Banner (NASDAQ:BANR) Hits New 52-Week High - Still a Buy?

Key Points

• Banner (NASDAQ:BANR) reached a new 52-week high, trading as high as $69.85, reflecting continued momentum in the stock.
• Analysts remain cautious overall: the consensus rating is Hold with an average price target of $71, even though some firms have recently nudged targets higher.
• The bank reported solid fundamentals, including Q1 earnings of $1.59 per share versus estimates of $1.38, and it recently raised its quarterly dividend to $0.52 per share, yielding about 3.0%.

Banner Corporation (NASDAQ:BANR - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $69.85 and last traded at $69.48, with a volume of 4571 shares trading hands. The stock had previously closed at $68.57.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BANR. DA Davidson reissued a "neutral" rating and issued a $72.00 price target on shares of Banner in a report on Monday, May 4th. Benchmark started coverage on Banner in a research note on Wednesday, July 8th. They set a "hold" rating on the stock. Piper Sandler increased their price objective on Banner from $63.00 to $67.00 and gave the company a "neutral" rating in a research note on Monday, April 27th. Weiss Ratings upgraded Banner from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, June 18th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Banner from $73.00 to $75.00 and gave the company a "market perform" rating in a research note on Monday, May 18th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Banner currently has a consensus rating of "Hold" and a consensus price target of $71.00.

Banner Price Performance

The company's 50 day simple moving average is $65.69 and its 200 day simple moving average is $63.80. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $2.38 billion, a PE ratio of 11.75 and a beta of 0.83.

Banner (NASDAQ:BANR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.59 earnings per share for the quarter, topping analysts' consensus estimates of $1.38 by $0.21. The company had revenue of $168.91 million for the quarter, compared to analyst estimates of $169.60 million. Banner had a return on equity of 10.77% and a net margin of 23.24%. On average, equities analysts anticipate that Banner Corporation will post 6.12 earnings per share for the current year.

Banner Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.0%. This is a boost from Banner's previous quarterly dividend of $0.50. The ex-dividend date was Tuesday, May 5th. Banner's dividend payout ratio (DPR) is currently 35.02%.

Institutional Trading of Banner

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its position in shares of Banner by 836.0% in the fourth quarter. SG Americas Securities LLC now owns 22,605 shares of the financial services provider's stock worth $1,416,000 after buying an additional 20,190 shares during the period. Sovran Advisors LLC acquired a new stake in shares of Banner in the fourth quarter valued at about $1,147,000. UBS Group AG raised its holdings in shares of Banner by 241.2% during the 4th quarter. UBS Group AG now owns 454,807 shares of the financial services provider's stock valued at $28,498,000 after buying an additional 321,522 shares during the period. Vanguard Group Inc. raised its holdings in shares of Banner by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 3,837,199 shares of the financial services provider's stock valued at $240,439,000 after buying an additional 44,249 shares during the period. Finally, Deprince Race & Zollo Inc. lifted its position in Banner by 93.8% during the 4th quarter. Deprince Race & Zollo Inc. now owns 488,295 shares of the financial services provider's stock worth $30,597,000 after acquiring an additional 236,394 shares in the last quarter. Hedge funds and other institutional investors own 87.33% of the company's stock.

Banner Company Profile

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.

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