Short Interest in Alerus Financial Co. (NASDAQ:ALRS) Drops By 15.0%

Alerus Financial Co. (NASDAQ:ALRS) was the recipient of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 243,500 shares, a drop of 15.0% from the October 15th total of 286,600 shares. Based on an average daily trading volume, of 74,700 shares, the days-to-cover ratio is currently 3.3 days.

Wall Street Analyst Weigh In

ALRS has been the topic of a number of analyst reports. Keefe, Bruyette & Woods upped their target price on shares of Alerus Financial from $22.00 to $23.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Raymond James upgraded Alerus Financial from a “market perform” rating to an “outperform” rating and set a $24.00 target price on the stock in a report on Tuesday, September 17th. Piper Sandler decreased their price target on Alerus Financial from $24.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Finally, DA Davidson raised their price objective on Alerus Financial from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $23.20.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ALRS. Federated Hermes Inc. raised its holdings in shares of 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 purchasing an additional 1,203 shares during the period. SG Americas Securities LLC bought a new stake in shares of Alerus Financial in the third quarter valued at $142,000. Harbor Advisors LLC purchased a new position in shares of Alerus Financial during the 3rd quarter valued at $226,000. Bailard Inc. bought a new position in shares of Alerus Financial during the 2nd quarter worth $265,000. Finally, Inspire Investing LLC purchased a new stake in Alerus Financial in the 3rd quarter worth about $417,000. 51.25% of the stock is owned by institutional investors.

Alerus Financial Price Performance

Shares of NASDAQ ALRS opened at $22.09 on Monday. The company has a market capitalization of $559.76 million, a PE ratio of 138.07 and a beta of 0.68. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $22.39 and its 200-day moving average price is $21.04. Alerus Financial has a twelve month low of $18.05 and a twelve month high of $25.85.

Alerus Financial (NASDAQ:ALRS) last posted its quarterly earnings data 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). Alerus Financial had a return on equity of 6.02% and a net margin of 1.01%. The business had revenue of $80.58 million during the quarter, compared to analysts’ expectations of $52.30 million. During the same period in the prior year, the firm posted $0.45 EPS. On average, equities analysts anticipate that Alerus Financial will post 0.97 EPS for the current year.

Alerus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 13th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.62%. The ex-dividend date was Friday, September 13th. Alerus Financial’s dividend payout ratio is 500.03%.

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.