Alerus Financial (NASDAQ:ALRS) Reaches New 12-Month High – Still a Buy?

Alerus Financial (NASDAQ:ALRS)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $29.85 and last traded at $29.68, with a volume of 156645 shares changing hands. The stock had previously closed at $29.30.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ALRS shares. Wall Street Zen upgraded Alerus Financial from a “hold” rating to a “buy” rating in a report on Saturday, May 30th. Keefe, Bruyette & Woods boosted their target price on Alerus Financial from $25.00 to $27.00 and gave the stock a “market perform” rating in a report on Friday, May 1st. DA Davidson boosted their target price on Alerus Financial from $26.00 to $29.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Piper Sandler boosted their target price on Alerus Financial from $28.00 to $28.50 and gave the stock a “neutral” rating in a report on Friday, May 1st. Finally, Weiss Ratings upgraded Alerus Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.38.

Alerus Financial Trading Up 1.3%

The company has a fifty day moving average of $26.64 and a two-hundred day moving average of $24.70. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $745.86 million, a price-to-earnings ratio of 28.82 and a beta of 0.69.

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

Alerus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Friday, June 26th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from Alerus Financial’s previous quarterly dividend of $0.21. The ex-dividend date is Friday, June 26th. Alerus Financial’s dividend payout ratio is presently 81.55%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ALRS. AQR Capital Management LLC acquired a new position in shares of Alerus Financial during the first quarter worth approximately $1,195,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Alerus Financial by 4.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,420 shares of the company’s stock worth $248,000 after buying an additional 546 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Alerus Financial during the first quarter worth approximately $441,000. Cetera Investment Advisers lifted its holdings in shares of Alerus Financial by 29.7% during the second quarter. Cetera Investment Advisers now owns 28,720 shares of the company’s stock worth $622,000 after buying an additional 6,575 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Alerus Financial by 3.4% during the second quarter. Rhumbline Advisers now owns 32,263 shares of the company’s stock worth $698,000 after buying an additional 1,072 shares during the last quarter. 51.25% of the stock is currently owned by institutional investors and hedge funds.

About Alerus Financial

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.