Banner (NASDAQ:BANR) Sets New 1-Year High After Better-Than-Expected Earnings

Banner Co. (NASDAQ:BANR)’s stock price hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $67.72 and last traded at $67.00, with a volume of 21314 shares trading hands. The stock had previously closed at $65.86.

The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.12. The business had revenue of $213.90 million during the quarter, compared to analysts’ expectations of $152.95 million. Banner had a net margin of 20.93% and a return on equity of 10.89%. During the same period in the previous year, the company earned $1.43 EPS.

Banner Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were paid a $0.48 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $1.92 annualized dividend and a yield of 2.87%. Banner’s dividend payout ratio is presently 39.92%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Raymond James boosted their target price on Banner from $62.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Stephens restated an “overweight” rating and set a $53.00 target price on shares of Banner in a research report on Thursday, July 18th. Piper Sandler raised their price objective on shares of Banner from $51.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Finally, Janney Montgomery Scott downgraded Banner from a “buy” rating to a “neutral” rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $56.80.

Institutional Investors Weigh In On Banner

Several institutional investors have recently modified their holdings of BANR. Hennessy Advisors Inc. increased its stake in Banner by 58.3% in the 1st quarter. Hennessy Advisors Inc. now owns 57,000 shares of the financial services provider’s stock valued at $2,736,000 after purchasing an additional 21,000 shares in the last quarter. Boston Partners purchased a new position in shares of Banner in the first quarter valued at $1,025,000. Vanguard Group Inc. raised its stake in shares of Banner by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 4,187,837 shares of the financial services provider’s stock worth $224,301,000 after buying an additional 40,988 shares during the last quarter. Westwood Holdings Group Inc. boosted its position in shares of Banner by 3.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 717,058 shares of the financial services provider’s stock worth $34,419,000 after buying an additional 25,525 shares in the last quarter. Finally, Entropy Technologies LP purchased a new stake in Banner in the 1st quarter valued at approximately $247,000. Hedge funds and other institutional investors own 87.33% of the company’s stock.

Banner Stock Up 1.7 %

The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 13.94 and a beta of 1.05. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.43. The firm’s 50 day moving average is $58.48 and its two-hundred day moving average is $52.07.

Banner Company Profile

Banner Corporation operates as the bank holding company for Banner Bank that engages in the provision of commercial banking and financial products and services to individuals, businesses, and public sector entities in the United States. It accepts various deposit instruments, including interest-bearing and non-interest-bearing checking accounts, money market deposit accounts, regular savings accounts, and certificates of deposit, as well as treasury management services and retirement savings plans.