Banner (NASDAQ:BANR) Hits New 1-Year High Following Earnings Beat

Shares of Banner Co. (NASDAQ:BANR - Get Free Report) hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $67.72 and last traded at $67.00, with a volume of 21314 shares. The stock had previously closed at $65.86.

The financial services provider reported $1.30 EPS for the quarter, beating the consensus estimate of $1.18 by $0.12. Banner had a net margin of 20.93% and a return on equity of 10.89%. The firm had revenue of $213.90 million for the quarter, compared to analysts' expectations of $152.95 million. During the same quarter last year, the company earned $1.43 EPS.

Banner Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were paid a $0.48 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $1.92 annualized dividend and a dividend yield of 2.83%. Banner's dividend payout ratio is currently 39.92%.

Analysts Set New Price Targets

Several research analysts have issued reports on BANR shares. Raymond James lifted their price target on shares of Banner from $62.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 2nd. Piper Sandler boosted their target price on Banner from $51.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, July 19th. Janney Montgomery Scott lowered Banner from a "buy" rating to a "neutral" rating in a research report on Friday, July 19th. Finally, Stephens reissued an "overweight" rating and issued a $53.00 price target on shares of Banner in a research note on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $56.80.

Institutional Trading of Banner

Institutional investors have recently bought and sold shares of the company. EntryPoint Capital LLC lifted its holdings in shares of Banner by 100.9% during the 1st quarter. EntryPoint Capital LLC now owns 1,111 shares of the financial services provider's stock valued at $53,000 after buying an additional 558 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Banner during the 2nd quarter worth $53,000. CWM LLC raised its holdings in shares of Banner by 60.1% during the 2nd quarter. CWM LLC now owns 1,904 shares of the financial services provider's stock valued at $94,000 after purchasing an additional 715 shares in the last quarter. Quest Partners LLC bought a new position in shares of Banner during the 2nd quarter valued at $152,000. Finally, SG Americas Securities LLC bought a new stake in Banner in the first quarter worth $202,000. Institutional investors and hedge funds own 87.33% of the company's stock.

Banner Price Performance

The company's 50-day simple moving average is $58.76 and its 200 day simple moving average is $52.18. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of 14.12 and a beta of 1.05.

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.