ALERUS FINL CORP ALRS
COM · Common Stock · CUSIP 01446U103
- SectorFinancials
- IndustryNational Commercial Banks
- HeadquartersGrand Forks, ND
- FilingsSEC EDGAR
* 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 ($3.7m this quarter). Holder counts are more reliable. Shares outstanding: 24.9m as of 2026-07-30, 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 ≈ $30.99. Options: 1 managers hold calls ($267.5k notional), 0 hold puts (—).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 78 |
| Q4 2022 | 79 |
| Q1 2023 | 68 |
| Q2 2023 | 68 |
| Q3 2023 | 72 |
| Q4 2023 | 80 |
| Q1 2024 | 89 |
| Q2 2024 | 94 |
| Q3 2024 | 102 |
| Q4 2024 | 111 |
| Q1 2025 | 114 |
| Q2 2025 | 127 |
| Q3 2025 | 136 |
| Q4 2025 | 142 |
| Q1 2026 | 149 |
| Q2 2026 | 161 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 47 | 31 |
| Q4 2024 | 74 | 33 |
| Q1 2025 | 56 | 47 |
| Q2 2025 | 71 | 47 |
| Q3 2025 | 78 | 42 |
| Q4 2025 | 83 | 40 |
| Q1 2026 | 65 | 58 |
| Q2 2026 | 90 | 51 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $13.0k | $0 | 0.00 |
| Q4 2025 | $0 | $0 | — |
| Q1 2026 | $0 | $0 | — |
| Q2 2026 | $267.5k | $0 | 0.00 |
Biggest buyers
| ProShare Advisors LLC | New | +226.3k |
| GOLDMAN SACHS GROUP INC | Added | +158.8k |
| MAIRS & POWER INC | Added | +124.0k |
| Phocas Financial Corp. | Added | +93.3k |
| Qube Research & Technologies Ltd | Added | +73.5k |
| STATE STREET CORP | Added | +68.1k |
| BlackRock, Inc. | Added | +61.5k |
| DIMENSIONAL FUND ADVISORS LP | Added | +56.6k |
| TWO SIGMA INVESTMENTS, LP | Added | +47.1k |
| Stieven Capital Advisors, L.P. | Added | +43.1k |
Biggest sellers
| WELLINGTON MANAGEMENT GROUP LLP | Sold out | -242.0k |
| ENDEAVOUR CAPITAL ADVISORS INC | Reduced | -222.7k |
| ALERUS FINANCIAL NA | Reduced | -125.6k |
| AMERIPRISE FINANCIAL INC | Reduced | -73.0k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -69.4k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -56.0k |
| CARRET ASSET MANAGEMENT, LLC | Sold out | -37.0k |
| MORGAN STANLEY | Reduced | -35.6k |
| AMERICAN CENTURY COMPANIES INC | Reduced | -32.4k |
| JANE STREET GROUP, LLC | Sold out | -31.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | $267.5k8.6k shares |
Biggest puts
| None |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
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.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2025-02-05 | 7.3% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26)
Insider purchases and sales since 1 Apr 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)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 1 | $20.3k | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 1 | $99.7k | 0 | — | — |
| Q3 2025 | 1 | $49.8k | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
| Q1 2026 | 0 | — | 0 | — | — |
| Q2 2026 | 1 | $28.7k | 0 | — | — |
| Q3 2026 | 1 | $32.5k | 1 | $19.8k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-14 | Koob Kari SVP, Controller | Sold | $19.8k597 shares |
| 2026-09-01 | Bolton Jeffrey Director | Bought | $32.5k1.0k shares |
| 2026-05-27 | Bolton Jeffrey Director | Bought | $28.7k1.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| ALERUS FINANCIAL NA 2.88% of their portfolio | 2.1m $65.8m | Reduced -125.6k |
| BlackRock, Inc. 0.00% of their portfolio | 1.8m $56.7m | Added +61.5k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 945.9k $29.4m | Reduced -15.9k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 943.4k $29.3m | Added +56.6k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 655.2k $20.4m | Added +37.5k |
| STATE STREET CORP 0.00% of their portfolio | 561.2k $17.6m | Added +68.1k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 525.3k $16.3m | Added +158.8k |
