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As the parent company of the full-service bank Altabank, Altabancorp (Nasdaq: ALTA) provides loans, deposits, and cash management services to the business community and individual community through 26 branch locations between Preston, Idaho and St. George, Utah. With total assets of $3.4 billion, Altabank is the largest community bank in Utah.
On January 27, 2021, Altabancorp reported fourth quarter and year-end financial results.
For the fourth quarter of 2020, Altabancorp (Nasdaq: ALTA), has generated a net income of $11.1 million compared to $11.3 million in the third quarter of 2020 and $11.7 million in the fourth quarter of 2019. In the fourth quarter of 2020, the diluted earnings per share were $0.58, compared to $0.60 in the third quarter of 2020, and $0.61 in the fourth quarter of 2019. The company achieved $43.5 million in net income for the twelve months ended December 31, 2020, or $2.29 per diluted share. For the same twelve months a year prior, the company earned $44.3 million, or $2.33 per common share.
In the fourth quarter of 2020, the annualized return on average assets was 1.34%, compared with 1.47% for the third quarter of 2020, and 1.92% for the fourth quarter of 2019. For the fourth quarter of 2020, the annualized return was 12.06% vs. 12.62 in the third quarter of 2020 and 14.10% in the fourth quarter of 2019.
Dividends of $0.15 per common share were declared by the Board of Directors. Dividends will be paid on February 16, 2021, to shareholders recorded on February 9, 2021. Based on earnings for the fourth quarter of 2020, 25.5% of dividends were paid out. This continues a 50-year tradition of the Company paying dividends.
Several analysts who track Altabancorp’s shares have forecast price targets in the range of $24.00 to $33.00 for the company’s shares over the next 12 months. Based on analyst opinions, the consensus share price objective is $32.21, suggesting that the stock has a potential upside of 9.97%. Based on the current price of $29.50, the median price target is down -9.19%.