Banner (NASDAQ:BANR) Hits New 1-Year High – Time to Buy?

Banner Corporation (NASDAQ:BANR)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $69.85 and last traded at $69.48, with a volume of 4571 shares changing hands. The stock had previously closed at $68.57.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Piper Sandler upped their target price on shares of Banner from $63.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Benchmark began coverage on shares of Banner in a research note on Wednesday, July 8th. They set a “hold” rating on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Banner from $73.00 to $75.00 and gave the stock a “market perform” rating in a report on Monday, May 18th. DA Davidson reissued a “neutral” rating and issued a $72.00 price objective on shares of Banner in a research report on Monday, May 4th. Finally, Weiss Ratings upgraded Banner from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $71.00.

Banner Stock Up 1.4%

The firm has a fifty day simple moving average of $65.69 and a 200-day simple moving average of $63.80. The company has a market capitalization of $2.38 billion, a PE ratio of 11.75 and a beta of 0.83. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.85 and a current ratio of 0.86.

Banner (NASDAQ:BANR) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $1.59 EPS for the quarter, beating the consensus estimate of $1.38 by $0.21. The company had revenue of $168.91 million during the quarter, compared to analysts’ expectations of $169.60 million. Banner had a return on equity of 10.77% and a net margin of 23.24%. Equities research analysts anticipate that Banner Corporation will post 6.12 EPS for the current fiscal year.

Banner Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, May 5th. This is an increase from Banner’s previous quarterly dividend of $0.50. Banner’s payout ratio is presently 35.02%.

Hedge Funds Weigh In On Banner

Several large investors have recently modified their holdings of the stock. Versant Capital Management Inc grew its stake in Banner by 31.5% in the second quarter. Versant Capital Management Inc now owns 714 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 171 shares in the last quarter. Empowered Funds LLC increased its holdings in Banner by 1.8% in the first quarter. Empowered Funds LLC now owns 146,837 shares of the financial services provider’s stock valued at $8,910,000 after buying an additional 2,611 shares during the last quarter. Bank of America Corp DE raised its stake in Banner by 25.4% during the first quarter. Bank of America Corp DE now owns 171,439 shares of the financial services provider’s stock valued at $10,403,000 after buying an additional 34,679 shares in the last quarter. Edgestream Partners L.P. raised its stake in Banner by 10.1% during the first quarter. Edgestream Partners L.P. now owns 24,811 shares of the financial services provider’s stock valued at $1,506,000 after buying an additional 2,278 shares in the last quarter. Finally, Amundi lifted its holdings in Banner by 63.6% during the 1st quarter. Amundi now owns 14,759 shares of the financial services provider’s stock worth $896,000 after buying an additional 5,739 shares during the last quarter. Institutional investors own 87.33% of the company’s stock.

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.