| M3F, Inc. 3.07% of their portfolio | 417.1k $13.0m | Unchanged |
| Stieven Capital Advisors, L.P. 2.27% of their portfolio | 382.0k $11.9m | Added +43.1k |
| Phocas Financial Corp. 1.53% of their portfolio | 354.2k $11.0m | Added +93.3k |
| BANC FUNDS CO LLC 1.79% of their portfolio | 349.2k $10.9m | Unchanged |
| ENDEAVOUR CAPITAL ADVISORS INC 2.17% of their portfolio | 339.5k $10.6m | Reduced -222.7k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 310.9k $9.7m | Reduced -73.0k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 296.7k $9.2m | Added +27.5k |
| CHOREO, LLC 0.10% of their portfolio | 293.3k $9.1m | Reduced -416 |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 277.7k $8.6m | Reduced -32.4k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 249.0k $5.9m | Added +6.3k |
| CSM Advisors, LLC 0.16% of their portfolio | 239.3k $7.4m | Added +38.4k |
| MORGAN STANLEY 0.00% of their portfolio | 237.4k $7.4m | Reduced -35.6k |
| GENDELL JEFFREY L 0.07% of their portfolio | 233.7k $7.3m | Unchanged |
| GRACE & WHITE INC /NY 1.12% of their portfolio | 228.1k $7.1m | Unchanged |
| ProShare Advisors LLC 0.01% of their portfolio | 226.3k $7.0m | New |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 209.8k $6.5m | Added +33.8k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 205.2k $6.4m | Added +10.7k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 205.1k $6.4m | Reduced -231 |
| MAIRS & POWER INC 0.06% of their portfolio | 203.4k $6.3m | Added +124.0k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 164.3k $5.1m | Added +73.5k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 162.6k $5.1m | Added +5.3k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 139.4k $4.3m | Added +41.4k |
| GABELLI FUNDS LLC 0.03% of their portfolio | 134.7k $4.2m | Unchanged |
| Cutler Capital Management, LLC 1.09% of their portfolio | 134.4k $4.2m | Reduced -2.1k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 124.4k $3.9m | Added +6.7k |
| Quantinno Capital Management LP 0.00% of their portfolio | 124.3k $3.9m | Added +32.1k |
| Sippican Capital Advisors 2.12% of their portfolio | 111.9k $3.5m | Reduced -1.2k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.06% of their portfolio | 108.9k $3.4m | Added +16.9k |
| Empowered Funds, LLC 0.02% of their portfolio | 99.2k $3.1m | Added +16.9k |
| ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio | 89.0k $2.8m | Reduced -12.1k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 84.0k $2.6m | Added +2.8k |
| Trexquant Investment LP 0.02% of their portfolio | 83.7k $2.6m | Added +32.2k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 82.3k $2.6m | Added +47.1k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 74.6k $2.3m | Added +22.3k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 71.2k $2.2m | Reduced -4.4k |
| FORTRESS FINANCIAL GROUP, LLC 1.03% of their portfolio | 66.3k $2.1m | Added +28 |
| XTX Topco Ltd 0.02% of their portfolio | 60.9k $1.9m | Added +17.3k |
| BASSWOOD CAPITAL MANAGEMENT, L.L.C. 0.08% of their portfolio | 60.2k $1.9m | Unchanged |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 55.5k $1.7m | Reduced -8.0k |
| Gator Capital Management, LLC 0.36% of their portfolio | 54.4k $1.7m | Reduced -13.5k |
| Wealth Forward, LLC 0.78% of their portfolio | 50.3k $1.6m | Unchanged |
| Squarepoint Ops LLC 0.00% of their portfolio | 49.4k $1.5m | Reduced -3.4k |
| Pinnacle Holdings, LLC 0.47% of their portfolio | 49.1k $1.5m | Added +150 |
| CITIGROUP INC 0.00% of their portfolio | 48.8k $1.5m | Added +16.9k |
| Nuveen, LLC 0.00% of their portfolio | 44.5k $1.4m | Added +5.1k |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 42.2k $1.3m | Reduced -56.0k |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 41.1k $1.3m | Added +40.5k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 39.4k $1.2m | Added +6.8k |
