Alerus Financial (NASDAQ:ALRS) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Alerus Financial Co. (NASDAQ:ALRS - Get Free Report) gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 changing hands.

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

Alerus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend was Friday, March 14th. Alerus Financial's dividend payout ratio (DPR) is presently 65.57%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Piper Sandler boosted their price target on Alerus Financial from $22.00 to $23.00 and gave the company a "neutral" rating in a research note on Friday. DA Davidson restated a "neutral" rating and set a $23.00 target price on shares of Alerus Financial in a research report on Thursday, January 30th. Keefe, Bruyette & Woods increased their price target on shares of Alerus Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a research report on Wednesday. Finally, Raymond James reiterated an "outperform" rating and set a $24.00 price target (up previously from $22.00) on shares of Alerus Financial in a research note on Thursday, January 30th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $23.00.

Institutional Investors Weigh In On Alerus Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALRS. CWM LLC increased its stake in shares of Alerus Financial by 1.0% in the first quarter. CWM LLC now owns 59,755 shares of the company's stock worth $1,103,000 after purchasing an additional 584 shares in the last quarter. Aviance Capital Partners LLC bought a new position in Alerus Financial in the 1st quarter worth $242,000. Sippican Capital Advisors increased its stake in Alerus Financial by 18.5% in the 1st quarter. Sippican Capital Advisors now owns 100,985 shares of the company's stock worth $1,864,000 after buying an additional 15,780 shares in the last quarter. Hanson & Doremus Investment Management bought a new stake in Alerus Financial during the first quarter valued at about $287,000. Finally, Two Sigma Investments LP lifted its position in shares of Alerus Financial by 34.8% in the fourth quarter. Two Sigma Investments LP now owns 67,188 shares of the company's stock valued at $1,293,000 after acquiring an additional 17,360 shares in the last quarter. Institutional investors own 51.25% of the company's stock.

Alerus Financial Stock Performance

The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $18.22 and a two-hundred day moving average price of $20.14. The stock has a market cap of $526.55 million, a P/E ratio of 20.24 and a beta of 0.70.

About Alerus Financial

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.