Alerus Financial (NASDAQ:ALRS) Sees Significant Increase in Short Interest

Alerus Financial (NASDAQ:ALRS) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 348,400 shares, a growth of 48.7% from the August 15th total of 234,300 shares. Based on an average daily volume of 76,600 shares, the days-to-cover ratio is currently 4.5 days. Currently, 1.4% of the company’s shares are short sold. Currently, 1.4% of the company’s shares are short sold. Based on an average daily volume of 76,600 shares, the days-to-cover ratio is currently 4.5 days.

Analyst Ratings Changes

A number of equities analysts recently commented on ALRS shares. DA Davidson upped their target price on Alerus Financial from $20.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, July 29th. Keefe, Bruyette & Woods upped their target price on Alerus Financial from $22.00 to $25.00 and gave the company a “market perform” rating in a report on Tuesday, July 29th. Wall Street Zen downgraded Alerus Financial from a “buy” rating to a “hold” rating in a report on Sunday, August 17th. Piper Sandler upped their target price on Alerus Financial from $24.00 to $25.50 and gave the company a “neutral” rating in a report on Wednesday, July 30th. Finally, Raymond James Financial restated an “outperform” rating and set a $27.00 target price (up previously from $24.00) on shares of Alerus Financial in a report on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Alerus Financial has an average rating of “Hold” and a consensus target price of $25.63.

Institutional Investors Weigh In On Alerus Financial

Institutional investors have recently modified their holdings of the stock. Thompson Investment Management Inc. purchased a new stake in shares of Alerus Financial in the second quarter worth $32,000. NewEdge Advisors LLC grew its stake in shares of 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 acquiring an additional 732 shares during the last quarter. State of Wyoming purchased a new stake in shares of Alerus Financial in the first quarter worth $49,000. BNP Paribas Financial Markets purchased a new stake in shares of Alerus Financial in the fourth quarter worth $56,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of Alerus Financial by 172.7% in the second quarter. Tower Research Capital LLC TRC now owns 3,371 shares of the company’s stock worth $73,000 after acquiring an additional 2,135 shares during the last quarter. 51.25% of the stock is owned by hedge funds and other institutional investors.

Alerus Financial Price Performance

Shares of ALRS stock opened at $22.55 on Tuesday. The stock has a market cap of $572.77 million, a price-to-earnings ratio of 13.34 and a beta of 0.71. The business’s fifty day moving average is $22.01 and its 200 day moving average is $20.56. Alerus Financial has a twelve month low of $15.78 and a twelve month high of $24.41. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.11.

Alerus Financial (NASDAQ:ALRS) last issued its quarterly earnings results on Monday, July 28th. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.16. The company had revenue of $74.80 million for the quarter, compared to analysts’ expectations of $69.96 million. Alerus Financial had a return on equity of 10.21% and a net margin of 11.06%. Research analysts expect that Alerus Financial will post 2.14 EPS for the current fiscal year.

Alerus Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 26th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Friday, September 26th. Alerus Financial’s dividend payout ratio is currently 49.70%.

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.