Alerus Financial (NASDAQ:ALRS – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $34.40 and last traded at $34.12, with a volume of 192967 shares changing hands. The stock had previously closed at $34.12.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on ALRS shares. Weiss Ratings upgraded Alerus Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Wall Street Zen cut Alerus Financial from a “buy” rating to a “hold” rating in a research note on Saturday. Zacks Research upgraded Alerus Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, May 4th. Piper Sandler increased their price target on shares of Alerus Financial from $32.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods raised their price target on shares of Alerus Financial from $29.00 to $32.00 and gave the stock a “market perform” rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Alerus Financial has an average rating of “Moderate Buy” and a consensus price target of $35.50.
Get Our Latest Research Report on ALRS
Alerus Financial Price Performance
Alerus Financial (NASDAQ:ALRS – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.03. The business had revenue of $80.00 million during the quarter, compared to analyst estimates of $76.99 million. Alerus Financial had a net margin of 6.87% and a return on equity of 14.53%. As a group, equities research analysts anticipate that Alerus Financial will post 3.03 EPS for the current year.
Alerus Financial Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 26th were given a $0.22 dividend. This is an increase from Alerus Financial’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, June 26th. Alerus Financial’s payout ratio is presently 83.02%.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in ALRS. Phocas Financial Corp. lifted its holdings in Alerus Financial by 102.2% in the 4th quarter. Phocas Financial Corp. now owns 334,357 shares of the company’s stock worth $7,530,000 after purchasing an additional 168,987 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Alerus Financial by 83.4% during the third quarter. JPMorgan Chase & Co. now owns 73,019 shares of the company’s stock valued at $1,617,000 after purchasing an additional 33,205 shares during the last quarter. FJ Capital Management LLC acquired a new position in Alerus Financial during the fourth quarter valued at approximately $1,512,000. Principal Financial Group Inc. bought a new position in shares of Alerus Financial in the first quarter valued at approximately $711,000. Finally, Johnson Wealth Management LLC bought a new position in shares of Alerus Financial in the fourth quarter valued at approximately $635,000. Institutional investors and hedge funds own 51.25% of the company’s stock.
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.
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