Alerus Financial (NASDAQ:ALRS) Price Target Raised to $23.00

Alerus Financial (NASDAQ:ALRS) had its target price upped by DA Davidson from $20.00 to $23.00 in a report published on Thursday, Benzinga reports. They currently have a neutral rating on the stock. DA Davidson also issued estimates for Alerus Financial’s Q3 2024 earnings at $0.46 EPS and FY2025 earnings at $2.05 EPS.

ALRS has been the topic of several other research reports. Piper Sandler lifted their price target on shares of Alerus Financial from $22.50 to $24.00 and gave the stock a neutral rating in a research note on Monday, July 29th. Hovde Group raised shares of Alerus Financial from a market perform rating to an outperform rating and raised their price objective for the stock from $21.00 to $23.00 in a report on Thursday, May 16th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Alerus Financial from $22.00 to $23.00 and gave the stock a market perform rating in a report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Alerus Financial currently has a consensus rating of Hold and a consensus target price of $23.25.

Alerus Financial Stock Performance

Alerus Financial stock opened at $20.91 on Thursday. Alerus Financial has a 12-month low of $16.80 and a 12-month high of $25.85. The company has a market capitalization of $413.54 million, a price-to-earnings ratio of 42.67 and a beta of 0.66. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.85. The firm’s fifty day moving average price is $19.85 and its 200 day moving average price is $20.77.

Alerus Financial (NASDAQ:ALRS) last released its quarterly earnings results on Wednesday, July 24th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.06). Alerus Financial had a return on equity of 7.30% and a net margin of 2.39%. The firm had revenue of $80.39 million for the quarter, compared to analysts’ expectations of $49.20 million. During the same period last year, the firm earned $0.45 EPS. On average, research analysts forecast that Alerus Financial will post 1.2 EPS for the current fiscal year.

Alerus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 14th were issued a $0.20 dividend. The ex-dividend date of this dividend was Friday, June 14th. This is a positive change from Alerus Financial’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a dividend yield of 3.83%. Alerus Financial’s payout ratio is 163.27%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ALRS. ICA Group Wealth Management LLC acquired a new position in shares of Alerus Financial in the 4th quarter valued at about $81,000. SG Americas Securities LLC lifted its position in Alerus Financial by 25.3% in the 4th quarter. SG Americas Securities LLC now owns 9,784 shares of the company’s stock valued at $219,000 after purchasing an additional 1,974 shares during the last quarter. Harbor Advisors LLC bought a new stake in Alerus Financial in the 4th quarter valued at about $221,000. Bailard Inc. bought a new stake in Alerus Financial in the 2nd quarter valued at about $265,000. Finally, Acadian Asset Management LLC lifted its position in Alerus Financial by 4,147.8% in the 1st quarter. Acadian Asset Management LLC now owns 26,294 shares of the company’s stock valued at $573,000 after purchasing an additional 25,675 shares during the last quarter. 51.25% of the stock is owned by institutional investors and hedge funds.

Alerus Financial Company Profile

Alerus Financial Corporation operates as the bank holding company for Alerus Financial, National Association that engages in the provision of various financial services to businesses and consumers. The company operates in four segments: Banking, Mortgage, Retirement and Benefit Services, and Wealth Management.