Alerus Financial Co. Declares Quarterly Dividend of $0.20 (NASDAQ:ALRS)

Alerus Financial Co. (NASDAQ:ALRS - Get Free Report) announced a quarterly dividend on Wednesday, February 26th, RTT News reports. Investors of record on Friday, March 14th will be given a dividend of 0.20 per share on Friday, April 11th. This represents a $0.80 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date is Friday, March 14th.

Alerus Financial has raised its dividend payment by an average of 7.8% annually over the last three years and has raised its dividend every year for the last 24 years. Alerus Financial has a payout ratio of 34.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Alerus Financial to earn $2.43 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 32.9%.

Alerus Financial Stock Up 0.5 %

Shares of NASDAQ:ALRS traded up $0.10 during trading hours on Friday, hitting $20.37. The company's stock had a trading volume of 58,745 shares, compared to its average volume of 79,560. The firm's fifty day moving average price is $20.27 and its 200 day moving average price is $21.45. Alerus Financial has a 52 week low of $17.99 and a 52 week high of $24.41. The company has a market capitalization of $516.14 million, a price-to-earnings ratio of 19.97 and a beta of 0.71. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.85 and a quick ratio of 0.85.

Alerus Financial (NASDAQ:ALRS - Get Free Report) last posted its earnings results on Tuesday, January 28th. The company reported $0.44 earnings per share for the quarter, topping 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%. As a group, research analysts expect that Alerus Financial will post 2.14 EPS for the current year.

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Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. DA Davidson reiterated a "neutral" rating and issued a $23.00 target price on shares of Alerus Financial in a research note on Thursday, January 30th. Keefe, Bruyette & Woods lifted their price objective on shares of Alerus Financial from $22.00 to $23.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. Raymond James reissued an "outperform" rating and set a $24.00 target price (up previously from $22.00) on shares of Alerus Financial in a research report on Thursday, January 30th. Finally, Piper Sandler lifted their price target on shares of Alerus Financial from $21.00 to $24.00 and gave the stock a "neutral" rating in a 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's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $23.40.

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.