Banner (NASDAQ:BANR) Releases Earnings Results, Beats Estimates By $0.11 EPS

Key Points

• Banner Corporation reported earnings of $1.52 per share for the quarter, exceeding analysts' estimates of $1.41 by $0.11.
• The company's stock experienced a drop of $1.55, closing at $62.45, with a market capitalization of $2.16 billion.
• Institutional investors own over 87% of Banner's stock, reflecting strong interest from financial institutions in the company's stability and growth potential.

Banner (NASDAQ:BANR - Get Free Report) issued its earnings results on Wednesday. The financial services provider reported $1.52 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.11, Zacks reports. Banner had a net margin of 21.15% and a return on equity of 10.06%.

Banner Stock Performance

BANR stock traded down $1.55 during trading on Wednesday, reaching $62.45. The company had a trading volume of 181,936 shares, compared to its average volume of 215,029. The firm has a 50-day simple moving average of $65.25 and a 200-day simple moving average of $63.74. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 11.90 and a beta of 0.91. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.88 and a current ratio of 0.88. Banner has a twelve month low of $54.01 and a twelve month high of $78.05.

Institutional Trading of Banner

Several institutional investors and hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its stake in Banner by 19.6% during the 2nd 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 acquiring an additional 165,557 shares during the period. Basswood Capital Management L.L.C. lifted its stake in Banner by 29.9% during 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 acquiring an additional 80,877 shares during the period. Invesco Ltd. lifted its stake in Banner by 20.7% during the 2nd quarter. Invesco Ltd. now owns 300,882 shares of the financial services provider's stock valued at $19,302,000 after acquiring an additional 51,584 shares during the period. Raymond James Financial Inc. lifted its stake in Banner by 34.5% during the 2nd quarter. Raymond James Financial Inc. now owns 195,913 shares of the financial services provider's stock valued at $12,568,000 after acquiring an additional 50,243 shares during the period. Finally, Sei Investments Co. lifted its stake in Banner by 5.3% during the 2nd quarter. Sei Investments Co. now owns 125,111 shares of the financial services provider's stock valued at $8,026,000 after acquiring an additional 6,312 shares during the period. 87.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on BANR shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of Banner in a research report on Wednesday, October 8th. Wall Street Zen downgraded shares of Banner from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, DA Davidson raised their target price on shares of Banner from $67.00 to $72.00 and gave the company a "neutral" rating in a research report on Friday, July 18th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.17.

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.

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