorp during the 4th quarter worth approximately $269,000. Davis Capital Partners LLC lifted its holdings in shares of Altabancorp by 1.7% in the 4th quarter. Davis Capital Partners LLC now owns 990,283 shares of the company’s stock worth $27,648,000 after purchasing an additional 16,964 shares during the last quarter. Stifel Financial Corp boosted its position in Altabancorp by 5.4% during the 4th quarter. Stifel Financial Corp now owns 97,000 shares of the company’s stock valued at $2,708,000 after purchasing an additional 5,000 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in Altabancorp by 359.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 47,491 shares of the company’s stock worth $1,326,000 after buying an additional 37,159 shares during the last quarter. Institutional investors and hedge funds own 47.53% of the company’s stock.

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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