Ames National (NASDAQ:ATLO) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Ames National (NASDAQ:ATLO) posted its quarterly earnings results on Thursday. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.62 by $0.05, FiscalAI reports. Ames National had a return on equity of 9.70% and a net margin of 19.36%.The firm had revenue of $18.22 million during the quarter, compared to analysts’ expectations of $18.10 million.

Ames National Trading Up 0.0%

ATLO stock traded up $0.01 during midday trading on Friday, hitting $28.61. 84,349 shares of the company’s stock were exchanged, compared to its average volume of 68,132. The business has a 50-day simple moving average of $27.84 and a two-hundred day simple moving average of $24.98. The stock has a market capitalization of $253.48 million, a PE ratio of 13.36 and a beta of 0.30. Ames National has a 1-year low of $16.94 and a 1-year high of $29.71.

Ames National Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.4%. This is a positive change from Ames National’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Friday, February 27th. Ames National’s payout ratio is 44.86%.

Analysts Set New Price Targets

Several equities research analysts recently commented on ATLO shares. National Bank Financial set a $31.00 price target on Ames National in a report on Wednesday, April 15th. Zacks Research raised Ames National to a “hold” rating in a report on Thursday, April 16th. Finally, Brean Capital raised Ames National to a “hold” rating in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Ames National currently has an average rating of “Hold” and a consensus price target of $31.00.

Institutional Investors Weigh In On Ames National

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ATLO. Geode Capital Management LLC increased its stake in Ames National by 2.5% during the second quarter. Geode Capital Management LLC now owns 215,104 shares of the financial services provider’s stock worth $3,831,000 after acquiring an additional 5,201 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Ames National by 67.6% during the second quarter. Russell Investments Group Ltd. now owns 1,379 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 556 shares during the last quarter. First Trust Advisors LP purchased a new position in shares of Ames National during the second quarter worth $187,000. NewEdge Advisors LLC purchased a new position in shares of Ames National during the second quarter worth $367,000. Finally, Jane Street Group LLC purchased a new position in shares of Ames National during the second quarter worth $255,000. Institutional investors and hedge funds own 26.47% of the company’s stock.

About Ames National

Ames National Corporation is the bank holding company for Ames National Bank, a full-service community bank headquartered in Ames, Iowa. Through its subsidiary, the company provides a range of commercial and consumer banking products designed to meet the needs of individuals, small businesses, farmers and agribusiness clients in central Iowa. Its network of branch offices serves Story County and neighboring counties, supporting local economic development and community initiatives.

The company’s core offerings include checking and savings accounts, money market and certificate of deposit products, along with online and mobile banking services.