Pinnacle Holdings LLC Buys New Stake in Alerus Financial $ALRS

Key Points

• Pinnacle Holdings LLC acquired 49,149 shares of Alerus Financial during the second quarter, valued at approximately $1.53 million and representing a 0.20% stake.
• Alerus Financial reported quarterly EPS of $0.80, exceeding analyst expectations of $0.77, while revenue of $80.0 million also surpassed estimates.
• Analyst sentiment remains cautious: the stock has an average “Hold” rating and an average price target of $35.50, compared with its reported opening price of $32.77.

Pinnacle Holdings LLC bought a new stake in Alerus Financial (NASDAQ:ALRS - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 49,149 shares of the company's stock, valued at approximately $1,529,000. Pinnacle Holdings LLC owned 0.20% of Alerus Financial as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its stake in shares of Alerus Financial by 50.0% in the fourth quarter. Larson Financial Group LLC now owns 1,500 shares of the company's stock valued at $34,000 after buying an additional 500 shares in the last quarter. NewEdge Advisors LLC grew its position in Alerus Financial by 90.1% in the 2nd quarter. NewEdge Advisors LLC now owns 1,544 shares of the company's stock valued at $33,000 after acquiring an additional 732 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in Alerus Financial by 25.7% in 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 purchased a new stake in Alerus Financial during the third quarter worth about $52,000. Finally, Tower Research Capital LLC TRC increased 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 period. 51.25% of the stock is currently owned by institutional investors and hedge funds.

Alerus Financial Price Performance

ALRS stock opened at $32.77 on Monday. The business's 50-day moving average is $32.00 and its two-hundred day moving average is $27.96. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market capitalization of $815.97 million, a P/E ratio of 30.92 and a beta of 0.68. Alerus Financial has a 1 year low of $20.31 and a 1 year high of $34.40.

Alerus Financial (NASDAQ:ALRS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.03. Alerus Financial had a return on equity of 14.41% and a net margin of 6.87%.The business had revenue of $80.00 million during the quarter, compared to the consensus estimate of $76.99 million. Analysts anticipate that Alerus Financial will post 3.03 earnings per share for the current fiscal year.

Analyst Ratings Changes

ALRS has been the subject of several recent research reports. Keefe, Bruyette & Woods raised their price objective on shares of Alerus Financial from $29.00 to $32.00 and gave the company a "market perform" rating in a research note on Friday, July 31st. Raymond James Financial restated an "outperform" rating and issued a $37.00 price objective on shares of Alerus Financial in a report on Monday, August 3rd. Piper Sandler upped their target price on shares of Alerus Financial from $32.00 to $37.00 and gave the stock a "neutral" rating in a research note on Friday, July 31st. DA Davidson set a $36.00 price target on shares of Alerus Financial in a research report on Friday, July 31st. Finally, Wall Street Zen cut shares of Alerus Financial from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $35.50.

About Alerus Financial

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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