Alerus Financial (NASDAQ:ALRS) Shares Gap Up Following Earnings Beat

Alerus Financial Co. (NASDAQ:ALRS)’s stock price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $17.76, but opened at $19.42. Alerus Financial shares last traded at $19.70, with a volume of 72,975 shares.

The company reported $0.56 earnings per share (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 net margin of 6.26% and a return on equity of 7.66%.

Alerus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 14th were given a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 3.98%. Alerus Financial’s payout ratio is 78.43%.

Analysts Set New Price Targets

ALRS has been the subject of a number of recent analyst reports. DA Davidson reaffirmed a “neutral” rating and issued a $23.00 price target on shares of Alerus Financial in a research note on Thursday, January 30th. Piper Sandler upped their target price on shares of Alerus Financial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, January 30th. Finally, Raymond James reissued an “outperform” rating and set a $24.00 price target (up from $22.00) on shares of Alerus Financial in a research report on Thursday, January 30th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $23.40.

Institutional Trading of Alerus Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Aviance Capital Partners LLC bought a new stake in Alerus Financial during the 1st quarter worth approximately $242,000. Sippican Capital Advisors lifted its holdings in shares of Alerus Financial by 18.5% during the first quarter. Sippican Capital Advisors now owns 100,985 shares of the company’s stock worth $1,864,000 after purchasing an additional 15,780 shares during the period. Hanson & Doremus Investment Management bought a new stake in shares of Alerus Financial in the first quarter worth $287,000. Two Sigma Investments LP increased its holdings in Alerus Financial by 34.8% in the fourth quarter. Two Sigma Investments LP now owns 67,188 shares of the company’s stock valued at $1,293,000 after purchasing an additional 17,360 shares during the period. Finally, Nuveen Asset Management LLC raised its position in Alerus Financial by 6.5% during the 4th quarter. Nuveen Asset Management LLC now owns 48,150 shares of the company’s stock worth $926,000 after purchasing an additional 2,933 shares during the last quarter. Institutional investors and hedge funds own 51.25% of the company’s stock.

Alerus Financial Price Performance

The company has a fifty day simple moving average of $18.24 and a 200 day simple moving average of $20.22. The stock has a market capitalization of $513.28 million, a price-to-earnings ratio of 19.73 and a beta of 0.67. 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 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.