Alerus Financial Co. (NASDAQ:ALRS – Get Free Report) saw a large increase in short interest in June. As of June 30th, there was short interest totalling 382,700 shares, an increase of 53.8% from the June 15th total of 248,800 shares. Based on an average daily volume of 49,500 shares, the short-interest ratio is presently 7.7 days.
Analysts Set New Price Targets
A number of research analysts have issued reports on ALRS shares. Keefe, Bruyette & Woods started coverage on Alerus Financial in a research report on Wednesday, April 12th. They issued a “market perform” rating and a $18.00 target price on the stock. Piper Sandler decreased their target price on Alerus Financial from $18.00 to $16.00 in a research report on Monday, May 1st.
Alerus Financial Stock Performance
NASDAQ:ALRS opened at $18.37 on Friday. The stock has a market cap of $370.34 million, a P/E ratio of 9.57 and a beta of 0.59. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.16. The stock’s 50-day moving average is $17.13 and its 200-day moving average is $18.19. Alerus Financial has a 1-year low of $13.11 and a 1-year high of $25.70.
Alerus Financial Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Thursday, June 15th were paid a $0.19 dividend. This is a positive change from Alerus Financial’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend was Wednesday, June 14th. Alerus Financial’s payout ratio is currently 39.58%.
Insider Transactions at Alerus Financial
In other Alerus Financial news, Director Janet O. Estep purchased 3,717 shares of the business’s stock in a transaction on Thursday, May 11th. The stock was acquired at an average price of $13.41 per share, with a total value of $49,844.97. Following the acquisition, the director now directly owns 8,156 shares of the company’s stock, valued at approximately $109,371.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have purchased a total of 6,155 shares of company stock worth $84,233 in the last 90 days. Corporate insiders own 5.60% of the company’s stock.
Hedge Funds Weigh In On Alerus Financial
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Brown Advisory Inc. acquired a new position in shares of Alerus Financial in the fourth quarter worth approximately $5,416,000. Banc Funds Co. LLC lifted its stake in Alerus Financial by 0.7% in the fourth quarter. Banc Funds Co. LLC now owns 583,022 shares of the company’s stock valued at $13,614,000 after buying an additional 3,884 shares during the period. AE Wealth Management LLC lifted its stake in Alerus Financial by 7.7% in the fourth quarter. AE Wealth Management LLC now owns 41,804 shares of the company’s stock valued at $976,000 after buying an additional 3,001 shares during the period. JPMorgan Chase & Co. lifted its stake in Alerus Financial by 17.1% in the fourth quarter. JPMorgan Chase & Co. now owns 11,863 shares of the company’s stock valued at $278,000 after buying an additional 1,731 shares during the period. Finally, UBS Group AG lifted its stake in Alerus Financial by 918.9% in the fourth quarter. UBS Group AG now owns 11,096 shares of the company’s stock valued at $259,000 after buying an additional 10,007 shares during the period. 41.26% of the stock is owned by institutional investors and hedge funds.
Alerus Financial Company Profile
Alerus Financial Corporation, through its subsidiary, Alerus Financial, National Association, provides various financial services to businesses and consumers. The company operates in four segments: Banking, Retirement and Benefit Services, Wealth Management, and Mortgage. It offers various deposit products, including demand deposits, interest-bearing transaction accounts, money market accounts, time and savings deposits, checking accounts, and certificates of deposit; and treasury management products, including electronic receivables management, remote deposit capture, cash vault services, merchant services, and other cash management services.
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