Key Points
- Director Jeffrey Bolton purchased 1,000 Alerus Financial shares at $32.45 each, increasing his stake by 7.06% to 15,163 shares valued at approximately $492,000.
- Alerus Financial exceeded quarterly expectations, reporting $0.80 EPS versus the $0.77 consensus estimate and $80 million in revenue versus $76.99 million expected. The company also declared a quarterly dividend of $0.22 per share, yielding 2.6% annually.
- Institutional ownership stands at 51.25%, with major investors including BlackRock and AQR Capital Management adding positions. Analysts maintain a consensus “Hold” rating with a $35.50 target price.
Alerus Financial (NASDAQ:ALRS - Get Free Report) Director Jeffrey Bolton bought 1,000 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were acquired at an average price of $32.45 per share, with a total value of $32,450.00. Following the transaction, the director directly owned 15,163 shares in the company, valued at approximately $492,039.35. The trade was a 7.06% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this link.
Alerus Financial Stock Performance
ALRS stock opened at $33.31 on Thursday. The business's fifty day moving average is $32.49 and its 200-day moving average is $28.39. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. The company has a market cap of $829.42 million, a P/E ratio of 31.42 and a beta of 0.67. Alerus Financial has a twelve month low of $20.31 and a twelve month high of $34.40.
Alerus Financial (NASDAQ:ALRS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.03. Alerus Financial had a return on equity of 14.41% and a net margin of 6.87%.The business had revenue of $80.00 million for the quarter, compared to analyst estimates of $76.99 million. Equities research analysts forecast that Alerus Financial will post 3.03 EPS for the current year.
Alerus Financial Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 25th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, September 25th. This represents a $0.88 dividend on an annualized basis and a yield of 2.6%. Alerus Financial's dividend payout ratio (DPR) is 83.02%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Alerus Financial in the second quarter worth about $56,672,000. AQR Capital Management LLC lifted its holdings in shares of Alerus Financial by 265.7% during the 2nd quarter. AQR Capital Management LLC now owns 236,720 shares of the company's stock valued at $5,123,000 after purchasing an additional 171,984 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Alerus Financial during the 2nd quarter valued at about $3,869,000. Empowered Funds LLC acquired a new position in shares of Alerus Financial in the 2nd quarter valued at approximately $3,084,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Alerus Financial by 37.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 298,060 shares of the company's stock valued at $6,712,000 after purchasing an additional 80,599 shares during the period. 51.25% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
ALRS has been the subject of several analyst reports. DA Davidson set a $36.00 target price on Alerus Financial in a research report on Friday, July 31st. Zacks Research downgraded shares of Alerus Financial from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 20th. Raymond James Financial reissued an "outperform" rating and set a $37.00 price objective on shares of Alerus Financial in a research note on Monday, August 3rd. Wall Street Zen cut shares of Alerus Financial from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Finally, Weiss Ratings downgraded shares of Alerus Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, August 17th. One research analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Alerus Financial has a consensus rating of "Hold" and a consensus target price of $35.50.
Get Our Latest Research Report on Alerus Financial
About Alerus Financial
(
Get Free Report)
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.
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