ATLO
Ames National CorporationFinancial Services·Banks - Regional
$28.74
$255M market cap
Revenue
$51.1M
Free Cash Flow
$15.8M
Rev Growth
+0.0%
FCF Margin
31.0%
P/FCF
16.1x
EV/FCF
-25.3x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Ames National Corporation operates as a multi-bank holding company that provides banking products and services primarily in Boone, Clarke, Hancock, Marshall, Polk, Story, and Union counties in central, north-central, and south-central Iowa. The company accepts a range of deposits, including checking and savings accounts; and time deposits, such as money market accounts and certificates of deposit. It also provides loans, such as short-term and medium-term commercial and agricultural real estate,
2-Year Price History
$28.79+54.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 25.0 | 7.7 | 7.7 | 6.0 | 8.4 | 8.0 | -0.4 | 710.3 | 54.9 | 8.9 | 19.7% | 1.1x | -- |
| Act | 2025-Q4 | 26.1 | 7.9 | 7.6 | 6.5 | 7.5 | 7.9 | -0.4 | 676.4 | 60.2 | 8.9 | 18.3% | 1.1x | -- |
Valuation & Metrics
Market Stats
Price$28.74
Market Cap$255M
Enterprise Value$-401M
P/S Ratio5.0x
P/FCF16.1x
EV/FCF-25.3x
FCF Margin (TTM)31.0%
FCF Yield6.2%
Dividend Yield (TTM)3.1%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$51.1M
Net Income$12.5M
Free Cash Flow$15.8M
Revenue Growth (YoY)+0.0%
EBITDA Margin30.5%
Net Margin24.4%
FCF Margin31.0%
CapEx % of Revenue1.6%
SBC % of Revenue0.0%
ROIC19.0%
WC Change % Rev2480.4%
Interest Coverage1.1x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.2M
Days to Cover2.3
Change (vs Prior)-17.3%
Need at least 2 settlement dates for chart
Employees
Headcount258
Revenue / Employee$198,008
Gross Profit / Employee$144,353
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
19.3%(+13.6% YoY)
75 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.2%(+7.7% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-0.2% YoY)
2 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Fourthstone LLC | $19.3M | $21.49 | +$6.9M | +$17.9M | -1.8% | $590M |
| BlackRock, Inc.Passive | $17.2M | $17.19 | −$604K | −$1.3M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $11.3M | $28.22 | +$11.3M | +$11.3M | — | $4.04T |
| DIMENSIONAL FUND ADVISORS LPPassive | $7.7M | $18.49 | +$201K | +$681K | -0.4% | $480.92B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $5.7M | $16.64 | −$86K | −$209K | +2.3% | $1.61T |
| STATE STREET CORPPassive | $4.3M | $18.69 | +$554K | +$789K | -0.2% | $2.89T |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $2.8M | $16.44 | +$46K | +$245K | +0.1% | $184.72B |
| Elizabeth Park Capital Advisors, Ltd. | $2.3M | $16.85 | −$759K | −$759K | -1.1% | $130M |
| NORTHERN TRUST CORPPassive | $2.0M | $16.85 | +$114K | −$118K | -0.2% | $755.34B |
| LPL Financial LLC | $1.6M | $18.48 | −$23K | +$424K | -0.2% | $372.65B |
| MARSHALL WACE, LLP | $1.6M | $28.22 | +$1.2M | +$1.6M | — | $92.71B |
| VANGUARD FIDUCIARY TRUST COPassive | $1.6M | $28.22 | +$1.6M | +$1.6M | — | $395.83B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $1.5M | $28.22 | +$1.5M | +$1.5M | — | $1.91T |
| MORGAN STANLEY | $1.3M | $18.85 | −$181K | −$197K | -0.3% | $1.65T |
| AMES NATIONAL CORP | $1.3M | $17.83 | −$339K | +$115K | -0.2% | $153M |
| AMERICAN CENTURY COMPANIES INC | $1.3M | $26.37 | +$1.0M | +$1.3M | +0.7% | $193.48B |
| GOLDMAN SACHS GROUP INC | $1.3M | $25.18 | +$955K | +$841K | -0.2% | $760.93B |
| SEGALL BRYANT & HAMILL, LLC | $1.1M | $22.76 | +$0 | +$1.1M | -0.1% | $8.06B |
| RENAISSANCE TECHNOLOGIES LLC | $1.1M | $20.02 | −$200K | −$296K | +1.2% | $63.91B |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $950K | $24.01 | +$218K | +$950K | +0.1% | $19.92B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.68%
