Bank of New York Mellon Corp Reduces Stock Position in Banner Corporation $BANR

Key Points

• Bank of New York Mellon reduced its Banner Corporation stake by 5% in the first quarter, selling 16,183 shares and retaining 304,426 shares worth approximately $18.5 million. Institutional investors collectively own 87.33% of Banner.
• Analysts maintain a generally neutral view, with a consensus “Hold” rating and an average price target of $72.75. Banner recently reported quarterly EPS of $1.44, slightly below the $1.46 consensus estimate.
• Banner declared a quarterly dividend of $0.52 per share, equivalent to $2.08 annually and a 3.0% yield; the payment is scheduled for August 14 for shareholders of record as of August 4.

Bank of New York Mellon Corp lowered its holdings in Banner Corporation (NASDAQ:BANR - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 304,426 shares of the financial services provider's stock after selling 16,183 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.90% of Banner worth $18,473,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Financial Life Planners bought a new position in shares of Banner during the first quarter valued at approximately $30,000. Kemnay Advisory Services Inc. bought a new stake in Banner in the fourth quarter valued at $31,000. Aquatic Capital Management LLC purchased a new position in Banner during the 3rd quarter valued at $36,000. EverSource Wealth Advisors LLC purchased a new position in Banner during the 2nd quarter valued at $45,000. Finally, Lodestone Wealth Management LLC bought a new position in Banner in the 4th quarter worth $66,000. 87.33% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Benchmark started coverage on shares of Banner in a research report on Wednesday, July 8th. They issued a "hold" rating for the company. Piper Sandler boosted their price target on shares of Banner from $63.00 to $67.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. DA Davidson increased their price target on shares of Banner from $72.00 to $76.00 and gave the stock a "neutral" rating in a research note on Monday. Keefe, Bruyette & Woods raised their price objective on shares of Banner from $75.00 to $78.00 and gave the stock a "market perform" rating in a report on Monday. Finally, Wall Street Zen cut Banner from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $72.75.

Banner Price Performance

BANR opened at $69.96 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.26. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 11.54 and a beta of 0.83. The stock has a fifty day simple moving average of $67.00 and a two-hundred day simple moving average of $64.31. Banner Corporation has a 12-month low of $57.05 and a 12-month high of $72.65.

Banner (NASDAQ:BANR - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $1.44 EPS for the quarter, missing analysts' consensus estimates of $1.46 by ($0.02). The business had revenue of $172.11 million for the quarter, compared to the consensus estimate of $174.54 million. Banner had a net margin of 23.55% and a return on equity of 10.72%. Research analysts predict that Banner Corporation will post 6.2 earnings per share for the current fiscal year.

Banner Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, August 4th. Banner's dividend payout ratio (DPR) is 34.32%.

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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