Harbor Advisors LLC Acquires New Shares in Alerus Financial Co. (NASDAQ:ALRS)

Harbor Advisors LLC purchased a new position in Alerus Financial Co. (NASDAQ:ALRS) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 9,867 shares of the company’s stock, valued at approximately $226,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Federated Hermes Inc. raised its position in shares of Alerus Financial by 380.7% in the second quarter. Federated Hermes Inc. now owns 1,519 shares of the company’s stock valued at $30,000 after purchasing an additional 1,203 shares during the period. SG Americas Securities LLC bought a new stake in Alerus Financial during the third quarter worth $142,000. Bailard Inc. bought a new stake in Alerus Financial in the second quarter worth $265,000. Inspire Investing LLC purchased a new position in shares of Alerus Financial during the 3rd quarter worth approximately $417,000. Finally, Walleye Capital LLC bought a new stake in shares of Alerus Financial in the 3rd quarter worth $424,000. 51.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Piper Sandler decreased their price objective on shares of Alerus Financial from $24.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Raymond James upgraded shares of 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. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $23.20.

Alerus Financial Price Performance

Shares of ALRS opened at $22.22 on Tuesday. 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 company has a market cap of $563.01 million, a price-to-earnings ratio of 137.25 and a beta of 0.68. The company’s fifty day simple moving average is $22.43 and its 200 day simple moving average is $21.16. Alerus Financial Co. has a 1-year low of $18.09 and a 1-year high of $25.85.

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

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.