BlackRock Inc. Acquires Shares of 1,822,242 Alerus Financial $ALRS

Key Points

• BlackRock acquired 1,822,242 shares of Alerus Financial in the second quarter, worth approximately $56.7 million and representing a 7.32% stake. Institutional investors collectively own 51.25% of the company.
• Alerus Financial beat quarterly expectations, reporting $0.80 in EPS versus the $0.77 consensus and revenue of $80 million versus estimates of $76.99 million. Analysts expect full-year EPS of $3.03.
• The company declared a quarterly dividend of $0.22 per share, equal to $0.88 annually and a 2.7% yield. Analyst sentiment remains cautious, with an overall “Hold” rating and a consensus price target of $35.50.

BlackRock Inc. acquired a new position in shares of Alerus Financial (NASDAQ:ALRS - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 1,822,242 shares of the company's stock, valued at approximately $56,672,000. BlackRock Inc. owned approximately 7.32% of Alerus Financial at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of ALRS. NewEdge Advisors LLC grew its stake in Alerus Financial by 90.1% in the second quarter. NewEdge Advisors LLC now owns 1,544 shares of the company's stock worth $33,000 after purchasing an additional 732 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of Alerus Financial by 50.0% in the 4th quarter. Larson Financial Group LLC now owns 1,500 shares of the company's stock valued at $34,000 after acquiring an additional 500 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Alerus Financial by 25.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 2,222 shares of the company's stock valued at $50,000 after acquiring an additional 455 shares in the last quarter. CIBC Private Wealth Group LLC bought a new position in Alerus Financial during the third quarter worth $52,000. Finally, Tower Research Capital LLC TRC lifted its stake in Alerus Financial by 172.7% during the second quarter. Tower Research Capital LLC TRC now owns 3,371 shares of the company's stock worth $73,000 after purchasing an additional 2,135 shares during the last quarter. Institutional investors own 51.25% of the company's stock.

Alerus Financial Price Performance

Shares of NASDAQ ALRS opened at $32.90 on Tuesday. The stock has a market cap of $819.21 million, a P/E ratio of 31.04 and a beta of 0.68. The firm's 50-day simple moving average is $32.39 and its 200 day simple moving average is $28.28. Alerus Financial has a fifty-two week low of $20.31 and a fifty-two week high of $34.40. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.10.

Alerus Financial (NASDAQ:ALRS - Get Free Report) last released 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 firm had revenue of $80.00 million for the quarter, compared to analysts' expectations of $76.99 million. Alerus Financial had a net margin of 6.87% and a return on equity of 14.41%. Equities analysts expect that Alerus Financial will post 3.03 EPS for the current year.

Alerus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 25th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $0.88 annualized dividend and a yield of 2.7%. Alerus Financial's payout ratio is presently 83.02%.

Analyst Upgrades and Downgrades

ALRS has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Alerus Financial from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Raymond James Financial reaffirmed an "outperform" rating and set a $37.00 target price on shares of Alerus Financial in a report on Monday, August 3rd. Piper Sandler raised 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. DA Davidson set a $36.00 price objective on Alerus Financial in a research report on Friday, July 31st. Finally, Zacks Research downgraded Alerus Financial from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 20th. One research analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Alerus Financial has an average rating of "Hold" and a consensus price target 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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