MINNEAPOLIS - Alerus Financial (NASDAQ:ALRS) Corporation (NASDAQ:ALRS), a diversified financial services company, announced a 5.26% increase in its regular quarterly cash dividend. The board of directors declared the dividend of $0.20 per common share on May 21, 2024, marking an uptick from the dividend paid the previous year. Stockholders of record by the close of business on June 14, 2024, will be eligible for the dividend, which is scheduled for payment on July 15, 2024.
Alerus Financial Corporation operates as a commercial wealth bank and a national retirement services provider, with corporate offices in Grand Forks, North Dakota, and the Minneapolis-St. Paul area in Minnesota. Its subsidiary, Alerus Financial, National Association, offers a range of financial solutions to both business and consumer clients, including banking, wealth services, retirement, and benefits plans and services. The company emphasizes personalized service through a primary point of contact to understand clients' unique needs and preferences, supported by digital solutions.
The company maintains banking and wealth management offices in North Dakota, the Minneapolis-St. Paul metropolitan area, and Arizona, while its retirement and benefits services cater to a nationwide clientele.
Alerus Financial Corporation's commitment to providing competitive products and valuable insights is reflected in the accessibility of its financial statements, investor presentations, and earnings call transcripts, which are available on its investor relations website.
InvestingPro Insights
The recent dividend increase from Alerus Financial Corporation (NASDAQ:ALRS) underscores the company's consistent shareholder value approach, with a notable track record of increasing dividends. According to InvestingPro Tips, ALRS has raised its dividend for 19 consecutive years and has maintained dividend payments for 40 consecutive years, signaling a strong commitment to returning value to shareholders. Furthermore, the company is expected to see net income growth this year, which could support the continuation of such financial policies.
From an investment perspective, the company's market capitalization stands at $380.7 million, and it is trading at a high earnings multiple with a Price-to-Earnings (P/E) ratio of 38.23, as per the latest real-time metrics. While the P/E ratio suggests a premium valuation, the company's profitability over the last twelve months and the anticipated net income growth may justify the investor confidence reflected in the stock price. Additionally, ALRS's dividend yield is currently at 3.94%, which is attractive to income-focused investors.
For those seeking more in-depth analysis and additional InvestingPro Tips, there are 6 more tips available that could provide further insights into ALRS's financial health and future prospects. Interested readers can explore these tips and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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