Vault-13

ALERUS FINL CORP ALRS

COM · Common Stock · CUSIP 01446U103

149 institutional holders +7 vs Q4 2025
15,750,75515.8m shares reported held*
62.7% of all shares outstanding*
$373.3mreported value*
14 new 51 added 48 reduced 10 sold out net bought ≈ $8.8m (+369.7k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.0m this quarter). Holder counts are more reliable. Shares outstanding: 25.1m as of 2026-04-28, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $23.70.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 78Q4 22: 79Q1 23: 68Q2 23: 68Q3 23: 72Q4 23: 80Q1 24: 89Q2 24: 94Q3 24: 102Q4 24: 111Q1 25: 114Q2 25: 127Q3 25: 136Q4 25: 142Q1 26: 149149Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 202278
Q4 202279
Q1 202368
Q2 202368
Q3 202372
Q4 202380
Q1 202489
Q2 202494
Q3 2024102
Q4 2024111
Q1 2025114
Q2 2025127
Q3 2025136
Q4 2025142
Q1 2026149

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q2 24: 53 bought or addedQ2 24: 35 cut or sold outQ3 24: 47 bought or addedQ3 24: 31 cut or sold outQ3 24Q4 24: 74 bought or addedQ4 24: 33 cut or sold outQ1 25: 56 bought or addedQ1 25: 47 cut or sold outQ1 25Q2 25: 71 bought or addedQ2 25: 47 cut or sold outQ3 25: 78 bought or addedQ3 25: 42 cut or sold outQ3 25Q4 25: 83 bought or addedQ4 25: 40 cut or sold outQ1 26: 65 bought or addedQ1 26: 58 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20245335
Q3 20244731
Q4 20247433
Q1 20255647
Q2 20257147
Q3 20257842
Q4 20258340
Q1 20266558

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5k$10k$15kQ2 25 calls: $0Q2 25 puts: $0Q2 25P/C —Q3 25 calls: $13.0kQ3 25 puts: $0Q3 25P/C 0.00Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —
Numbers
QuarterCallsPutsP/C
Q2 2025$0$0—
Q3 2025$13.0k$00.00
Q4 2025$0$0—
Q1 2026$0$0—

Biggest buyers

Stieven Capital Advisors, L.P. New +338,924+338.9k
BANC FUNDS CO LLC Added +134,198+134.2k
AMERICAN CENTURY COMPANIES INC Added +127,590+127.6k
Empowered Funds, LLC New +82,279+82.3k
BRIDGEWAY CAPITAL MANAGEMENT, LLC Added +76,089+76.1k
GOLDMAN SACHS GROUP INC Added +68,467+68.5k
MILLENNIUM MANAGEMENT LLC Added +67,737+67.7k
DIMENSIONAL FUND ADVISORS LP Added +56,763+56.8k
FEDERATED HERMES, INC. Added +51,081+51.1k
ENDEAVOUR CAPITAL ADVISORS INC Added +45,697+45.7k

Biggest sellers

MARSHALL WACE, LLP Sold out -87,178-87.2k
TWO SIGMA INVESTMENTS, LP Reduced -82,699-82.7k
Phocas Financial Corp. Reduced -73,461-73.5k
HSBC HOLDINGS PLC Reduced -72,844-72.8k
FJ Capital Management LLC Sold out -67,134-67.1k
GAMCO INVESTORS, INC. ET AL Reduced -65,257-65.3k
Man Group plc Sold out -64,111-64.1k
MARTINGALE ASSET MANAGEMENT L P Reduced -57,550-57.5k
AQR CAPITAL MANAGEMENT LLC Reduced -53,915-53.9k
Qube Research & Technologies Ltd Reduced -49,738-49.7k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
BlackRock, Inc. 13G · institution filed 2025-02-05 7.3% 1.8m≈ $57.3m 2025-02-05

Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26)

Insider purchases and sales in Q1 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q2 24: 0 buyingQ2 24: 0 sellingQ3 24: 0 buyingQ3 24: 0 sellingQ3 24Q4 24: 1 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 1 buyingQ2 25: 0 sellingQ3 25: 1 buyingQ3 25: 0 sellingQ3 25Q4 25: 0 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q2 20240—0——
Q3 20240—0——
Q4 20241$20.3k0——
Q1 20250—0——
Q2 20251$99.7k0——
Q3 20251$49.8k0——
Q4 20250—0——
Q1 20260—0——

