Keefe, Bruyette & Woods Issues Positive Forecast for Alerus Financial (NASDAQ:ALRS) Stock Price

Key Points

• Keefe, Bruyette & Woods raised its price target on Alerus to $27.00 (from $25.00) but kept a "market perform" rating, a target that implies roughly a 0.9% downside from the prior close; the consensus across analysts is a "Hold" with an average target of $27.63.
• Alerus reported a strong quarter with EPS of $0.89 versus $0.58 expected and revenue of $75.78M versus $73.78M, while the stock traded at $27.25 (near its one‑year high) and the company carries a market cap of about $696M and a P/E of 26.44.
• Institutional investors own about 51.25% of the stock, and several hedge funds and advisors recently increased or initiated positions, indicating growing institutional interest.

Alerus Financial (NASDAQ:ALRS - Get Free Report) had its price target hoisted by equities research analysts at Keefe, Bruyette & Woods from $25.00 to $27.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' target price would indicate a potential downside of 0.90% from the company's previous close.

Several other equities research analysts have also issued reports on ALRS. Zacks Research lowered shares of Alerus Financial from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 2nd. Raymond James Financial set a $29.00 target price on shares of Alerus Financial and gave the company a "strong-buy" rating in a research note on Friday, January 30th. Piper Sandler restated a "neutral" rating and issued a $28.50 target price on shares of Alerus Financial in a research note on Friday. Hovde Group cut Alerus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, January 7th. Finally, Weiss Ratings cut Alerus Financial from a "buy (b-)" rating to a "hold (c)" rating in a report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $27.63.

Alerus Financial Stock Performance

Alerus Financial stock traded up $0.31 on Friday, hitting $27.25. The company's stock had a trading volume of 70,808 shares, compared to its average volume of 141,366. The firm has a market cap of $696.38 million, a P/E ratio of 26.44 and a beta of 0.59. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.10. The company has a fifty day moving average price of $24.52 and a 200-day moving average price of $23.41. Alerus Financial has a one year low of $20.08 and a one year high of $27.60.

Alerus Financial (NASDAQ:ALRS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.31. The firm had revenue of $75.78 million for the quarter, compared to analyst estimates of $73.78 million. Alerus Financial had a net margin of 6.74% and a return on equity of 14.56%. On average, equities analysts anticipate that Alerus Financial will post 2.52 earnings per share for the current year.

Hedge Funds Weigh In On Alerus Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC boosted its position in Alerus Financial by 90.1% during the 2nd quarter. NewEdge Advisors LLC now owns 1,544 shares of the company's stock worth $33,000 after acquiring an additional 732 shares during the last quarter. Larson Financial Group LLC grew its stake in 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 buying an additional 500 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake 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 buying an additional 455 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in Alerus Financial in the 3rd quarter valued at about $52,000. Finally, AlphaQuest LLC bought a new position in Alerus Financial during the 3rd quarter worth $59,000. 51.25% of the stock is currently owned by institutional investors and hedge funds.

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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