Raymond James Initiates Coverage on Alerus Financial (NASDAQ:ALRS)

Equities researchers at Raymond James initiated coverage on shares of Alerus Financial (NASDAQ:ALRS) in a report issued on Tuesday. The brokerage set an “outperform” rating and a $22.00 price target on the stock. Raymond James’ target price indicates a potential upside of 12.88% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Piper Sandler dropped their price target on Alerus Financial from $24.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Keefe, Bruyette & Woods upped their price objective on shares of Alerus Financial from $22.00 to $23.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Alerus Financial presently has a consensus rating of “Hold” and a consensus price target of $22.80.

Alerus Financial Stock Performance

NASDAQ:ALRS opened at $19.49 on Tuesday. Alerus Financial has a fifty-two week low of $17.99 and a fifty-two week high of $25.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.85 and a current ratio of 0.85. The company has a fifty day moving average of $20.97 and a two-hundred day moving average of $21.45. The stock has a market capitalization of $493.84 million, a PE ratio of 121.82 and a beta of 0.71.

Alerus Financial (NASDAQ:ALRS) last announced its earnings results on Tuesday, October 29th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.18). The company had revenue of $80.58 million for the quarter, compared to analysts’ expectations of $52.30 million. Alerus Financial had a return on equity of 6.02% and a net margin of 1.01%. During the same period last year, the business earned $0.45 EPS. As a group, research analysts forecast that Alerus Financial will post 0.97 earnings per share for the current fiscal year.

Institutional Trading of Alerus Financial

Hedge funds have recently modified their holdings of the business. Federated Hermes Inc. raised its holdings in Alerus Financial by 380.7% in the 2nd quarter. Federated Hermes Inc. now owns 1,519 shares of the company’s stock worth $30,000 after acquiring an additional 1,203 shares during the period. Empowered Funds LLC lifted its stake in shares of Alerus Financial by 5.1% in the 3rd quarter. Empowered Funds LLC now owns 46,937 shares of the company’s stock valued at $1,074,000 after purchasing an additional 2,278 shares during the period. State Street Corp boosted its position in shares of Alerus Financial by 1.0% during the third quarter. State Street Corp now owns 351,775 shares of the company’s stock worth $8,118,000 after purchasing an additional 3,623 shares in the last quarter. Sippican Capital Advisors raised its holdings in Alerus Financial by 4.8% during the 3rd quarter. Sippican Capital Advisors now owns 80,525 shares of the company’s stock worth $1,842,000 after buying an additional 3,665 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Alerus Financial by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 149,280 shares of the company’s stock valued at $3,416,000 after buying an additional 5,184 shares during the last quarter. Hedge funds and other institutional investors own 51.25% of the company’s stock.

About Alerus Financial

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.