Alerus Financial (NASDAQ:ALRS) Issues Earnings Results, Beats Estimates By $0.02 EPS

Alerus Financial (NASDAQ:ALRS) posted its quarterly earnings data on Wednesday. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02, FiscalAI reports. Alerus Financial had a return on equity of 14.53% and a net margin of 6.87%.The company had revenue of $80.00 million during the quarter, compared to analyst estimates of $76.99 million.

Alerus Financial Price Performance

NASDAQ ALRS opened at $33.52 on Friday. Alerus Financial has a one year low of $20.26 and a one year high of $34.15. The stock has a 50-day moving average of $30.54 and a 200 day moving average of $26.91. The company has a market capitalization of $842.20 million, a price-to-earnings ratio of 31.62 and a beta of 0.68. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90.

Alerus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Friday, June 26th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.6%. This is a boost from Alerus Financial’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Friday, June 26th. Alerus Financial’s payout ratio is 83.02%.

Hedge Funds Weigh In On Alerus Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC boosted its holdings in shares of Alerus Financial by 90.1% during the 2nd quarter. NewEdge Advisors LLC now owns 1,544 shares of the company’s stock valued at $33,000 after acquiring an additional 732 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of Alerus Financial by 25.7% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 2,222 shares of the company’s stock valued at $50,000 after purchasing an additional 455 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new position in shares of Alerus Financial during the third quarter valued at approximately $52,000. Tower Research Capital LLC TRC lifted its stake in shares of Alerus Financial by 172.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,371 shares of the company’s stock worth $73,000 after purchasing an additional 2,135 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of Alerus Financial by 648.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,242 shares of the company’s stock worth $94,000 after purchasing an additional 3,675 shares during the period. Institutional investors own 51.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised their price target on Alerus Financial from $29.00 to $32.00 and gave the company a “market perform” rating in a report on Friday. Weiss Ratings upgraded shares of Alerus Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. DA Davidson increased their price objective on shares of Alerus Financial from $26.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Raymond James Financial initiated coverage on shares of Alerus Financial in a research report on Thursday, July 9th. They set an “outperform” rating and a $34.00 price objective on the stock. Finally, Wall Street Zen upgraded shares of Alerus Financial from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $31.75.

Alerus Financial Company Profile

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.