Zacks Investment Research Upgrades Banner Corp. (BANR) to “Buy”
Banner Corp. (NASDAQ:BANR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $49.00 target price on the financial services provider’s stock. Zacks Investment Research’s price objective would indicate a potential upside of 10.86% from the company’s previous close.
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. “
BANR has been the topic of a number of other research reports. FBR & Co cut their target price on Banner Corp. from $50.00 to $48.00 and set a “market perform” rating on the stock in a research report on Friday, July 29th. Keefe, Bruyette & Woods cut their target price on Banner Corp. from $49.00 to $48.00 and set a “market perform” rating on the stock in a research report on Thursday, July 28th. Finally, DA Davidson reiterated a “buy” rating and set a $52.00 target price on shares of Banner Corp. in a research report on Tuesday, August 23rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Banner Corp. currently has a consensus rating of “Buy” and an average price target of $49.83.
Banner Corp. (NASDAQ:BANR) opened at 44.20 on Friday. The firm’s 50 day moving average price is $43.92 and its 200-day moving average price is $42.92. Banner Corp. has a one year low of $35.39 and a one year high of $53.55. The firm has a market cap of $1.52 billion, a PE ratio of 23.20 and a beta of 1.63.
Banner Corp. (NASDAQ:BANR) last posted its earnings results on Tuesday, July 26th. The financial services provider reported $0.67 EPS for the quarter, missing the Zacks’ consensus estimate of $0.72 by $0.05. Banner Corp. had a return on equity of 6.70% and a net margin of 13.96%. Equities analysts predict that Banner Corp. will post $2.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Investors of record on Monday, October 10th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Wednesday, October 5th. This is a boost from Banner Corp.’s previous quarterly dividend of $0.21. Banner Corp.’s payout ratio is 47.18%.
A number of institutional investors have recently modified their holdings of BANR. Louisiana State Employees Retirement System boosted its position in shares of Banner Corp. by 1.1% in the second quarter. Louisiana State Employees Retirement System now owns 9,100 shares of the financial services provider’s stock valued at $387,000 after buying an additional 100 shares during the period. MUFG Americas Holdings Corp raised its stake in shares of 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 worth $260,000 after buying an additional 118 shares in the last quarter. PineBridge Investments L.P. raised its stake in shares of 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 worth $111,000 after buying an additional 120 shares in the last quarter. Sei Investments Co. raised its stake in shares of Banner Corp. by 1.2% in the second quarter. Sei Investments Co. now owns 11,090 shares of the financial services provider’s stock worth $471,000 after buying an additional 127 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its stake in shares of Banner Corp. by 2.2% in the second quarter. Parametric Portfolio Associates LLC now owns 9,131 shares of the financial services provider’s stock worth $388,000 after buying an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 77.11% of the company’s stock.
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.
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