None reported in Q1 2026.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ALERUS FINANCIAL NA 2.63% of their portfolio GRAND FORKS, ND 2,241,7412.2m $53.2m $53.2m 2.63% Reduced -47.5k -47,458
2 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,760,7511.8m $41.7m $41.7m 0.00% Reduced -40.7k -40,690
3 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 961,776961.8k $22.8m $22.8m 0.00% First filing
4 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 886,815886.8k $21.0m $21.0m 0.00% Added +56.8k +56,763
5 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 617,676617.7k $14.6m $14.6m 0.00% Added +14.3k +14,284
6 ENDEAVOUR CAPITAL ADVISORS INC 3.02% of their portfolio GREENWICH, CT 562,229562.2k $13.3m $13.3m 3.02% Added +45.7k +45,697
7 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 493,162493.2k $11.8m $11.8m 0.00% Added +17.1k +17,132
8 M3F, Inc. 2.45% of their portfolio SALT LAKE CITY, UT 417,108417.1k $9.9m $9.9m 2.45% Added +5.9k +5,945
9 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 383,940383.9k $9.1m $9.1m 0.00% Added +4.4k +4,400
10 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 366,527366.5k $8.7m $8.7m 0.00% Added +68.5k +68,467
11 BANC FUNDS CO LLC 1.54% of their portfolio CHICAGO, IL 349,165349.2k $8.3m $8.3m 1.54% Added +134.2k +134,198
12 Stieven Capital Advisors, L.P. 1.72% of their portfolio ST. LOUIS, MO 338,924338.9k $8.0m $8.0m 1.72% New
13 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 310,123310.1k $7.4m $7.4m 0.00% Added +127.6k +127,590
14 CHOREO, LLC 0.09% of their portfolio ROCKFORD, IL 293,681293.7k $7.0m $7.0m 0.09% Reduced -890 -890
15 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 272,989273.0k $6.5m $6.5m 0.00% Reduced -31.6k -31,613
16 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 269,165269.2k $6.4m $6.4m 0.00% Reduced -53.9k -53,915
17 Phocas Financial Corp. 0.97% of their portfolio ALAMEDA, CA 260,896260.9k $6.2m $6.2m 0.97% Reduced -73.5k -73,461
18 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 242,681242.7k $5.5m $5.5m 0.00% Reduced -900 -900
19 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 242,021242.0k $5.7m $5.7m 0.00% Reduced -3.5k -3,476
20 GENDELL JEFFREY L 0.08% of their portfolio Greenwich, CT 233,700233.7k $5.5m $5.5m 0.08% Unchanged
21 GRACE & WHITE INC /NY 0.96% of their portfolio NY, NY 228,108228.1k $5.4m $5.4m 0.96% Reduced -28.1k -28,125
22 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 205,324205.3k $4.9m $4.9m 0.00% Reduced -1.9k -1,876
23 CSM Advisors, LLC 0.12% of their portfolio WARRENDALE, PA 200,935200.9k $4.8m $4.8m 0.12% Reduced -1.0k -1,005
24 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 194,464194.5k $4.6m $4.6m 0.00% Added +12.5k +12,529
25 VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 175,931175.9k $4.2m $4.2m 0.00% First filing
26 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 157,322157.3k $3.7m $3.7m 0.00% First filing
27 Cutler Capital Management, LLC 0.89% of their portfolio WORCESTER, MA 136,470136.5k $3.2m $3.2m 0.89% Reduced -1.5k -1,530
28 GABELLI FUNDS LLC 0.02% of their portfolio Rye, NY 134,737134.7k $3.2m $3.2m 0.02% Reduced -3.1k -3,084
29 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 117,753117.8k $2.8m $2.8m 0.00% Reduced -1.3k -1,289
30 Sippican Capital Advisors 1.84% of their portfolio BOSTON, MA 113,141113.1k $2.7m $2.7m 1.84% Reduced -700 -700
31 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 106,986107.0k $2.5m $2.5m 0.00% Added +67.7k +67,737
32 ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio Boston, MA 101,185101.2k $2.4m $2.4m 0.00% Added +10.4k +10,379
33 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 98,28698.3k $2.3m $2.3m 0.00% Reduced -20.7k -20,726
