Mirae Asset Global Investments Co. Ltd. Acquires New Holdings in Banner Corporation $BANR

Key Points

• Mirae Asset Global Investments initiated a Banner Corporation position, buying 32,389 shares worth approximately $2.17 million in the third quarter, or about 0.10% of the company.
• Banner beat quarterly EPS estimates, reporting $1.51 per share versus $1.41 expected, though revenue of $179.07 million came in below the $184.24 million consensus.
• Analysts’ consensus rating was Hold, with an average price target of $75.75. Banner also declared a quarterly dividend of $0.52 per share, equivalent to a 3.0% annualized yield.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Banner Corporation (NASDAQ:BANR - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 32,389 shares of the financial services provider's stock, valued at approximately $2,170,000. Mirae Asset Global Investments Co. Ltd. owned about 0.10% of Banner as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Moss Adams Wealth Advisors LLC acquired a new position in Banner in the 3rd quarter valued at about $250,000. D.A. Davidson & CO. acquired a new stake in shares of Banner during the third quarter worth about $240,000. Contravisory Investment Management Inc. purchased a new position in shares of Banner in the third quarter valued at approximately $345,000. Capital Advisors Wealth Management LLC purchased a new position in Banner in the 3rd quarter valued at approximately $285,000. Finally, Integrated Wealth Concepts LLC purchased a new position in Banner in the second quarter valued at $76,000. Hedge funds and other institutional investors own 87.33% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. DA Davidson boosted their target price on shares of Banner from $74.00 to $76.00 and gave the stock a "neutral" rating in a research note on Friday, October 23rd. Piper Sandler cut their price target on Banner from $74.00 to $71.00 and set a "neutral" rating on the stock in a research note on Thursday, October 1st. Stephens increased their price objective on Banner from $77.00 to $78.00 and gave the company an "overweight" rating in a report on Monday, October 26th. Keefe, Bruyette & Woods increased their target price on shares of Banner from $75.00 to $78.00 and gave the company a "market perform" rating in a research report on Monday, July 27th. Finally, Wall Street Zen downgraded shares of Banner from a "hold" rating to a "sell" rating in a research note on Saturday, July 25th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $75.75.

Banner Trading Down 0.0%

BANR opened at $70.09 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. Banner Corporation has a 52 week low of $57.05 and a 52 week high of $74.84. The business's 50 day moving average is $69.13 and its two-hundred day moving average is $66.26. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 11.92 and a beta of 0.83.

Banner (NASDAQ:BANR - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The financial services provider reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.10. The firm had revenue of $179.07 million during the quarter, compared to analysts' expectations of $184.24 million. Banner had a net margin of 22.81% and a return on equity of 10.44%. On average, research analysts predict that Banner Corporation will post 6.13 EPS for the current year.

Banner Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Thursday, November 5th will be paid a $0.52 dividend. The ex-dividend date is Thursday, November 5th. This represents a $2.08 dividend on an annualized basis and a yield of 3.0%. Banner's payout ratio is currently 35.37%.

About Banner

Banner Corporation NASDAQ: BANR is a bank holding company headquartered in Walla Walla, Washington. Through its principal subsidiary, Banner Bank, the company provides banking and financial services to individuals, families, businesses and communities in the Pacific Northwest.

Banner Bank offers deposit products, residential and commercial real estate lending, construction and land development loans, commercial and industrial financing, agricultural loans, consumer loans and home equity products.

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