Basswood Capital Management L.L.C. Purchases Shares of 60,240 Alerus Financial $ALRS

Basswood Capital Management L.L.C. acquired a new stake in shares of Alerus Financial (NASDAQ:ALRS) during the second quarter, Holdings Channel reports. The fund acquired 60,240 shares of the company’s stock, valued at approximately $1,873,000.

Other large investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in Alerus Financial by 6.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 886,815 shares of the company’s stock worth $21,027,000 after purchasing an additional 56,763 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Alerus Financial by 60.4% during the first quarter. Quantinno Capital Management LP now owns 92,252 shares of the company’s stock valued at $2,187,000 after purchasing an additional 34,754 shares during the period. Fortress Financial Group LLC bought a new position in shares of Alerus Financial in the second quarter worth approximately $2,063,000. Empowered Funds LLC purchased a new position in shares of Alerus Financial in the first quarter worth $1,951,000. Finally, Principal Financial Group Inc. purchased a new position in shares of Alerus Financial in the first quarter worth $711,000. Hedge funds and other institutional investors own 51.25% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ALRS shares. Piper Sandler increased their price target on shares of Alerus Financial from $32.00 to $37.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. Weiss Ratings cut shares of Alerus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, August 17th. Raymond James Financial reaffirmed an “outperform” rating and set a $37.00 price objective on shares of Alerus Financial in a research note on Monday, August 3rd. Zacks Research lowered shares of Alerus Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Finally, Wall Street Zen cut Alerus Financial from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. One research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Alerus Financial currently has a consensus rating of “Hold” and a consensus price target of $35.50.

Alerus Financial Stock Performance

Shares of ALRS stock opened at $33.23 on Thursday. The stock has a fifty day moving average of $32.19 and a 200 day moving average of $28.12. Alerus Financial has a 52 week low of $20.31 and a 52 week high of $34.40. The firm has a market capitalization of $827.43 million, a price-to-earnings ratio of 31.35 and a beta of 0.68. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.10.

Alerus Financial (NASDAQ:ALRS) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. The business had revenue of $80.00 million for the quarter, compared to analysts’ expectations of $76.99 million. Alerus Financial had a net margin of 6.87% and a return on equity of 14.41%. As a group, research analysts expect that Alerus Financial will post 3.03 earnings per share for the current year.

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.