Alerus Financial (NASDAQ:ALRS) Sets New 52-Week High – Still a Buy?

Alerus Financial (NASDAQ:ALRS)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $27.61 and last traded at $27.59, with a volume of 24723 shares traded. The stock had previously closed at $27.27.

Analyst Ratings Changes

A number of brokerages have recently commented on ALRS. Piper Sandler upped their price target on Alerus Financial from $28.00 to $28.50 and gave the company a “neutral” rating in a research report on Friday, May 1st. Weiss Ratings raised shares of Alerus Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Raymond James Financial set a $29.00 target price on shares of Alerus Financial and gave the stock a “strong-buy” rating in a research report on Friday, January 30th. DA Davidson lifted their target price on shares of Alerus Financial from $26.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Finally, Zacks Research raised shares of Alerus Financial from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.38.

Alerus Financial Stock Performance

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $708.92 million, a PE ratio of 27.39 and a beta of 0.67. The company has a 50-day moving average price of $25.23 and a two-hundred day moving average price of $23.96.

Alerus Financial (NASDAQ:ALRS) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Alerus Financial had a return on equity of 14.39% and a net margin of 6.74%.The business had revenue of $75.78 million for the quarter, compared to analysts’ expectations of $73.78 million. Analysts predict that Alerus Financial will post 2.95 EPS for the current fiscal year.

Alerus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Friday, March 27th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, March 27th. Alerus Financial’s dividend payout ratio is presently 81.55%.

Hedge Funds Weigh In On Alerus Financial

Several hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC lifted its stake in Alerus Financial by 50.0% in the 4th quarter. Larson Financial Group LLC now owns 1,500 shares of the company’s stock worth $34,000 after purchasing an additional 500 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of Alerus Financial by 90.1% during the 2nd quarter. NewEdge Advisors LLC now owns 1,544 shares of the company’s stock valued at $33,000 after purchasing an additional 732 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of Alerus Financial by 25.7% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 2,222 shares of the company’s stock worth $50,000 after purchasing an additional 455 shares during the period. CIBC Private Wealth Group LLC purchased a new stake in shares of Alerus Financial in the third quarter worth $52,000. Finally, AlphaQuest LLC purchased a new stake in shares of Alerus Financial in the third quarter worth $59,000. Hedge funds and other institutional investors own 51.25% of the company’s stock.

Alerus Financial Company Profile

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.