Alerus Financial (NASDAQ:ALRS) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• Alerus Financial beat quarterly earnings expectations: EPS came in at $0.71 versus the $0.66 consensus, while revenue reached $79.52 million, above the $76.72 million estimate.
• The company declared a quarterly dividend of $0.22 per share, equivalent to an annualized $0.88 payout and a 2.7% yield; its payout ratio is 83.02%.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $35.75, although recent ratings included an upgrade to “overweight” and a $38 target.

Alerus Financial (NASDAQ:ALRS - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.05, FiscalAI reports. The firm had revenue of $79.52 million during the quarter, compared to the consensus estimate of $76.72 million. Alerus Financial had a net margin of 6.87% and a return on equity of 14.41%.

Alerus Financial Price Performance

Shares of ALRS traded up $0.04 during mid-day trading on Wednesday, hitting $32.27. 109,478 shares of the company traded hands, compared to its average volume of 174,496. Alerus Financial has a one year low of $20.31 and a one year high of $34.40. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average of $32.37 and a 200 day moving average of $28.65. The stock has a market capitalization of $804.49 million, a price-to-earnings ratio of 30.44 and a beta of 0.69.

Alerus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Friday, September 25th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, September 25th. Alerus Financial's dividend payout ratio is 83.02%.

Analyst Ratings Changes

ALRS has been the topic of several research analyst reports. Wall Street Zen cut shares of Alerus Financial from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Raymond James Financial reiterated an "outperform" rating and issued a $37.00 target price on shares of Alerus Financial in a research note on Monday, August 3rd. Piper Sandler raised Alerus Financial from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $37.00 to $38.00 in a report on Friday, October 2nd. Weiss Ratings lowered Alerus Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, October 16th. Finally, DA Davidson set a $36.00 price target on Alerus Financial in a report on Friday, July 31st. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Alerus Financial presently has a consensus rating of "Hold" and an average price target of $35.75.

Insiders Place Their Bets

In related news, Director Jeffrey Bolton acquired 1,000 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The stock was purchased at an average price of $32.45 per share, for a total transaction of $32,450.00. Following the transaction, the director directly owned 15,163 shares of the company's stock, valued at approximately $492,039.35. This trade represents a 7.06% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.30% of the stock is owned by company insiders.

Alerus Financial Company Profile

Alerus Financial Corporation is a diversified financial services company and the holding company for Alerus Financial, N.A. Through its banking subsidiary, the company provides consumer and commercial banking services, including checking and savings accounts, residential and commercial lending, treasury management, and digital banking solutions.

The company also offers wealth management, investment advisory, trust, retirement plan administration, and employee benefit services. These offerings are designed to serve individuals, families, businesses, nonprofit organizations, and employers through an integrated banking and financial planning model.

Alerus traces its roots to 1933 and serves clients through offices and operations in portions of the Upper Midwest and other selected U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.