ALERUS FINL COR/SH’s (OTCMKTS:ALRS) quiet period is set to end on Wednesday, October 23rd. ALERUS FINL COR/SH had issued 2,860,000 shares in its IPO on September 13th. The total size of the offering was $60,060,000 based on an initial share price of $21.00. During the company’s quiet period, insiders and underwriters involved in the IPO are prevented from issuing any research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
Several equities analysts recently commented on the stock. Raymond James assumed coverage on shares of ALERUS FINL COR/SH in a research note on Tuesday, October 8th. They set an “outperform” rating and a $25.00 target price for the company. DA Davidson assumed coverage on shares of ALERUS FINL COR/SH in a research note on Tuesday, October 8th. They set a “neutral” rating for the company. Finally, Piper Jaffray Companies assumed coverage on shares of ALERUS FINL COR/SH in a research note on Tuesday, October 8th. They set a “neutral” rating and a $23.00 target price for the company.
ALRS opened at $21.30 on Wednesday. The firm’s 50-day simple moving average is $21.64 and its 200-day simple moving average is $19.73. ALERUS FINL COR/SH has a twelve month low of $18.70 and a twelve month high of $24.00.
The company also recently announced a — dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 20th were issued a $0.14 dividend. This represents a dividend yield of 2.5%. The ex-dividend date of this dividend was Thursday, September 19th.
In related news, Director Lloyd G. Case acquired 2,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were purchased at an average price of $21.00 per share, with a total value of $42,000.00. Also, CEO Randy L. Newman acquired 4,571 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were bought at an average cost of $21.00 per share, for a total transaction of $95,991.00. In the last ninety days, insiders bought 13,071 shares of company stock worth $274,491.
ALERUS FINL COR/SH Company Profile
Alerus Financial Corporation, through its subsidiaries, provides various financial services for individuals, families, and businesses. It offers checking and savings accounts, certificates of deposit, personal loans, lines of credit, debit and credit cards, deposit and payment solutions, and mobile wallet, as well as online banking and bill pay, mobile banking, and private banking services.
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