Millennium Management LLC Purchases 16,905 Shares of Alerus Financial Co. (NASDAQ:ALRS)

Millennium Management LLC lifted its position in Alerus Financial Co. (NASDAQ:ALRS - Free Report) by 42.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,379 shares of the company's stock after buying an additional 16,905 shares during the quarter. Millennium Management LLC owned approximately 0.22% of Alerus Financial worth $1,085,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its position in shares of Alerus Financial by 457.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,277 shares of the company's stock valued at $25,000 after acquiring an additional 1,048 shares during the last quarter. Legal & General Group Plc raised its stake in Alerus Financial by 32.7% in the fourth quarter. Legal & General Group Plc now owns 2,025 shares of the company's stock valued at $39,000 after purchasing an additional 499 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in Alerus Financial by 31.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,349 shares of the company's stock valued at $45,000 after purchasing an additional 568 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Alerus Financial in the 4th quarter worth approximately $56,000. Finally, New York State Common Retirement Fund increased its holdings in shares of Alerus Financial by 41.7% in the 4th quarter. New York State Common Retirement Fund now owns 6,451 shares of the company's stock worth $124,000 after buying an additional 1,900 shares during the last quarter. 51.25% of the stock is currently owned by institutional investors.

Alerus Financial Stock Performance

Shares of ALRS traded up $0.29 during mid-day trading on Friday, hitting $21.35. 53,094 shares of the company traded hands, compared to its average volume of 74,281. The stock has a market cap of $541.56 million, a price-to-earnings ratio of 20.93 and a beta of 0.70. The stock has a 50-day moving average price of $19.35 and a two-hundred day moving average price of $19.97. Alerus Financial Co. has a 1 year low of $15.78 and a 1 year high of $24.41. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.85 and a current ratio of 0.85.

Alerus Financial (NASDAQ:ALRS - Get Free Report) last announced its earnings results on Monday, April 28th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.13. The business had revenue of $68.79 million for the quarter, compared to analysts' expectations of $66.20 million. Alerus Financial had a return on equity of 7.66% and a net margin of 6.26%. Equities analysts anticipate that Alerus Financial Co. will post 2.14 earnings per share for the current year.

Alerus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid 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 3.93%. This is a boost from Alerus Financial's previous quarterly dividend of $0.20. Alerus Financial's payout ratio is presently 68.85%.

Analysts Set New Price Targets

Several research firms recently commented on ALRS. Piper Sandler increased their target price on shares of Alerus Financial from $22.00 to $23.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Keefe, Bruyette & Woods increased their target price on shares of Alerus Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a report on Wednesday, April 30th.

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.