Banner (NASDAQ:BANR) Releases Earnings Results, Misses Estimates By $0.02 EPS

Key Points

• Banner reported quarterly earnings of $1.44 per share, missing analysts’ estimates by $0.02. Revenue also came in slightly below expectations at $172.11 million versus the $174.54 million consensus.
• Shares of BANR fell 1.6% to $69.62 following the results, though the stock has traded between a 52-week low of $57.05 and high of $72.65.
• Wall Street’s outlook remains cautious, with analysts maintaining a Hold consensus and an average price target of $71.00.

Banner (NASDAQ:BANR - Get Free Report) released its earnings results on Wednesday. The financial services provider reported $1.44 earnings per share for the quarter, missing analysts' consensus estimates of $1.46 by ($0.02), Zacks reports. The firm had revenue of $172.11 million during the quarter, compared to the consensus estimate of $174.54 million. Banner had a return on equity of 10.77% and a net margin of 23.24%.

Banner Trading Down 1.6%

Shares of NASDAQ:BANR traded down $1.12 during trading on Wednesday, reaching $69.62. 886,614 shares of the company traded hands, compared to its average volume of 304,686. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.10. Banner has a 52-week low of $57.05 and a 52-week high of $72.65. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 11.72 and a beta of 0.83. The business's fifty day moving average is $66.25 and its 200-day moving average is $64.05.

Institutional Investors Weigh In On Banner

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in Banner by 1.0% in the fourth quarter. Royal Bank of Canada now owns 17,519 shares of the financial services provider's stock worth $1,097,000 after buying an additional 167 shares during the period. First Trust Advisors LP grew its holdings in shares of Banner by 0.4% during the 3rd quarter. First Trust Advisors LP now owns 41,634 shares of the financial services provider's stock worth $2,727,000 after acquiring an additional 175 shares during the period. US Bancorp DE raised its position in shares of Banner by 8.9% in the 3rd quarter. US Bancorp DE now owns 2,154 shares of the financial services provider's stock worth $141,000 after acquiring an additional 176 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Banner by 0.9% in the 2nd quarter. California State Teachers Retirement System now owns 31,818 shares of the financial services provider's stock worth $2,041,000 after acquiring an additional 285 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Banner by 8.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 4,909 shares of the financial services provider's stock valued at $308,000 after purchasing an additional 386 shares during the period. 87.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

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.

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