# Alerus Financial Corporation (ALRS)

> Source: Nexqual · https://nexqual.com/ALRS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Alerus Financial Corporation (ALRS), nexqual.com/ALRS" · informational, not investment advice.

**Price:** USD 32.18 (+2.68% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 31.34 · day 31.41–32.24 · 52w 20.31–34.4 · market cap $802M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $237M, net income $27.7M (11.7% margin) (SEC filings).
- Valuation: P/E 29.0x (avg 31.6x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold ALRS (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $20K; 1 not under a Rule 10b5-1 plan ($20K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $61K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +57.1% vs S&P 500 +14.9%; 5Y +26.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.66, revenue estimate $76.7M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $234M | $211M | $168M | $222M | $224M | $237M |
| Net income | $52.7M | $40.0M | $11.7M | $17.8M | $17.4M | $27.7M |
| EPS (diluted) | $2.97 | $2.10 | $0.58 | $0.83 | $0.68 | — |
| Free cash flow | $148M | $101M | $23.7M | $9.4M | $58.8M | $89.3M |
| Net margin | 22.5% | 19.0% | 7.0% | 8.0% | 7.8% | 11.7% |
| Revenue growth | +0.5% | -10.0% | -20.3% | +32.1% | +1.1% | — |
| Cash + short-term investments | $242M | $58.2M | $130M | $61.2M | $67.2M | — |
| Total debt | $58.9M | $437M | $373M | $298M | $368M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 29.0x · P/S 3.4x · P/FCF 9.0x · P/B 1.4x · FCF yield 11.13% · Earnings yield 3.45% · Dividend yield (paid, TTM) 2.63% · Buyback yield (TTM) 1.77%
P/E at fiscal year-ends: Dec 2025 33.2x, Dec 2024 23.1x, Dec 2023 38.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ALRS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.06% | $6.3M | Added +156.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Koob Kari | SVP, Controller | 597 | $20K | 37.3% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $61K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-01 | Bolton Jeffrey | Director | 1,000 | $32K | 32.45 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Bolton Jeffrey | Director | 1,000 | $29K | 28.71 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | Piper Sandler | Upgrade | Neutral → Overweight | $37 → $38 |
| 2026-07-31 | Piper Sandler | Target raised | Neutral | $32 → $37 |
| 2026-07-31 | Keefe, Bruyette & Woods | Target raised | Market Perform | $29 → $32 |
| 2026-06-26 | Piper Sandler | Target raised | Neutral | $28.5 → $32 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +57.1% | +26.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +57.4% | +4.7% |
| Volatility (annualized) | 22.6% | 30.6% |
| Max drawdown | -10.8% (Feb 2026→Mar 2026) | -60.6% (Nov 2021→May 2023) |

## Peers (Banks - Regional)
BBD (Banco Bradesco Sa) USD 3.95 -2.47% · FITB (Fifth Third Bancorp) USD 53.23 +0.80% · TFC (Truist Financial Corporation) USD 48.42 +1.45% · DB (Deutsche Bank AG) USD 31.48 -2.39% · NWG (NatWest Group plc) USD 16.99 -2.30% · NU (Nu Holdings Ltd.) USD 14.73 -2.13%

## More
Full page: https://nexqual.com/ALRS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Retirement & Benefit Services | $17.3M | — | +8.3% |
| Wealth Management | $7.7M | — | +4.6% |
| Mortgage Banking | $3.2M | — | -12.5% |
| Deposit Account | $1.1M | — | +62.6% |
| Total revenue | — | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.66 | $0.67 | -1.5% | $76.7M | 5 |
| Next quarter (ends 2026-12-31) | $0.67 | $0.67 | +0.0% | $77.7M | 5 |
| Current fiscal year (ends 2026-12-31) | $3.02 | $3.04 | -0.6% | $311.1M | 5 |
| Next fiscal year (ends 2027-12-31) | $2.81 | $2.77 | +1.6% | $319.1M | 5 |