Alerus Financial (NASDAQ:ALRS) Sets New 52-Week High Following Analyst Upgrade

Shares of Alerus Financial (NASDAQ:ALRS) hit a new 52-week high on Monday after Weiss Ratings upgraded the stock from a hold (c+) rating to a buy (b-) rating. The stock traded as high as $34.67 and last traded at $34.57, with a volume of 32,789 shares traded. The stock had previously closed at $33.17.

Several other equities research analysts have also recently commented on the company. DA Davidson set a $36.00 price target on Alerus Financial in a report on Friday, July 31st. Raymond James Financial reissued an “outperform” rating and set a $37.00 price target on shares of Alerus Financial in a research report on Monday, August 3rd. Piper Sandler upgraded shares of Alerus Financial from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $37.00 to $38.00 in a research note on Friday, October 2nd. Wall Street Zen cut Alerus Financial from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Alerus Financial from $32.00 to $34.00 and gave the stock a “market perform” rating in a research report on Friday. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Alerus Financial currently has a consensus rating of “Hold” and an average target price of $36.25.

Insiders Place Their Bets

In other Alerus Financial news, Director Jeffrey Bolton acquired 1,000 shares of the stock in a transaction on Tuesday, September 1st. The shares were bought at an average cost of $32.45 per share, with a total value of $32,450.00. Following the transaction, the director owned 15,163 shares of the company’s stock, valued at approximately $492,039.35. This trade represents a 7.06% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alerus Financial

Institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP raised its stake in Alerus Financial by 0.6% during the 1st quarter. First Trust Advisors LP now owns 81,208 shares of the company’s stock valued at $1,925,000 after acquiring an additional 503 shares during the last quarter. Inspire Investing LLC grew its stake in shares of Alerus Financial by 3.8% in the 1st quarter. Inspire Investing LLC now owns 21,677 shares of the company’s stock valued at $514,000 after purchasing an additional 799 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Alerus Financial during the second quarter worth approximately $36,000. Legal & General Group Plc acquired a new stake in shares of Alerus Financial during the second quarter worth $73,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Alerus Financial during the first quarter worth $90,000. Institutional investors and hedge funds own 51.25% of the company’s stock.

Alerus Financial Trading Up 4.1%

The business’s 50-day moving average is $32.37 and its two-hundred day moving average is $28.78. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market capitalization of $860.76 million, a PE ratio of 29.48 and a beta of 0.68.

Alerus Financial (NASDAQ:ALRS) last released its earnings results on Wednesday, October 28th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.66 by $0.05. The company 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%. As a group, equities research analysts anticipate that Alerus Financial will post 3.07 earnings per share for the current year.

Alerus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Friday, September 25th were given a $0.22 dividend. The ex-dividend date was Friday, September 25th. This represents a $0.88 dividend on an annualized basis and a yield of 2.5%. Alerus Financial’s dividend payout ratio (DPR) is presently 75.21%.

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.