Alerus Financial (NASDAQ:ALRS) Price Target Raised to $24.00 at Piper Sandler

Alerus Financial (NASDAQ:ALRS) had its price target lifted by equities researchers at Piper Sandler from $22.50 to $24.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 8.30% from the company’s previous close.

Separately, Hovde Group upgraded shares of Alerus Financial from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $21.00 to $23.00 in a research report on Thursday, May 16th.

Alerus Financial Stock Up 0.3 %

Shares of NASDAQ:ALRS traded up $0.07 on Monday, hitting $22.16. 2,318 shares of the company traded hands, compared to its average volume of 52,505. The company has a market cap of $438.32 million, a PE ratio of 45.23 and a beta of 0.66. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.16. Alerus Financial has a 52 week low of $16.80 and a 52 week high of $25.85. The stock has a 50 day simple moving average of $19.60 and a 200-day simple moving average of $20.74.

Alerus Financial (NASDAQ:ALRS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.06). Alerus Financial had a return on equity of 7.30% and a net margin of 2.39%. The firm had revenue of $80.39 million during the quarter, compared to analysts’ expectations of $49.20 million. During the same quarter in the previous year, the firm earned $0.45 earnings per share. As a group, research analysts expect that Alerus Financial will post 1.37 earnings per share for the current year.

Institutional Investors Weigh In On Alerus Financial

Several hedge funds and other institutional investors have recently modified their holdings of ALRS. Harbor Advisors LLC purchased a new stake in Alerus Financial in the fourth quarter worth about $221,000. Los Angeles Capital Management LLC bought a new stake in Alerus Financial during the 1st quarter worth approximately $1,711,000. Wealth Forward LLC purchased a new position in Alerus Financial during the fourth quarter valued at approximately $1,242,000. Sippican Capital Advisors boosted its position in shares of Alerus Financial by 93.6% in the fourth quarter. Sippican Capital Advisors now owns 60,205 shares of the company’s stock worth $1,348,000 after purchasing an additional 29,115 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of Alerus Financial by 25.3% in the fourth quarter. SG Americas Securities LLC now owns 9,784 shares of the company’s stock worth $219,000 after purchasing an additional 1,974 shares in the last quarter. 51.25% of the stock is currently owned by hedge funds and other institutional investors.

Alerus Financial Company Profile

Alerus Financial Corporation operates as the bank holding company for Alerus Financial, National Association that engages in the provision of various financial services to businesses and consumers. The company operates in four segments: Banking, Mortgage, Retirement and Benefit Services, and Wealth Management.