Aviance Capital Partners LLC Acquires New Shares in Alerus Financial (NASDAQ:ALRS)

Aviance Capital Partners LLC acquired a new position in Alerus Financial (NASDAQ:ALRS - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 13,111 shares of the company's stock, valued at approximately $242,000. Aviance Capital Partners LLC owned 0.05% of Alerus Financial at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Rhumbline Advisers increased its holdings in Alerus Financial by 13.7% in the fourth quarter. Rhumbline Advisers now owns 31,143 shares of the company's stock worth $599,000 after purchasing an additional 3,746 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Alerus Financial in the fourth quarter worth approximately $381,000. Charles Schwab Investment Management Inc. increased its holdings in Alerus Financial by 26.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 188,967 shares of the company's stock worth $3,636,000 after purchasing an additional 39,687 shares in the last quarter. Vanguard Group Inc. increased its holdings in Alerus Financial by 11.2% in the fourth quarter. Vanguard Group Inc. now owns 1,054,829 shares of the company's stock worth $20,295,000 after purchasing an additional 106,116 shares in the last quarter. Finally, Corebridge Financial Inc. increased its holdings in Alerus Financial by 17.1% in the fourth quarter. Corebridge Financial Inc. now owns 11,164 shares of the company's stock worth $215,000 after purchasing an additional 1,628 shares in the last quarter. 51.25% of the stock is owned by institutional investors and hedge funds.

Alerus Financial Stock Up 0.6%

Shares of NASDAQ ALRS traded up $0.13 during midday trading on Tuesday, hitting $22.54. 62,087 shares of the stock traded hands, compared to its average volume of 75,089. The company has a market cap of $571.84 million, a PE ratio of 18.48 and a beta of 0.70. Alerus Financial has a one year low of $15.78 and a one year high of $24.41. The business has a 50 day moving average price of $21.46 and a two-hundred day moving average price of $19.97. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.87 and a current ratio of 0.87.

Alerus Financial (NASDAQ:ALRS - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. The firm had revenue of $68.79 million during the quarter, compared to the consensus estimate of $66.20 million. Alerus Financial had a return on equity of 8.32% and a net margin of 7.81%. On average, equities analysts predict that Alerus Financial will post 2.14 EPS for the current year.

Alerus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.21 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $0.84 annualized dividend and a yield of 3.73%. This is a boost from Alerus Financial's previous quarterly dividend of $0.20. Alerus Financial's payout ratio is currently 68.85%.

Analyst Upgrades and Downgrades

ALRS has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their target price on Alerus Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a report on Wednesday, April 30th. Piper Sandler lifted their target price on Alerus Financial from $22.00 to $23.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd.

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.