Alerus Financial (ALRS)
Delivers banking, retirement-plan administration, and wealth management from one Grand Forks-based charter.
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Runs three lines of business — commercial and personal banking, retirement and benefit plan administration, and wealth management — through a nationally chartered bank subsidiary based in Grand Forks, North Dakota, with banking concentrated in the Upper Midwest and Arizona while retirement and wealth services reach customers across the country.
Operates as a nationally chartered bank holding company built from a single-market Grand Forks institution founded in 1879, expanded since 2000 into three lines: commercial and personal banking, retirement and benefit plan administration, and wealth management.
Banking activity — deposits, treasury management, commercial and consumer lending, and mortgage — concentrates in North Dakota, the Minneapolis-St. Paul metro, and Scottsdale-Mesa, Arizona, while retirement recordkeeping, defined-benefit administration, and health-and-welfare plan services reach customers nationwide from offices spanning Minnesota, Michigan, and New Hampshire.
Growth has come mainly through acquisitions completed since the 2000 rebrand, most recently a Minnesota savings bank absorbed in 2024 that added branches in Minnesota, Iowa, and Wisconsin. Retirement and benefit assets under administration run close to ten times the on-balance-sheet loan book, an asset-service-heavy mix uncommon among regional bank peers.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 3, 2026 | Raymond James | Reiterate | Rating: —Target: $34 | Target: $37 |
| Jul 31, 2026 | D.A. Davidson | Target | Target: $22 | Target: $36 |
| Jul 31, 2026 | Piper Sandler | Reiterate | Rating: —Target: $32 | Target: $37 |
| Jul 9, 2026 | Raymond James | Initiate | Rating: —Target: $29 | Target: $34 |
| Jun 26, 2026 | Piper Sandler | Reiterate | Rating: —Target: $28.50 | Target: $32 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $109.0M · Total debt $447.0M · Total assets $5.29B · Shareholders' equity $583.1M
- Revenue
- $103.6M
- Operating income
- $25.6M
- Net income
- $20.9M
HistoryDividendAnnual yieldUpcoming
| Institutions | ≈ 65.74% | 16.37M shares | |
|---|---|---|---|
| 164 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 2.60% | 646.7K shares | |
| 16 holders · as of Sep 15, 2026 | |||
| Other | ≈ 31.66% | 7.89M shares | |
| remainder | |||
24.90M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Alerus Financial NaInstitution | 8.50% | 2.12M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.32% | 1.82M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.80% | 945,852 | as of Jun 30, 2026 |
Dimensional Fund Advisors LPInstitution | 3.79% | 943,445 | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.63% | 655,184 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | Kari Koob | officer: SVP, Controller | −597 | $33.13 |
| Sep 1, 2026 | Jeffrey Bolton | director | +1,000 | $32.45 |
| May 27, 2026 | Jeffrey Bolton | director | +1,000 | $28.72 |
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CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Alerus Financial | $32.20 | −0.19% | $815.2M | 30.0 | 12.0 | 2.4 | +8.3% |
| Old National Bancorp | $25.03 | +0.02% | $9.66B | 11.1 | 9.2 | 2.4 | +12.3% |
| UMB Financial | $134.21 | 0.00% | $10.14B | 11.1 | 10.1 | 2.2 | +22.9% |
| Bridgewater Bancshares | $20.83 | −0.10% | $583.3M | 11.4 | 10.6 | 2.3 | +14.5% |
| Principal Financial Group | $113.59 | +0.00% | $24.94B | 16.6 | 11.4 | 1.6 | +8.9% |
| Enterprise Financial Services | $60.39 | −0.07% | $2.21B | 12.1 | 10.7 | 2.2 | +30.9% |
| HealthEquity | $91.69 | −0.11% | $7.90B | 34.1 | 18.2 | 5.8 | +7.6% |
| Median | 11.7 | 10.6 | 2.3 | +13.4% |