Alerus Financial
Delivers banking, retirement-plan administration, and wealth management from one Grand Forks-based charter.
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Profile
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
Categories
Key statistics
Year to date +47.7% · Average volume (30d) 189.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | Raymond James | Reiterate | Outperform | $34 | $37 | |
| Jul 31, 2026 | D.A. Davidson | Target | $22 | $36 | ||
| Jul 31, 2026 | Piper Sandler | Reiterate | Neutral | $32 | $37 | |
| Jul 9, 2026 | Raymond James | Initiate | Outperform | $29 | $34 | |
| Jun 26, 2026 | Piper Sandler | Reiterate | Neutral | $28.50 | $32 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.77 | $0.80 | +4.4% | $77.0M | $80.0M | +3.9% | +1.85% |
| Apr 29, 2026Q1 FY26 | $0.58 | $0.89 | +53.4% | $73.8M | $75.8M | +2.7% | +4.62% |
| Jan 28, 2026Q4 FY25 | $0.57 | $0.85 | +49.1% | $71.4M | $77.8M | +9.0% | +2.35% |
| Oct 30, 2025Q3 FY25 | $0.59 | $0.66 | +11.9% | $71.4M | $71.5M | +0.2% | −0.42% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $95.3M | $101.2M | $99.0M | $32.3M | $97.8M | $103.6M | |
| Gross profit | $67.4M | $73.9M | $71.5M | $7.4M | $80.6M | $80.2M | |
| Operating income | $17.6M | $26.4M | $22.0M | −$43.4M | $30.3M | $25.6M | |
| Net income | $13.3M | $20.3M | $16.9M | −$33.1M | $23.0M | $20.9M | |
| Diluted EPS | $0.52 | $0.78 | $0.65 | −$1.28 | $0.90 | $0.81 | |
| Gross margin | 70.7% | 72.9% | 72.2% | 22.9% | 82.4% | 77.4% | |
| Operating margin | 18.4% | 26.0% | 22.2% | -134.3% | 30.9% | 24.7% |
Fiscal years (4-quarter sums)FY21 $235.8M · FY22 $224.6M · FY23 $243.2M · FY24 $330.4M · FY25 $327.9M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $109.0M · Total debt $447.0M · Total assets $5.29B · Shareholders' equity $583.1M
Dividends
Raised for 31 straight years — most recently to $0.22 from $0.21 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 26, 2026 | Jun 26 | Jul 10 | $0.22 | raised from $0.21 |
| Mar 27, 2026 | Mar 27 | Apr 10 | $0.21 | |
| Dec 26, 2025 | Dec 26 | Jan 9 | $0.21 | |
| Sep 26, 2025 | Sep 26 | Oct 10 | $0.21 | |
| Jun 27, 2025 | Jun 27 | Jul 11 | $0.21 | raised from $0.20 |
| Mar 14, 2025 | Mar 14 | Apr 11 | $0.20 | |
| Dec 27, 2024 | Dec 27 | Jan 17 | $0.20 | |
| Sep 13, 2024 | Sep 13 | Oct 11 | $0.20 |
Ownership
Shares outstanding 25.13M · Float 22.97M · 91.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Alerus Financial Na | 2.24M | 8.92% | 13F | May 12, 2026 |
| BlackRock, Inc. | 1.76M | 7.01% | 13F | May 13, 2026 |
| Vanguard Capital Management LLC | 961.8K | 3.83% | 13F | May 15, 2026 |
| Dimensional Fund Advisors LP | 886.8K | 3.53% | 13F | May 7, 2026 |
| Geode Capital Management, LLC | 617.7K | 2.46% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 27, 2026 | Jeffrey Bolton | director | +1,000 | $28.72 |
Peers
- Old National Bancorp
Post-Bremer scale-up brings 48 MN and 14 ND branches into direct market overlap
- UMB Financial
Post-Heartland brand conversion put UMB banks in Minnesota and Arizona
- Bridgewater Bancshares
Twin Cities bank holding company built around multifamily and CRE lending
- Principal Financial Group
Direct competitor for small and mid-size employer 401(k) plan recordkeeping
- Enterprise Financial Services
Missouri bank holding firm with Scottsdale/Mesa AZ overlap and SBA lending focus
- HealthEquity
Largest HSA custodian by account count with overlapping FSA/HRA/COBRA admin
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Alerus Financial | $33.12 | −0.09% | $832.3M | 30.7 | 12.3 | 2.5 | +8.3% |
| Old National Bancorp | $25.85 | +0.02% | $9.89B | 11.4 | 9.5 | 2.5 | +12.3% |
| UMB Financial | $144.59 | +0.07% | $10.98B | 12.0 | 11.0 | 2.4 | +22.9% |
| Bridgewater Bancshares | $21.32 | −0.07% | $594.5M | 11.6 | 10.8 | 2.3 | +14.5% |
| Principal Financial Group | $111.41 | 0.00% | $23.85B | 15.8 | 11.2 | 1.5 | +8.8% |
| Enterprise Financial Services | $63.59 | +0.05% | $2.30B | 12.6 | 11.2 | 2.3 | +30.9% |
| HealthEquity | $96.98 | +0.64% | $8.06B | 34.8 | 19.1 | 5.9 | +7.6% |
| Median | 12.3 | 11.1 | 2.4 | +13.4% |