Alerus Financial (NASDAQ:ALRS) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Alerus Financial (NASDAQ:ALRS) from a hold rating to a strong-buy rating in a research report report published on Monday,Zacks reports.

Several other research analysts also recently weighed in on ALRS. Raymond James Financial reaffirmed an “outperform” rating and issued a $37.00 target price on shares of Alerus Financial in a report on Monday, August 3rd. DA Davidson set a $36.00 price target on Alerus Financial in a research note on Friday, July 31st. Wall Street Zen cut Alerus Financial from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Keefe, Bruyette & Woods boosted their price objective on Alerus Financial from $32.00 to $34.00 and gave the company a “market perform” rating in a research report on Friday, October 30th. Finally, Piper Sandler raised Alerus Financial from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $37.00 to $38.00 in a research note on Friday, October 2nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.25.

Alerus Financial Price Performance

Shares of NASDAQ:ALRS opened at $34.35 on Monday. The company has a market capitalization of $856.35 million, a P/E ratio of 29.36 and a beta of 0.68. Alerus Financial has a 1-year low of $20.76 and a 1-year high of $34.73. The firm’s 50 day simple moving average is $32.43 and its two-hundred day simple moving average is $28.89. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.89.

Alerus Financial (NASDAQ:ALRS) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $79.52 million during the quarter, compared to analysts’ expectations of $76.72 million. Alerus Financial had a net margin of 7.35% and a return on equity of 14.48%. Research analysts expect that Alerus Financial will post 3.13 EPS for the current fiscal year.

Alerus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Friday, September 25th were given a dividend of $0.22 per share. The ex-dividend date was Friday, September 25th. This represents a $0.88 annualized dividend and a dividend yield of 2.6%. Alerus Financial’s dividend payout ratio (DPR) is presently 75.21%.

Insider Activity at Alerus Financial

In related news, Director Jeffrey Bolton bought 1,000 shares of the stock in a transaction dated Tuesday, September 1st. The shares were purchased at an average price of $32.45 per share, with a total value of $32,450.00. Following the completion of the acquisition, the director owned 15,163 shares of the company’s stock, valued at $492,039.35. This represents a 7.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Alerus Financial

Institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC lifted its position in shares of Alerus Financial by 2,313.0% in the third quarter. Parallel Advisors LLC now owns 2,606 shares of the company’s stock worth $82,000 after buying an additional 2,498 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in Alerus Financial during the second quarter valued at approximately $36,000. Corient Private Wealth LP purchased a new position in Alerus Financial during the 2nd quarter valued at approximately $223,000. Susquehanna Fundamental Investments LLC grew its holdings in Alerus Financial by 30.4% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 28,377 shares of the company’s stock valued at $883,000 after buying an additional 6,608 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in Alerus Financial during the 2nd quarter valued at about $3,084,000. 51.25% of the stock is owned by hedge funds and other institutional investors.

Alerus Financial Company Profile

Alerus Financial Corporation is a diversified financial services company and the holding company for Alerus Financial, N.A. Through its banking subsidiary, the company provides consumer and commercial banking services, including checking and savings accounts, residential and commercial lending, treasury management, and digital banking solutions.

The company also offers wealth management, investment advisory, trust, retirement plan administration, and employee benefit services. These offerings are designed to serve individuals, families, businesses, nonprofit organizations, and employers through an integrated banking and financial planning model.

Alerus traces its roots to 1933 and serves clients through offices and operations in portions of the Upper Midwest and other selected U.S.