Alerus Financial (NASDAQ:ALRS) Sets New 12-Month High Following Better-Than-Expected Earnings

Alerus Financial (NASDAQ:ALRS) shares reached a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $33.50 and last traded at $33.2250, with a volume of 182484 shares. The stock had previously closed at $32.95.

The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The company had revenue of $80.00 million during the quarter, compared to the consensus estimate of $76.99 million. Alerus Financial had a net margin of 6.74% and a return on equity of 14.39%.

Alerus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 26th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 26th. This is a positive change from Alerus Financial’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 2.6%. Alerus Financial’s dividend payout ratio (DPR) is 85.44%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ALRS shares. Weiss Ratings raised Alerus Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. DA Davidson increased their price target on Alerus Financial from $26.00 to $29.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Zacks Research raised Alerus Financial from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 4th. Raymond James Financial started coverage on shares of Alerus Financial in a research report on Thursday, July 9th. They issued an “outperform” rating and a $34.00 price objective for the company. 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 equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Alerus Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.50.

Institutional Investors Weigh In On Alerus Financial

Several large investors have recently made changes to their positions in the company. Phocas Financial Corp. grew its stake in shares of Alerus Financial by 102.2% in the fourth quarter. Phocas Financial Corp. now owns 334,357 shares of the company’s stock worth $7,530,000 after purchasing an additional 168,987 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Alerus Financial by 83.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 73,019 shares of the company’s stock valued at $1,617,000 after buying an additional 33,205 shares during the period. FJ Capital Management LLC acquired a new stake in shares of Alerus Financial in the 4th quarter worth approximately $1,512,000. Johnson Wealth Management LLC acquired a new stake in Alerus Financial in the fourth quarter worth approximately $635,000. Finally, Creative Planning acquired a new position in shares of Alerus Financial during the 3rd quarter valued at $486,000. Institutional investors and hedge funds own 51.25% of the company’s stock.

Alerus Financial Stock Up 1.0%

The stock has a 50 day moving average price of $30.43 and a 200 day moving average price of $26.84. The company has a market cap of $836.33 million, a P/E ratio of 32.23 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.

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.