| IEQ CAPITAL, LLC 0.01% of their portfolio | 39.2k $1.2m | Reduced -175 |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 37.6k $1.2m | Reduced -69.4k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 32.0k $996.3k | Added +2.1k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 31.8k $990.2k | Added +3.1k |
| Mariner, LLC 0.00% of their portfolio | 31.5k $978.4k | Reduced -1.9k |
| Invesco Ltd. 0.00% of their portfolio | 30.4k $945.8k | Added +541 |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 28.7k $892.2k | Added +23.8k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.02% of their portfolio | 28.4k $882.5k | Added +6.6k |
| GSA CAPITAL PARTNERS LLP 0.05% of their portfolio | 28.0k $869.0k | Reduced -18.9k |
| Creative Planning 0.00% of their portfolio | 27.9k $866.3k | Added +1.3k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 26.2k $815.2k | New |
| STRS OHIO 0.00% of their portfolio | 24.9k $774.4k | New |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 23.4k $728.4k | Added +4.6k |
| Johnson Wealth Management, LLC 0.30% of their portfolio | 23.0k $715.5k | Reduced -5.2k |
| GAMCO INVESTORS, INC. ET AL 0.01% of their portfolio | 22.7k $705.1k | Added +2.8k |
| Inspire Investing, LLC 0.03% of their portfolio | 22.0k $683.7k | Added +308 |
| Lafayette Investments, Inc. 0.13% of their portfolio | 21.9k $681.1k | Unchanged |
| FMR LLC 0.00% of their portfolio | 21.8k $677.0k | Added +13.3k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 20.5k $637.3k | Added +10.1k |
| LSV ASSET MANAGEMENT 0.00% of their portfolio | 20.0k $622.0k | Unchanged |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 19.8k $617.0k | Added +3.5k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 19.3k $601.5k | Reduced -1.2k |
| Cetera Investment Advisers 0.00% of their portfolio | 19.0k $590.0k | Reduced -2.2k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio | 18.8k $584.7k | Unchanged |
| Odyssean, LLC 0.09% of their portfolio | 18.8k $584.1k | New |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 18.2k $565.2k | Added +2.6k |
| Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio | 17.9k $557.7k | New |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 16.6k $520.4k | Added +2.9k |
| Aquatic Capital Management LLC 0.02% of their portfolio | 16.6k $515.1k | New |
| MetLife Investment Management, LLC 0.00% of their portfolio | 13.7k $427.3k | Added +869 |
| MARSHALL WACE, LLP 0.00% of their portfolio | 13.5k $418.5k | New |
| HRT FINANCIAL LP 0.00% of their portfolio | 13.3k $413.0k | New |
| Aviance Capital Partners, LLC 0.04% of their portfolio | 13.1k $407.7k | Unchanged |
| First PREMIER Bank 0.06% of their portfolio | 12.7k $394.0k | Reduced -4.4k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 12.1k $374.8k | Added +3.4k |
| Columbia River Financial Group, LLC 0.19% of their portfolio | 11.2k $352.0k | Unchanged |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 11.0k $343.6k | Added +15 |
| Tower Research Capital LLC (TRC) 0.01% of their portfolio | 10.7k $332.0k | Added +8.1k |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 10.2k $318.7k | Unchanged |
| Harbor Advisors LLC 0.04% of their portfolio | 9.9k $306.9k | Unchanged |
| Hanson & Doremus Investment Management 0.03% of their portfolio | 9.6k $298.0k | Reduced -260 |
| MARTINGALE ASSET MANAGEMENT L P 0.01% of their portfolio | 8.4k $261.2k | Reduced -14.8k |
| PFG Advisors 0.01% of their portfolio | 7.9k $247.2k | New |
| MML INVESTORS SERVICES, LLC 0.00% of their portfolio | 7.9k $246.8k | New |
| Tradition Wealth Management, LLC 0.02% of their portfolio | 7.9k $246.1k | New |