Banner (NASDAQ:BANR) Reaches New 52-Week High on Strong Earnings

Banner Co. (NASDAQ:BANR)’s stock price reached a new 52-week high during mid-day 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 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.12. Banner had a net margin of 20.93% and a return on equity of 10.89%. The firm had revenue of $213.90 million for the quarter, compared to analysts’ expectations of $152.95 million. During the same period in the prior year, the company earned $1.43 EPS.

Banner Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were given a dividend of $0.48 per share. The ex-dividend date was Tuesday, August 6th. This represents a $1.92 dividend on an annualized basis and a yield of 2.83%. Banner’s dividend payout ratio (DPR) is currently 39.92%.

Analyst Upgrades and Downgrades

BANR has been the topic of a number of analyst reports. Raymond James raised their target price on shares of Banner from $62.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Piper Sandler lifted their price target on shares of Banner from $51.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Stephens reiterated an “overweight” rating and issued a $53.00 price target on shares of Banner in a report on Thursday, July 18th. Finally, Janney Montgomery Scott lowered shares of Banner from a “buy” rating to a “neutral” rating in a report on Friday, July 19th. One 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. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $56.80.

Hedge Funds Weigh In On Banner

Hedge funds have recently made changes to their positions in the business. Innealta Capital LLC purchased a new position in shares of Banner in the 2nd quarter valued at $53,000. EntryPoint Capital LLC raised its stake in shares of Banner by 100.9% in the 1st quarter. EntryPoint Capital LLC now owns 1,111 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 558 shares during the period. CWM LLC increased its stake in Banner by 60.1% during the 2nd quarter. CWM LLC now owns 1,904 shares of the financial services provider’s stock worth $94,000 after buying an additional 715 shares during the period. Quest Partners LLC purchased a new stake in Banner during the 2nd quarter worth $152,000. Finally, SG Americas Securities LLC purchased a new stake in Banner during the 1st quarter worth $202,000. Hedge funds and other institutional investors own 87.33% of the company’s stock.

Banner Price Performance

The stock has a market cap of $2.34 billion, a PE ratio of 14.12 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 company’s 50 day moving average is $58.76 and its 200-day moving average is $52.18.

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.