Alerus Financial

ALRS · NASDAQ

$31.50+$0.34 (+1.09%)TodayMarket closed · Oct 20, 4:10 PM ET

Prev close $31.16

ALRS analyst rating

BuyConsensus of 6 analysts over the last 12 months. 50% rate it a buy.

Strong buy1
Buy2
Hold3
Underperform0
Sell0

12-month price target · 7 analysts

Average $34.68 (+10.1% upside)

Low: $28.28
Now: $31.50
High: $38.85

Upgrades and downgrades

The latest rating actions, newest first

ALRS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 2, 2026	Upgrade	Neutral → Overweight	$37.00 → $38.00	72%
Piper Sandler	Jul 31, 2026	Maintains	Neutral	$32.00 → $37.00	72%
Keefe, Bruyette & Woods	Jul 31, 2026	Maintains	Market Perform	$29.00 → $32.00	64%
Raymond James	Jul 9, 2026	Initiates	Outperform	$34.00	100%
Piper Sandler	Jun 26, 2026	Maintains	Neutral	$28.50 → $32.00	72%
DA Davidson	May 1, 2026	Maintains	Neutral	$26.00 → $29.00	50%
Piper Sandler	May 1, 2026	Maintains	Neutral	$28.00 → $28.50	72%
Keefe, Bruyette & Woods	May 1, 2026	Maintains	Market Perform	$25.00 → $27.00	64%
DA Davidson	Jan 30, 2026	Maintains	Neutral	$25.00 → $26.00	50%
Raymond James	Jan 30, 2026	Maintains	Strong Buy	$27.00 → $29.00	59%

The case for and against

Updated Oct 18, 2026

Bull case

Alerus Financial is positioned favorably by durable net interest income momentum, with spread income of $44.9M, NIM expanding 8 bps to 3.77%, and funding costs dropping 24 bps, all of which point to stronger earnings power than expected. Credit concerns appear manageable because the quarter’s elevated charge-offs were concentrated in one long-term C&I relationship, while NPAs/TA improved 31 bps to 1.02% and management recorded a $4.9M provision release amid better loan mix. The outlook is further supported by disciplined expense control, solid capital ratios including 10.6% CET1, strong internal capital generation with 1.8% ROA and 20.8% ROTCE, and continued fee-income and wealth-management growth potential.

Bear case

Alerus Financial is facing a weaker fundamental setup as loans declined 1.3% LQA and EOP loans fell 0.3% while the company trimmed non-core lending relationships, signaling that growth is not yet broad-based and remains dependent on a few commercial categories. Although deposits rose 14.9% LQA and borrowings fell to $200.0M, core fee income still slipped 1% LQ to $30.9M, suggesting earnings momentum is soft even before considering the risk that acquisition opportunities and fee income growth may disappoint. Credit quality appears manageable for now with ACL at 1.25%, but the combination of softer loan growth, uneven fee generation, and exposure to economic deterioration in core markets supports a negative outlook.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.