Banner (NASDAQ:BANR) Announces Earnings Results

Banner (NASDAQ:BANR) released its quarterly earnings data on Wednesday. The financial services provider reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.09, Zacks reports. Banner had a return on equity of 10.32% and a net margin of 21.80%.

Banner Price Performance

BANR stock traded up $1.85 during trading on Wednesday, hitting $66.03. The stock had a trading volume of 485,077 shares, compared to its average volume of 169,769. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 12.03 and a beta of 0.91. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. Banner has a 1-year low of $54.01 and a 1-year high of $72.58. The company’s 50 day moving average price is $64.02 and its two-hundred day moving average price is $64.39.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BANR. DA Davidson decreased their target price on Banner from $73.00 to $69.00 and set a “neutral” rating for the company in a research note on Friday, October 17th. Piper Sandler restated a “neutral” rating and set a $70.00 price objective on shares of Banner in a research report on Monday, December 1st. Keefe, Bruyette & Woods increased their price objective on Banner from $73.00 to $74.00 and gave the company a “market perform” rating in a report on Friday, October 17th. Wall Street Zen raised Banner from a “sell” rating to a “hold” rating in a report on Saturday, October 18th. Finally, Weiss Ratings cut shares of Banner from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 24th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $71.17.

Institutional Trading of Banner

A number of institutional investors have recently added to or reduced their stakes in BANR. The Manufacturers Life Insurance Company lifted its position in shares of Banner by 19.6% during the second quarter. The Manufacturers Life Insurance Company now owns 1,011,347 shares of the financial services provider’s stock worth $64,878,000 after purchasing an additional 165,557 shares in the last quarter. Two Sigma Investments LP increased its stake in Banner by 307.8% during the 3rd quarter. Two Sigma Investments LP now owns 173,742 shares of the financial services provider’s stock worth $11,380,000 after buying an additional 131,140 shares during the period. Raymond James Financial Inc. lifted its holdings in Banner by 50.9% in the 3rd quarter. Raymond James Financial Inc. now owns 295,621 shares of the financial services provider’s stock worth $19,363,000 after buying an additional 99,708 shares in the last quarter. Millennium Management LLC lifted its holdings in Banner by 33.2% in the 3rd quarter. Millennium Management LLC now owns 340,215 shares of the financial services provider’s stock worth $22,284,000 after buying an additional 84,805 shares in the last quarter. Finally, Basswood Capital Management L.L.C. boosted its position in Banner by 29.9% in the 2nd quarter. Basswood Capital Management L.L.C. now owns 351,638 shares of the financial services provider’s stock valued at $22,558,000 after buying an additional 80,877 shares during the last quarter. 87.33% of the stock is owned by hedge funds and other institutional investors.

About Banner

Banner Corporation, through its principal subsidiary Banner Bank, operates as a regional commercial bank headquartered in Walla Walla, Washington. Founded in 2000 as a bank holding company, Banner traces its origins to community banking roots in Eastern Washington dating back to the late 19th century. Over the past two decades, the company has grown through both organic expansion and strategic acquisitions, establishing a strong presence throughout the Pacific Northwest.

The company offers a comprehensive suite of financial products and services for individual and business clients.