First Trust Advisors LP Buys 28,987 Shares of Banner Corporation $BANR

Key Points

• First Trust Advisors LP increased its Banner Corporation stake by 71.9%, purchasing 28,987 additional shares to own 69,297 shares valued at approximately $4.2 million. Institutional investors collectively own 87.33% of BANR.
• Banner shares opened at $71.81, near the company’s 12-month high of $72.65, with a market capitalization of $2.44 billion and a P/E ratio of 11.85.
• Banner reported quarterly earnings of $1.44 per share, slightly below analysts’ $1.46 estimate, while revenue also missed expectations. The company declared a quarterly dividend of $0.52 per share, representing a 2.9% annualized yield, and analysts maintain a consensus “Hold” rating with a $72.75 price target.

First Trust Advisors LP increased its position in Banner Corporation (NASDAQ:BANR - Free Report) by 71.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,297 shares of the financial services provider's stock after purchasing an additional 28,987 shares during the quarter. First Trust Advisors LP owned approximately 0.20% of Banner worth $4,205,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BANR. UBS Group AG boosted its position in shares of Banner by 241.2% in the 4th quarter. UBS Group AG now owns 454,807 shares of the financial services provider's stock worth $28,498,000 after purchasing an additional 321,522 shares during the last quarter. Deprince Race & Zollo Inc. increased its holdings in Banner by 93.8% in the fourth quarter. Deprince Race & Zollo Inc. now owns 488,295 shares of the financial services provider's stock valued at $30,597,000 after purchasing an additional 236,394 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in 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 last quarter. Goldman Sachs Group Inc. lifted its stake in Banner by 60.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 366,689 shares of the financial services provider's stock valued at $22,977,000 after buying an additional 138,525 shares during the period. Finally, Two Sigma Investments LP lifted its stake in Banner by 307.8% in the third quarter. Two Sigma Investments LP now owns 173,742 shares of the financial services provider's stock valued at $11,380,000 after buying an additional 131,140 shares during the period. 87.33% of the stock is owned by institutional investors.

Banner Price Performance

Shares of NASDAQ BANR opened at $71.81 on Wednesday. The company has a market cap of $2.44 billion, a PE ratio of 11.85 and a beta of 0.83. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.26. Banner Corporation has a twelve month low of $57.05 and a twelve month high of $72.65. The business's 50 day moving average price is $67.47 and its two-hundred day moving average price is $64.50.

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

Banner Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.9%. Banner's payout ratio is 34.32%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Banner from $75.00 to $78.00 and gave the company a "market perform" rating in a report on Monday, July 27th. Weiss Ratings upgraded shares of Banner from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. Wall Street Zen cut shares of Banner from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. Benchmark initiated coverage on shares of Banner in a report on Wednesday, July 8th. They issued a "hold" rating for the company. Finally, Piper Sandler upped their price objective 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. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $72.75.

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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