124,414 Shares in Alerus Financial $ALRS Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 124,414 shares of Alerus Financial worth approximately $3.87 million, giving it a 0.50% stake. Institutional investors collectively own 51.25% of the company.
• Alerus Financial reported quarterly earnings of $0.80 per share, beating estimates by $0.03, while revenue of $80 million also exceeded expectations. The stock recently traded at $33.79, near its 12-month high.
• The company declared a quarterly dividend of $0.22 per share, equivalent to an annualized $0.88 payout and a 2.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $35.50.

Bank of New York Mellon Corp acquired a new stake in Alerus Financial (NASDAQ:ALRS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 124,414 shares of the company's stock, valued at approximately $3,869,000. Bank of New York Mellon Corp owned about 0.50% of Alerus Financial at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of Alerus Financial during the first quarter worth $1,195,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 valued at $248,000 after acquiring an additional 546 shares in the last quarter. Jane Street Group LLC bought a new stake in Alerus Financial during the 1st quarter worth $441,000. Cetera Investment Advisers grew its position in Alerus Financial by 29.7% during the 2nd quarter. Cetera Investment Advisers now owns 28,720 shares of the company's stock worth $622,000 after acquiring an additional 6,575 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in Alerus Financial by 3.4% in the 2nd quarter. Rhumbline Advisers now owns 32,263 shares of the company's stock worth $698,000 after purchasing an additional 1,072 shares in the last quarter. Institutional investors own 51.25% of the company's stock.

Alerus Financial Trading Up 1.3%

NASDAQ ALRS opened at $33.79 on Friday. The firm has a market capitalization of $842.38 million, a PE ratio of 31.88 and a beta of 0.67. The business's 50-day moving average price is $32.60 and its two-hundred day moving average price is $28.48. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.10. Alerus Financial has a 12 month low of $20.31 and a 12 month high of $34.40.

Alerus Financial (NASDAQ:ALRS - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.77 by $0.03. The business had revenue of $80.00 million for the quarter, compared to analysts' expectations of $76.99 million. Alerus Financial had a return on equity of 14.41% and a net margin of 6.87%. On average, analysts expect that Alerus Financial will post 3.03 EPS for the current year.

Alerus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 25th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, September 25th. Alerus Financial's dividend payout ratio is currently 83.02%.

Insider Activity at Alerus Financial

In other news, Director Jeffrey Bolton acquired 1,000 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was bought at an average cost of $32.45 per share, for a total transaction of $32,450.00. Following the completion of the transaction, the director directly owned 15,163 shares in the company, valued at $492,039.35. This represents a 7.06% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Weiss Ratings downgraded Alerus Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, August 17th. Piper Sandler boosted their price target on Alerus Financial from $32.00 to $37.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Wall Street Zen downgraded Alerus Financial from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. DA Davidson set a $36.00 price objective on shares of Alerus Financial in a report on Friday, July 31st. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Alerus Financial from $29.00 to $32.00 and gave the stock a "market perform" rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $35.50.

Alerus Financial Company Profile

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.

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