34 FEDERATED HERMES, INC. 0.00% of their portfolio PITTSBURGH, PA 98,06598.1k $2.3m $2.3m 0.00% Added +51.1k +51,081
35 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 92,25292.3k $2.2m $2.2m 0.00% Added +34.8k +34,754
36 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.04% of their portfolio HOUSTON, TX 92,02992.0k $2.2m $2.2m 0.04% Added +76.1k +76,089
37 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 90,84190.8k $2.2m $2.2m 0.00% Reduced -49.7k -49,738
38 Empowered Funds, LLC 0.01% of their portfolio NEWTOWN SQUARE, PA 82,27982.3k $2.0m $2.0m 0.01% New
39 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 81,20881.2k $1.9m $1.9m 0.00% Added +503 +503
40 MAIRS & POWER INC 0.02% of their portfolio St Paul, MN 79,43679.4k $1.9m $1.9m 0.02% Unchanged
41 LOS ANGELES CAPITAL MANAGEMENT LLC 0.01% of their portfolio LOS ANGELES, CA 75,61775.6k $1.8m $1.8m 0.01% Reduced -27.7k -27,717
42 CWM, LLC 0.00% of their portfolio OMAHA, NE 73,24573.2k $1.7m $1.7m 0.00% Reduced -351 -351
43 Gator Capital Management, LLC 0.34% of their portfolio TAMPA, FL 67,96068.0k $1.6m $1.6m 0.34% Added +2.5k +2,550
44 FORTRESS FINANCIAL GROUP, LLC 1.16% of their portfolio ROCHESTER, MN 66,31666.3k $1.6m $1.6m 1.16% Reduced -1.0k -1,023
45 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 63,45463.5k $1.5m $1.5m 0.00% Reduced -12.3k -12,319
46 BASSWOOD CAPITAL MANAGEMENT, L.L.C. 0.07% of their portfolio NEW YORK, NY 60,24060.2k $1.4m $1.4m 0.07% Unchanged
47 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 52,85852.9k $1.3m $1.3m 0.00% Added +29.6k +29,603
48 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 52,21452.2k $1.2m $1.2m 0.00% Unchanged
49 Trexquant Investment LP 0.01% of their portfolio STAMFORD, CT 51,52851.5k $1.2m $1.2m 0.01% Added +30.8k +30,783
50 Wealth Forward, LLC 0.67% of their portfolio FARGO, ND 50,27950.3k $1.2m $1.2m 0.67% Unchanged
51 Pinnacle Holdings, LLC 0.38% of their portfolio TULSA, OK 48,99949.0k $1.2m $1.2m 0.38% Unchanged
52 GSA CAPITAL PARTNERS LLP 0.07% of their portfolio LONDON, X0 46,90146.9k $1.1m $1.1m 0.07% Reduced -2.2k -2,178
53 XTX Topco Ltd 0.02% of their portfolio LONDON, X0 43,59943.6k $1.0m $1.0m 0.02% Added +21.7k +21,744
54 IEQ CAPITAL, LLC 0.00% of their portfolio Foster City, CA 39,40039.4k $934.2k $934.2k 0.00% Added +5.8k +5,815
55 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 39,39639.4k $934.1k $934.1k 0.00% Added +194 +194
56 CARRET ASSET MANAGEMENT, LLC 0.09% of their portfolio NEW YORK, NY 37,00037.0k $877.3k $877.3k 0.09% New
57 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 35,21535.2k $834.9k $834.9k 0.00% Reduced -82.7k -82,699
58 Mariner, LLC 0.00% of their portfolio Overland Park, KS 33,39533.4k $791.8k $791.8k 0.00% Added +680 +680
59 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 32,65632.7k $774.3k $774.3k 0.00% Reduced -16.3k -16,262
60 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 31,89731.9k $756.3k $756.3k 0.00% Added +21.3k +21,290
61 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 31,26131.3k $741.2k $741.2k 0.00% Added +379 +379
62 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 29,98430.0k $710.9k $710.9k 0.00% New
63 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 29,87129.9k $708.2k $708.2k 0.00% Added +205 +205
64 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 28,73328.7k $681.3k $681.3k 0.00% Reduced -1.2k -1,220
65 Johnson Wealth Management, LLC 0.32% of their portfolio GRAND FORKS, ND 28,18628.2k $668.3k $668.3k 0.32% Unchanged
66 CenterBook Partners LP 0.04% of their portfolio GREENWICH, CT 28,09928.1k $666.2k $666.2k 0.04% New
67 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 26,50826.5k $628.5k $628.5k 0.00% Reduced -985 -985
