Alerus Financial (NASDAQ:ALRS) Sets New 1-Year High – Here’s What Happened

Alerus Financial (NASDAQ:ALRS) hit a new 52-week high on Tuesday . The company traded as high as $28.72 and last traded at $28.54, with a volume of 9283 shares changing hands. The stock had previously closed at $28.21.

Analysts Set New Price Targets

A number of research firms have commented on ALRS. DA Davidson upped their price objective on shares of Alerus Financial from $26.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Raymond James Financial set a $29.00 price objective on shares of Alerus Financial and gave the stock a “strong-buy” rating in a report on Friday, January 30th. Zacks Research upgraded shares of Alerus Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, May 4th. Piper Sandler lifted their price target on shares of Alerus Financial from $28.00 to $28.50 and gave the company a “neutral” rating in a research report on Friday, May 1st. Finally, Wall Street Zen raised shares of Alerus Financial from a “sell” rating to a “hold” rating in a research report on Sunday, May 3rd. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $28.38.

Alerus Financial Price Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. The company’s 50 day moving average price is $25.62 and its 200 day moving average price is $24.17. The company has a market cap of $725.83 million, a price-to-earnings ratio of 28.04 and a beta of 0.67.

Alerus Financial (NASDAQ:ALRS) last issued its earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.58 by $0.31. The company had revenue of $75.78 million for the quarter, compared to the consensus estimate of $73.78 million. Alerus Financial had a net margin of 6.74% and a return on equity of 14.39%. On average, equities research analysts predict that Alerus Financial will post 2.95 earnings per share for the current fiscal year.

Alerus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 26th will be given a dividend of $0.22 per share. This is a positive change from Alerus Financial’s previous quarterly dividend of $0.21. The ex-dividend date is Friday, June 26th. This represents a $0.88 annualized dividend and a yield of 3.0%. Alerus Financial’s dividend payout ratio is currently 81.55%.

Institutional Trading of Alerus Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC boosted its stake in Alerus Financial by 90.1% in the second quarter. NewEdge Advisors LLC now owns 1,544 shares of the company’s stock valued at $33,000 after acquiring an additional 732 shares during the last quarter. Larson Financial Group LLC increased its stake in Alerus Financial by 50.0% during the 4th quarter. Larson Financial Group LLC now owns 1,500 shares of the company’s stock worth $34,000 after purchasing an additional 500 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Alerus Financial by 25.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 2,222 shares of the company’s stock worth $50,000 after acquiring an additional 455 shares in the last quarter. CIBC Private Wealth Group LLC bought a new position in shares of Alerus Financial during the 3rd quarter worth approximately $52,000. Finally, AlphaQuest LLC bought a new position in shares of Alerus Financial during the 3rd quarter worth approximately $59,000. 51.25% of the stock is owned by institutional investors.

Alerus Financial Company Profile

Alerus Financial Corporation (NASDAQ: ALRS) is a diversified financial services company headquartered in Grand Forks, North Dakota. The firm provides a full range of commercial and consumer banking products, including deposit accounts, lending solutions and treasury management services for individuals, small businesses and larger corporate clients. Through its community banking network, Alerus emphasizes local decision-making and personalized service to meet the needs of its varied client base.

In addition to traditional banking offerings, Alerus operates a national mortgage origination and servicing platform that delivers home purchase and refinance loans.