avg per quarter
Holders (ex-self)
-0.74%
excl. this stock
Buyers (this Q)
-0.84%
40 buyers · $0.03B in
Sellers (this Q)
-7.02%
26 sellers · $-0.00B out
alpha coverage: 86% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+4.9%
how holders react when this stock falls
On quiet Qs
-3.4%
−10% to +10% baseline
On rallies (+10%+)
-15.4%
how they react when this stock rises
Holders' portfolio flow this Q
+3.2%
inflows — adds are organic
Sellers' portfolio flow this Q
+0.3%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-11.4%
Holder mid (any stock)
-5.3%
Holder rally (any stock)
-2.2%
Biggest decreases this quarter
Elizabeth Park Capital Advisors, Ltd.−$759Kα-1.1BlackRock, Inc.−$604Kα-0.2NewEdge Advisors, LLCexited−$473KIFG Advisory, LLCexited−$432KSTRS OHIOexited−$358KAMES NATIONAL CORP−$339Kα-0.2Stockman Wealth Management, Inc.exited−$246KRENAISSANCE TECHNOLOGIES LLC−$200Kα+1.2MORGAN STANLEY−$181Kα-0.3GEODE CAPITAL MANAGEMENT, LLC−$86Kα+2.3
New buyers this quarter
Top-5 holders · 60.9%
Fourthstone LLC--
BlackRock, Inc.--
VANGUARD CAPITAL MANAGEMENT LLC--
DIMENSIONAL FUND ADVISORS LP--
GEODE CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Fourthstone LLC683KSTADIUM CAPITAL MANAGEMENT LLC—RENAISSANCE TECHNOLOGIES LLC38KMILLENNIUM MANAGEMENT LLC—ARROWSTREET CAPITAL, LIMITED PARTNERSHIP100KROYCE & ASSOCIATES LP—Elizabeth Park Capital Advisors, Ltd.80KAMES NATIONAL CORP47KLPL Financial LLC57KMARSHALL WACE, LLP57K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$31.00790.0%
Last Year (1 analysts)$31.00790.0%
Current Price$28.74
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$87K
18 txns · 8 insiders · 4,169 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-15 | BUY | Hagan Patrick G | director | 200 | $27.69 | $6K | $266K |
| 2026-05-12 | BUY | Hagan Patrick G | director | 100 | $27.65 | $3K | $260K |
| 2026-04-30 | BUY | Cassabaum Michelle R | director | 84 | $28.08 | $2K | $276K |
| 2026-02-27 | BUY | Cassabaum Michelle R | director | 205 | $27.25 | $6K | $265K |
| 2026-01-30 | BUY | Cassabaum Michelle R | director | 280 | $26.11 | $7K | $240K |
| 2025-12-10 | BUY | Trost Scot A. | director | 200 | $22.88 | $5K | $23K |
| 2025-12-02 | BUY | Bauer Scott T | other: President of subsidiary bank | 20 | $21.68 | $434 | $87K |
| 2025-11-21 | BUY | Swartz Kevin L | director | 200 | $20.80 | $4K | $112K |
| 2025-11-17 | BUY | PUTZIER JEFFREY K | other: President of subsidiary bank | 200 | $21.25 | $4K | $81K |
| 2025-11-13 | BUY | Beals Douglas W | director | 500 | $21.37 | $11K | $63K |
| 2025-10-31 | BUY | Cassabaum Michelle R | director | 44 | $20.82 | $916 | $186K |
| 2025-10-24 | BUY | Hagan Patrick G | director | 300 | $20.85 | $6K | $194K |
| 2025-08-29 | BUY | Cassabaum Michelle R | director | 278 | $19.83 | $6K | $176K |
| 2025-07-31 | BUY | Cassabaum Michelle R | director | 164 | $18.29 | $3K | $157K |
| 2025-06-20 | BUY | Baker Jeffery C | director | 500 | $17.18 | $9K | $59K |
| 2025-06-11 | BUY | Johnson Dan E | other: President of subsidiary bank | 210 | $17.75 | $4K | $28K |
| 2025-06-03 | BUY | Wilson Michael A | officer: Executive Vice President | 200 | $17.50 | $4K | $30K |
| 2025-06-02 | BUY | BAUDLER HORRAS BETTY A | director | 100 | $17.50 | $2K | $390K |
| 2025-05-30 | BUY | Cassabaum Michelle R | director | 314 | $17.54 | $6K | $148K |
| 2025-05-28 | BUY | BAUDLER HORRAS BETTY A | director | 100 | $17.52 | $2K | $389K |
Order Flow (FINRA, ~3w lag)
8.7%retail+0.6pp
24.6%dark+6.8pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Ames National Corporation: Metadata Header Review Lacks Substantive Disclosure
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
1/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10