68 MARTINGALE ASSET MANAGEMENT L P 0.01% of their portfolio BOSTON, MA 23,20023.2k $550.1k $550.1k 0.01% Reduced -57.5k -57,550
69 Lafayette Investments, Inc. 0.11% of their portfolio ASHTON, MD 21,90021.9k $519.2k $519.2k 0.11% Unchanged
70 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.02% of their portfolio BALA CYNWYD, PA 21,76921.8k $516.1k $516.1k 0.02% New
71 Inspire Investing, LLC 0.03% of their portfolio MERIDIAN, ID 21,67721.7k $514.0k $514.0k 0.03% Added +799 +799
72 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 21,16421.2k $501.8k $501.8k 0.00% Reduced -13.5k -13,526
73 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 20,57720.6k $487.9k $487.9k 0.00% Added +5.5k +5,500
74 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 20,48820.5k $485.2k $485.2k 0.00% Reduced -72.8k -72,844
75 LSV ASSET MANAGEMENT 0.00% of their portfolio CHICAGO, IL 20,00020.0k $474.0k $474.0k 0.00% New
76 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 19,83619.8k $470.3k $470.3k 0.00% Reduced -65.3k -65,257
77 Black Maple Capital Management LP 0.36% of their portfolio MILWAUKEE, WI 19,75719.8k $468.4k $468.4k 0.36% Reduced -4.8k -4,819
78 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 19,74019.7k $468.0k $468.0k 0.00% Reduced -31.5k -31,543
79 CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio TORONTO ONTARIO, A6 18,80018.8k $445.7k $445.7k 0.00% Unchanged
80 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 18,79918.8k $445.7k $445.7k 0.00% Added +2.1k +2,150
81 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 17,82817.8k $422.7k $422.7k 0.00% Reduced -4.1k -4,072
82 First PREMIER Bank 0.09% of their portfolio SIOUX FALLS, SD 17,03617.0k $404.0k $404.0k 0.09% Unchanged
83 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 16,28216.3k $387.0k $387.0k 0.00% Added +2.7k +2,688
84 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 15,57715.6k $369.3k $369.3k 0.00% Added +214 +214
85 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 13,74613.7k $327.7k $327.7k 0.00% Added +1.1k +1,050
86 Aviance Capital Partners, LLC 0.04% of their portfolio NAPLES, FL 13,11113.1k $310.9k $310.9k 0.04% Unchanged
87 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 12,87012.9k $305.1k $305.1k 0.00% Reduced -239 -239
88 PANAGORA ASSET MANAGEMENT INC 0.00% of their portfolio BOSTON, MA 11,88711.9k $281.8k $281.8k 0.00% Reduced -466 -466
89 UBS Group AG 0.00% of their portfolio ZURICH, V8 11,69011.7k $277.2k $277.2k 0.00% Reduced -5.4k -5,402
90 Columbia River Financial Group, LLC 0.16% of their portfolio VANCOUVER, WA 11,23911.2k $268.0k $268.0k 0.16% New
91 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 11,03311.0k $261.6k $261.6k 0.00% Added +128 +128
92 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 10,38410.4k $246.2k $246.2k 0.00% Reduced -16.5k -16,473
93 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 10,24710.2k $243.0k $243.0k 0.00% First filing
94 Harbor Advisors LLC 0.03% of their portfolio West Palm Beach, FL 9,8679.9k $233.9k $233.9k 0.03% Unchanged
95 Hanson & Doremus Investment Management 0.03% of their portfolio BURLINGTON, VT 9,8449.8k $233.0k $233.0k 0.03% Unchanged
96 Numerai GP LLC 0.02% of their portfolio SAN FRANCISCO, CA 9,6429.6k $228.6k $228.6k 0.02% Added +447 +447
97 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 8,6568.7k $205.2k $205.2k 0.00% New
98 FMR LLC 0.00% of their portfolio BOSTON, MA 8,4728.5k $200.9k $200.9k 0.00% Added +665 +665
99 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 6,7596.8k $160.3k $160.3k 0.00% Unchanged
100 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 4,8764.9k $115.6k $115.6k 0.00% Added +1.7k +1,702