California Public Employees Retirement System raised its holdings in Banner Co. (NASDAQ:BANR) by 9.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,765 shares of the financial services provider’s stock after acquiring an additional 5,554 shares during the period. California Public Employees Retirement System owned approximately 0.20% of Banner worth $3,570,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the business. New York State Common Retirement Fund lifted its stake in shares of Banner by 1.0% in the 3rd quarter. New York State Common Retirement Fund now owns 95,317 shares of the financial services provider’s stock valued at $5,841,000 after purchasing an additional 951 shares during the period. Cortina Asset Management LLC raised its stake in Banner by 0.9% during the third quarter. Cortina Asset Management LLC now owns 127,539 shares of the financial services provider’s stock valued at $7,816,000 after buying an additional 1,107 shares during the last quarter. D.A. Davidson & CO. raised its stake in Banner by 13.4% during the third quarter. D.A. Davidson & CO. now owns 9,457 shares of the financial services provider’s stock valued at $579,000 after buying an additional 1,118 shares during the last quarter. Piedmont Investment Advisors LLC increased its holdings in shares of Banner by 27.5% in the 3rd quarter. Piedmont Investment Advisors LLC now owns 7,231 shares of the financial services provider’s stock worth $443,000 after purchasing an additional 1,561 shares in the last quarter. Finally, Aperio Group LLC increased its holdings in shares of Banner by 26.6% in the 3rd quarter. Aperio Group LLC now owns 9,255 shares of the financial services provider’s stock worth $567,000 after purchasing an additional 1,947 shares in the last quarter. 92.08% of the stock is currently owned by hedge funds and other institutional investors.
BANR has been the subject of several research analyst reports. Zacks Investment Research lowered Banner from a “hold” rating to a “sell” rating in a report on Tuesday, March 27th. BidaskClub raised Banner from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $60.00 price objective on shares of Banner in a research report on Friday, December 22nd. Sandler O’Neill reiterated a “buy” rating on shares of Banner in a research report on Friday, January 26th. Finally, Piper Jaffray restated a “hold” rating and set a $58.00 price objective on shares of Banner in a research report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Banner has a consensus rating of “Hold” and a consensus target price of $60.25.
In related news, VP Cynthia D. Purcell sold 841 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $54.67, for a total value of $45,977.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Kenneth A. Larsen sold 884 shares of the company’s stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $57.53, for a total transaction of $50,856.52. The disclosure for this sale can be found here. Insiders sold a total of 2,137 shares of company stock valued at $120,590 in the last quarter. 1.71% of the stock is owned by insiders.
Banner stock traded down $1.63 during mid-day trading on Friday, reaching $54.91. 180,420 shares of the company were exchanged, compared to its average volume of 240,014. The firm has a market cap of $1,791.44, a P/E ratio of 18.36, a P/E/G ratio of 1.61 and a beta of 0.96. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.15. Banner Co. has a 12-month low of $52.07 and a 12-month high of $62.75.
Banner (NASDAQ:BANR) last announced its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.08). Banner had a return on equity of 7.55% and a net margin of 12.02%. The company had revenue of $128.15 million for the quarter, compared to analyst estimates of $126.56 million. equities analysts expect that Banner Co. will post 3.41 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, April 19th. Investors of record on Tuesday, April 10th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.55%. The ex-dividend date is Monday, April 9th. This is an increase from Banner’s previous quarterly dividend of $0.25. Banner’s dividend payout ratio (DPR) is 33.44%.
Banner declared that its board has initiated a stock repurchase program on Wednesday, March 28th that permits the company to buyback 1,620,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
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Banner Corporation operates as the bank holding company for Banner Bank and Islanders Bank, which provides commercial banking and financial products and services to individuals, businesses, and public sector entities primarily in the United States. It offers deposit products, 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.
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