Alerus Financial (NASDAQ:ALRS) Shares Gap Up Following Earnings Beat

Alerus Financial Co. (NASDAQ:ALRS - Get Free Report)'s stock price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $17.76, but opened at $19.42. Alerus Financial shares last traded at $19.70, with a volume of 72,975 shares traded.

The company reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.13. The company had revenue of $68.79 million for the quarter, compared to the consensus estimate of $66.20 million. Alerus Financial had a return on equity of 7.66% and a net margin of 6.26%.

Alerus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 14th were given a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.99%. Alerus Financial's payout ratio is 78.43%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Raymond James restated an "outperform" rating and set a $24.00 price objective (up previously from $22.00) on shares of Alerus Financial in a report on Thursday, January 30th. DA Davidson restated a "neutral" rating and issued a $23.00 price objective on shares of Alerus Financial in a research note on Thursday, January 30th. Finally, Piper Sandler raised their price target on shares of Alerus Financial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $23.40.

Institutional Investors Weigh In On Alerus Financial

Hedge funds have recently modified their holdings of the company. Barclays PLC boosted its position in Alerus Financial by 58.8% during the third quarter. Barclays PLC now owns 44,399 shares of the company's stock worth $1,017,000 after purchasing an additional 16,436 shares in the last quarter. Geode Capital Management LLC raised its position in Alerus Financial by 4.0% during the third quarter. Geode Capital Management LLC now owns 416,072 shares of the company's stock worth $9,522,000 after acquiring an additional 15,966 shares during the period. JPMorgan Chase & Co. lifted its holdings in Alerus Financial by 207.4% during the third quarter. JPMorgan Chase & Co. now owns 24,214 shares of the company's stock valued at $554,000 after purchasing an additional 16,336 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Alerus Financial by 41.6% during the fourth quarter. SG Americas Securities LLC now owns 8,812 shares of the company's stock worth $170,000 after purchasing an additional 2,590 shares in the last quarter. Finally, Inspire Investing LLC raised its position in shares of Alerus Financial by 14.9% during the 4th quarter. Inspire Investing LLC now owns 20,947 shares of the company's stock worth $403,000 after purchasing an additional 2,717 shares during the last quarter. 51.25% of the stock is owned by hedge funds and other institutional investors.

Alerus Financial Price Performance

The stock's 50 day moving average is $18.26 and its two-hundred day moving average is $20.22. The stock has a market capitalization of $511.37 million, a PE ratio of 19.70 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.85 and a current ratio of 0.85.

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.

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