Alerus Financial (NASDAQ:ALRS) Hits New 12-Month High – Time to Buy?

Alerus Financial (NASDAQ:ALRS)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $31.12 and last traded at $31.03, with a volume of 395235 shares. The stock had previously closed at $30.82.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Wall Street Zen upgraded Alerus Financial from a “hold” rating to a “buy” rating in a report on Saturday, May 30th. Weiss Ratings upgraded Alerus Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Piper Sandler lifted their price target on shares of Alerus Financial from $28.50 to $32.00 and gave the company a “neutral” rating in a research report on Friday. Zacks Research upgraded shares of Alerus Financial from a “hold” rating to a “strong-buy” rating in a report on Monday, May 4th. Finally, DA Davidson raised their price objective on shares of Alerus Financial from $26.00 to $29.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $29.25.

Alerus Financial Trading Up 0.7%

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a 50 day simple moving average of $28.10 and a two-hundred day simple moving average of $25.45. The firm has a market capitalization of $779.78 million, a P/E ratio of 30.13 and a beta of 0.69.

Alerus Financial (NASDAQ:ALRS) last posted its earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.31. The firm had revenue of $75.78 million during the quarter, compared to analyst estimates of $73.78 million. Alerus Financial had a net margin of 6.74% and a return on equity of 14.39%. Equities research analysts forecast that Alerus Financial will post 3.02 earnings per share for the current year.

Alerus Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 26th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.8%. This is a boost from Alerus Financial’s previous quarterly dividend of $0.21. The ex-dividend date is Friday, June 26th. Alerus Financial’s dividend payout ratio is presently 85.44%.

Hedge Funds Weigh In On Alerus Financial

Several hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC boosted its stake in shares of Alerus Financial by 90.1% in the 2nd quarter. NewEdge Advisors LLC now owns 1,544 shares of the company’s stock worth $33,000 after buying an additional 732 shares during the last quarter. Larson Financial Group LLC increased its position in shares of Alerus Financial by 50.0% during the fourth quarter. Larson Financial Group LLC now owns 1,500 shares of the company’s stock valued at $34,000 after acquiring an additional 500 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Alerus Financial by 25.7% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 2,222 shares of the company’s stock valued at $50,000 after acquiring an additional 455 shares during the last quarter. CIBC Private Wealth Group LLC bought a new stake in Alerus Financial during the third quarter worth $52,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Alerus Financial by 172.7% during the second quarter. Tower Research Capital LLC TRC now owns 3,371 shares of the company’s stock worth $73,000 after acquiring an additional 2,135 shares during the period. Institutional investors own 51.25% of the company’s stock.

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.