Invesco Ltd. Increases Position in Alerus Financial Co. (NASDAQ:ALRS)

Invesco Ltd. raised its position in shares of Alerus Financial Co. (NASDAQ:ALRS) by 2.2% during the fourth quarter, HoldingsChannel reports. The firm owned 33,215 shares of the company’s stock after purchasing an additional 717 shares during the period. Invesco Ltd.’s holdings in Alerus Financial were worth $639,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Alliancebernstein L.P. increased its position in shares of Alerus Financial by 2,346.3% during the 4th quarter. Alliancebernstein L.P. now owns 287,931 shares of the company’s stock valued at $5,540,000 after purchasing an additional 276,161 shares during the last quarter. Grace & White Inc. NY bought a new position in Alerus Financial during the fourth quarter valued at approximately $4,930,000. Endeavour Capital Advisors Inc. raised its stake in shares of Alerus Financial by 77.3% during the fourth quarter. Endeavour Capital Advisors Inc. now owns 527,283 shares of the company’s stock worth $10,145,000 after acquiring an additional 229,932 shares in the last quarter. Foundry Partners LLC lifted its holdings in shares of Alerus Financial by 753.1% in the 4th quarter. Foundry Partners LLC now owns 197,570 shares of the company’s stock worth $3,801,000 after acquiring an additional 174,410 shares during the last quarter. Finally, Choreo LLC purchased a new stake in shares of Alerus Financial in the 4th quarter valued at $2,620,000. Institutional investors own 51.25% of the company’s stock.

Alerus Financial Stock Performance

Alerus Financial stock opened at $20.64 on Friday. Alerus Financial Co. has a 1-year low of $15.78 and a 1-year high of $24.41. The firm has a market cap of $526.55 million, a P/E ratio of 20.24 and a beta of 0.67. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average of $18.22 and a 200-day moving average of $20.17.

Alerus Financial (NASDAQ:ALRS) last released its quarterly earnings data on Monday, April 28th. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.13. Alerus Financial had a return on equity of 7.66% and a net margin of 6.26%. The business had revenue of $68.79 million during the quarter, compared to analysts’ expectations of $66.20 million. Sell-side analysts expect that Alerus Financial Co. will post 2.14 EPS for the current year.

Alerus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 14th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.88%. The ex-dividend date was Friday, March 14th. Alerus Financial’s dividend payout ratio (DPR) is currently 78.43%.

Analyst Upgrades and Downgrades

ALRS has been the topic of a number of analyst reports. Raymond James reiterated an “outperform” rating and issued a $24.00 target price (up previously from $22.00) on shares of Alerus Financial in a research report on Thursday, January 30th. Piper Sandler boosted their target price on Alerus Financial from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Friday. Keefe, Bruyette & Woods raised their price target on Alerus Financial from $21.00 to $22.00 and gave the stock a “market perform” rating in a research report on Wednesday. Finally, DA Davidson reiterated a “neutral” rating and issued a $23.00 price objective on shares of Alerus Financial in a research report on Thursday, January 30th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $23.00.

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.