Principal Financial Group Inc. Cuts Stake in Banner Corporation $BANR

Principal Financial Group Inc. lessened its stake in shares of Banner Corporation (NASDAQ:BANR) by 4.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 194,322 shares of the financial services provider’s stock after selling 9,780 shares during the period. Principal Financial Group Inc. owned 0.56% of Banner worth $12,728,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Westwood Holdings Group Inc. increased its stake in shares of Banner by 3.2% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,179,927 shares of the financial services provider’s stock worth $75,692,000 after acquiring an additional 36,940 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Banner by 19.6% in the second quarter. The Manufacturers Life Insurance Company now owns 1,011,347 shares of the financial services provider’s stock valued at $64,878,000 after purchasing an additional 165,557 shares during the period. Geode Capital Management LLC increased its position in Banner by 0.5% during the second quarter. Geode Capital Management LLC now owns 866,906 shares of the financial services provider’s stock worth $55,619,000 after purchasing an additional 3,921 shares during the last quarter. William Blair Investment Management LLC increased its position in Banner by 0.4% during the second quarter. William Blair Investment Management LLC now owns 625,382 shares of the financial services provider’s stock worth $40,118,000 after purchasing an additional 2,741 shares during the last quarter. Finally, Basswood Capital Management L.L.C. raised its stake in Banner by 29.9% during the second quarter. Basswood Capital Management L.L.C. now owns 351,638 shares of the financial services provider’s stock worth $22,558,000 after purchasing an additional 80,877 shares during the period. 87.33% of the stock is currently owned by institutional investors and hedge funds.

Banner Stock Up 0.1%

NASDAQ:BANR opened at $65.18 on Wednesday. Banner Corporation has a 52 week low of $54.01 and a 52 week high of $70.28. The stock’s fifty day moving average is $64.40 and its two-hundred day moving average is $64.01. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 11.56 and a beta of 0.90. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.17.

Banner (NASDAQ:BANR) last posted its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.09. Banner had a return on equity of 10.46% and a net margin of 22.26%.The firm had revenue of $169.90 million for the quarter, compared to the consensus estimate of $173.23 million. Research analysts anticipate that Banner Corporation will post 5.23 EPS for the current year.

Banner Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, February 3rd. Banner’s dividend payout ratio is currently 35.46%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BANR. Raymond James Financial reissued an “outperform” rating and issued a $70.00 price target (down previously from $72.00) on shares of Banner in a research note on Friday, October 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Banner in a report on Wednesday, January 21st. DA Davidson cut 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. Keefe, Bruyette & Woods lifted their target price on Banner from $73.00 to $74.00 and gave the company a “market perform” rating in a research report on Friday, October 17th. Finally, Piper Sandler reiterated a “neutral” rating and set a $70.00 price target on shares of Banner in a report on Monday, December 1st. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Banner currently has an average rating of “Hold” and an average target price of $71.17.

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.