Alerus Financial (NASDAQ:ALRS) Announces Earnings Results

Key Points

• Alerus Financial reported quarterly earnings of $0.72 EPS, exceeding analysts' expectations by $0.16.
• The company recently increased its quarterly dividend from $0.20 to $0.21 per share, translating to an annualized dividend of $0.84 and a yield of 3.87%.
• Large institutional investors have been active, with significant increases in their stakes, leading to 51.25% of the company's stock currently owned by institutional investors.

Alerus Financial (NASDAQ:ALRS - Get Free Report) announced its quarterly earnings results on Monday. The company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.56 by $0.16, Zacks reports. Alerus Financial had a net margin of 11.06% and a return on equity of 10.58%. The company had revenue of $74.80 million for the quarter, compared to analyst estimates of $69.96 million.

Alerus Financial Price Performance

Shares of ALRS traded down $0.58 during trading hours on Tuesday, hitting $22.49. 110,035 shares of the company were exchanged, compared to its average volume of 64,578. The company has a market capitalization of $570.57 million, a PE ratio of 13.31 and a beta of 0.70. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a fifty day simple moving average of $21.72 and a 200-day simple moving average of $20.29. Alerus Financial has a one year low of $15.78 and a one year high of $24.41.

Alerus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Alerus Financial's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 3.73%. Alerus Financial's dividend payout ratio (DPR) is currently 68.85%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ALRS. Raymond James Financial reiterated an "outperform" rating and set a $27.00 price objective (up previously from $24.00) on shares of Alerus Financial in a research note on Tuesday. Keefe, Bruyette & Woods raised their price objective on shares of Alerus Financial from $22.00 to $25.00 and gave the company a "market perform" rating in a research note on Tuesday. Piper Sandler raised their price objective on shares of Alerus Financial from $22.00 to $23.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Finally, DA Davidson raised their price objective on shares of Alerus Financial from $20.00 to $25.00 and gave the company a "neutral" rating in a research note on Tuesday.

Hedge Funds Weigh In On Alerus Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC purchased a new position in Alerus Financial during the 1st quarter worth approximately $1,195,000. Jane Street Group LLC purchased a new position in Alerus Financial during the 1st quarter worth approximately $441,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Alerus Financial by 4.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,420 shares of the company's stock worth $248,000 after purchasing an additional 546 shares in the last quarter. 51.25% of the stock is currently owned by hedge funds and other institutional investors.

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.