ALERUS FINL COR/SH’s (OTCMKTS:ALRS) quiet period will expire on Wednesday, October 23rd. ALERUS FINL COR/SH had issued 2,860,000 shares in its IPO on September 13th. The total size of the offering was $60,060,000 based on an initial share price of $21.00. During the company’s quiet period, insiders and underwriters involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
ALRS has been the topic of several research analyst reports. Raymond James initiated coverage on shares of ALERUS FINL COR/SH in a report on Tuesday, October 8th. They set an “outperform” rating and a $25.00 target price on the stock. DA Davidson initiated coverage on shares of ALERUS FINL COR/SH in a report on Tuesday, October 8th. They set a “neutral” rating on the stock. Finally, Piper Jaffray Companies initiated coverage on shares of ALERUS FINL COR/SH in a report on Tuesday, October 8th. They set a “neutral” rating and a $23.00 target price on the stock.
Shares of ALRS stock opened at $21.30 on Wednesday. The company’s 50 day moving average price is $21.64 and its two-hundred day moving average price is $19.73. ALERUS FINL COR/SH has a 52 week low of $18.70 and a 52 week high of $24.00.
The business also recently announced a — dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 20th were issued a dividend of $0.14 per share. The ex-dividend date was Thursday, September 19th. This represents a yield of 2.5%.
In other ALERUS FINL COR/SH news, Director Lloyd G. Case acquired 2,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were bought at an average cost of $21.00 per share, for a total transaction of $42,000.00. Also, CEO Randy L. Newman acquired 4,571 shares of the stock in a transaction dated Tuesday, September 17th. The stock was acquired at an average price of $21.00 per share, for a total transaction of $95,991.00. Insiders have acquired a total of 13,071 shares of company stock worth $274,491 over the last 90 days.
About ALERUS FINL COR/SH
Alerus Financial Corporation, through its subsidiaries, provides various financial services for individuals, families, and businesses. It offers checking and savings accounts, certificates of deposit, personal loans, lines of credit, debit and credit cards, deposit and payment solutions, and mobile wallet, as well as online banking and bill pay, mobile banking, and private banking services.
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