Phocas Financial Corp. Sells 6,431 Shares of Banner Corporation (NASDAQ:BANR)

Key Points

• Phocas Financial Corp. reduced its stake in Banner Corporation by 5.5%, selling 6,431 shares during the first quarter, leaving them with approximately 111,339 shares valued at about $7.1 million.
• Banner Corporation reported earnings of $1.35 per share for the last quarter, surpassing analyst expectations, although its revenue of $162.98 million fell short of estimates.
• Institutional investors hold a significant portion of Banner Corporation's stock, with 87.33% ownership, signaling strong institutional interest in the financial services provider's performance.

Phocas Financial Corp. lessened its holdings in Banner Corporation (NASDAQ:BANR - Free Report) by 5.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 111,339 shares of the financial services provider's stock after selling 6,431 shares during the quarter. Phocas Financial Corp. owned 0.32% of Banner worth $7,100,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Summit Investment Advisors Inc. lifted its position in shares of Banner by 5.5% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,591 shares of the financial services provider's stock worth $240,000 after purchasing an additional 187 shares in the last quarter. US Bancorp DE lifted its position in shares of Banner by 13.1% in the first quarter. US Bancorp DE now owns 1,978 shares of the financial services provider's stock worth $126,000 after purchasing an additional 229 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Banner by 53.9% in the first quarter. GAMMA Investing LLC now owns 754 shares of the financial services provider's stock worth $48,000 after purchasing an additional 264 shares in the last quarter. USA Financial Formulas raised its position in Banner by 69.1% during the first quarter. USA Financial Formulas now owns 805 shares of the financial services provider's stock worth $51,000 after acquiring an additional 329 shares in the last quarter. Finally, Bank of Montreal Can raised its position in Banner by 9.5% during the fourth quarter. Bank of Montreal Can now owns 3,792 shares of the financial services provider's stock worth $253,000 after acquiring an additional 330 shares in the last quarter. Institutional investors own 87.33% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. DA Davidson upped their price target on shares of Banner from $67.00 to $72.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Raymond James Financial reiterated an "outperform" rating and set a $65.00 target price (down from $77.00) on shares of Banner in a research note on Monday, April 21st. Wall Street Zen upgraded Banner from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Stephens reaffirmed an "overweight" rating and set a $73.00 price objective on shares of Banner in a research report on Monday, April 21st. Finally, Janney Montgomery Scott raised shares of Banner from a "neutral" rating to a "buy" rating and set a $71.00 price objective on the stock in a research report on Monday, April 21st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $70.17.

Banner Price Performance

Banner stock traded up $1.10 during trading hours on Monday, reaching $62.18. 241,529 shares of the stock were exchanged, compared to its average volume of 223,356. The company has a market cap of $2.15 billion, a P/E ratio of 11.84 and a beta of 0.93. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.40. Banner Corporation has a twelve month low of $51.14 and a twelve month high of $78.05. The stock has a 50 day moving average of $64.23 and a two-hundred day moving average of $64.58.

Banner (NASDAQ:BANR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $1.35 EPS for the quarter, topping analysts' consensus estimates of $1.32 by $0.03. The firm had revenue of $162.98 million during the quarter, compared to analysts' expectations of $167.96 million. Banner had a net margin of 21.15% and a return on equity of 10.06%. Equities analysts expect that Banner Corporation will post 5.23 EPS for the current fiscal year.

Banner Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, August 5th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, August 5th. Banner's dividend payout ratio (DPR) is 36.57%.

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.