Zacks Investment Research upgraded shares of Banner Corp. (NASDAQ:BANR) from a hold rating to a buy rating in a report issued on Friday morning. The firm currently has $49.00 target price on the financial services provider’s stock.
According to Zacks, “Banner Corporation is a bank holding company operating two commercial banks in five Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. “
Several other brokerages also recently commented on BANR. DA Davidson reiterated a buy rating and set a $52.00 target price on shares of Banner Corp. in a research note on Tuesday, August 23rd. Keefe, Bruyette & Woods reduced their target price on Banner Corp. from $49.00 to $48.00 and set a market perform rating for the company in a research note on Thursday, July 28th. Finally, FBR & Co lifted their target price on Banner Corp. from $45.00 to $46.00 and gave the stock a mkt perform rating in a research note on Tuesday, October 11th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of Buy and an average target price of $49.83.
Shares of Banner Corp. (NASDAQ:BANR) traded up 0.07% during mid-day trading on Friday, reaching $43.95. The company’s stock had a trading volume of 29,938 shares. The firm has a 50 day moving average price of $43.90 and a 200 day moving average price of $42.89. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 23.07 and a beta of 1.63. Banner Corp. has a 52-week low of $35.39 and a 52-week high of $53.55.
Banner Corp. (NASDAQ:BANR) last posted its quarterly earnings results on Tuesday, July 26th. The financial services provider reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.72 by $0.05. Banner Corp. had a net margin of 13.96% and a return on equity of 6.70%. On average, equities analysts predict that Banner Corp. will post $2.81 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Investors of record on Monday, October 10th will be issued a dividend of $0.23 per share. This is a boost from Banner Corp.’s previous quarterly dividend of $0.21. This represents a $0.92 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Wednesday, October 5th. Banner Corp.’s dividend payout ratio (DPR) is presently 47.18%.
A number of hedge funds have recently added to or reduced their stakes in BANR. PineBridge Investments L.P. boosted its stake in Banner Corp. by 4.8% in the second quarter. PineBridge Investments L.P. now owns 2,606 shares of the financial services provider’s stock valued at $111,000 after buying an additional 120 shares during the last quarter. Mason Street Advisors LLC purchased a new stake in Banner Corp. during the second quarter valued at $171,000. Baker Boyer National Bank purchased a new stake in Banner Corp. during the third quarter valued at $225,000. MUFG Americas Holdings Corp boosted its stake in Banner Corp. by 2.0% in the second quarter. MUFG Americas Holdings Corp now owns 6,108 shares of the financial services provider’s stock valued at $260,000 after buying an additional 118 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in Banner Corp. by 125.6% in the second quarter. BNP Paribas Arbitrage SA now owns 6,889 shares of the financial services provider’s stock valued at $293,000 after buying an additional 3,836 shares during the last quarter. 77.11% of the stock is owned by institutional investors and hedge funds.
Banner Corp. Company Profile
Banner Corporation is a bank holding company. The Company is engaged in the business of planning, directing and coordinating the business activities of its subsidiaries, Banner Bank and Islanders Bank. Banner Bank is a regional bank that offers a range of commercial banking services and financial products to individuals, businesses and public sector entities in its market areas.