Corebridge Financial Inc. Grows Stake in Alerus Financial Co. (NASDAQ:ALRS)

Corebridge Financial Inc. boosted its stake in Alerus Financial Co. (NASDAQ:ALRS) by 17.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,164 shares of the company’s stock after buying an additional 1,628 shares during the quarter. Corebridge Financial Inc.’s holdings in Alerus Financial were worth $215,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Alerus Financial by 11.2% in the 4th quarter. Vanguard Group Inc. now owns 1,054,829 shares of the company’s stock valued at $20,295,000 after purchasing an additional 106,116 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Alerus Financial by 4.0% in the third quarter. Geode Capital Management LLC now owns 416,072 shares of the company’s stock valued at $9,522,000 after buying an additional 15,966 shares during the last quarter. State Street Corp lifted its stake in shares of Alerus Financial by 1.0% in the third quarter. State Street Corp now owns 351,775 shares of the company’s stock worth $8,118,000 after buying an additional 3,623 shares in the last quarter. Grace & White Inc. NY purchased a new position in shares of Alerus Financial in the fourth quarter worth about $4,930,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Alerus Financial by 26.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 188,967 shares of the company’s stock worth $3,636,000 after acquiring an additional 39,687 shares during the last quarter. 51.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Alerus Financial Stock Down 0.1 %

ALRS stock opened at $16.11 on Friday. The firm has a market cap of $410.98 million, a PE ratio of 15.79 and a beta of 0.67. Alerus Financial Co. has a one year low of $15.78 and a one year high of $24.41. 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 firm’s 50 day moving average price is $19.24 and its 200-day moving average price is $20.64.

Alerus Financial (NASDAQ:ALRS) last posted its earnings results on Tuesday, January 28th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.16. Alerus Financial had a return on equity of 7.66% and a net margin of 6.26%. On average, equities research analysts anticipate that Alerus Financial Co. will post 2.14 EPS for the current year.

Alerus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders 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 4.97%. Alerus Financial’s payout ratio is currently 78.43%.

Alerus Financial 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.