Alerus Financial (NASDAQ:ALRS) Hits New 1-Year High – Should You Buy?

Alerus Financial (NASDAQ:ALRS)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $32.68 and last traded at $32.6650, with a volume of 61790 shares changing hands. The stock had previously closed at $32.17.

Wall Street Analysts Forecast Growth

ALRS has been the topic of a number of analyst reports. Piper Sandler boosted their price objective on shares of Alerus Financial from $28.50 to $32.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods increased their price objective on Alerus Financial from $25.00 to $27.00 and gave the stock a “market perform” rating in a report on Friday, May 1st. Raymond James Financial began coverage on Alerus Financial in a research note on Thursday, July 9th. They set an “outperform” rating and a $34.00 target price on the stock. Weiss Ratings upgraded Alerus Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Finally, DA Davidson raised their price target on Alerus Financial from $26.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.50.

Alerus Financial Trading Up 1.6%

The company has a market cap of $821.75 million, a PE ratio of 31.75 and a beta of 0.68. The stock has a 50 day moving average price of $30.11 and a 200 day moving average price of $26.62. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10.

Alerus Financial (NASDAQ:ALRS) last announced its earnings results on Wednesday, April 29th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.31. The firm had revenue of $75.78 million for the quarter, compared to analysts’ expectations of $73.78 million. Alerus Financial had a net margin of 6.74% and a return on equity of 14.39%. Sell-side analysts predict that Alerus Financial will post 3.03 EPS for the current fiscal year.

Alerus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 26th were given a $0.22 dividend. The ex-dividend date of this dividend was Friday, June 26th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. This is an increase from Alerus Financial’s previous quarterly dividend of $0.21. Alerus Financial’s payout ratio is presently 85.44%.

Institutional Investors Weigh In On Alerus Financial

Several hedge funds have recently added to or reduced their stakes in the stock. Empowered Funds LLC purchased a new stake in shares of Alerus Financial in the first quarter worth $1,951,000. Quantinno Capital Management LP grew its position in Alerus Financial by 60.4% during the 1st quarter. Quantinno Capital Management LP now owns 92,252 shares of the company’s stock valued at $2,187,000 after purchasing an additional 34,754 shares during the last quarter. First Trust Advisors LP raised its holdings in Alerus Financial by 0.6% in the first quarter. First Trust Advisors LP now owns 81,208 shares of the company’s stock worth $1,925,000 after buying an additional 503 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in Alerus Financial in the first quarter worth about $90,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Alerus Financial by 6.8% in the first quarter. Dimensional Fund Advisors LP now owns 886,815 shares of the company’s stock worth $21,027,000 after buying an additional 56,763 shares in the last quarter. 51.25% of the stock is owned by institutional investors.

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.