Bank of New York Mellon Corp Trims Position in Banner Corporation (NASDAQ:BANR)

Bank of New York Mellon Corp lowered its position in Banner Corporation (NASDAQ:BANR) by 3.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 341,611 shares of the financial services provider’s stock after selling 12,496 shares during the period. Bank of New York Mellon Corp owned 0.99% of Banner worth $21,784,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Opal Wealth Advisors LLC acquired a new position in shares of Banner during the first quarter worth about $34,000. GAMMA Investing LLC boosted its stake in shares of Banner by 53.9% during the first quarter. GAMMA Investing LLC now owns 754 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 264 shares during the last quarter. USA Financial Formulas boosted its stake in Banner by 69.1% in the 1st quarter. USA Financial Formulas now owns 805 shares of the financial services provider’s stock worth $51,000 after buying an additional 329 shares during the last quarter. Sterling Capital Management LLC lifted its stake in shares of Banner by 816.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,082 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 964 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of Banner by 20.1% during the 1st quarter. KBC Group NV now owns 1,989 shares of the financial services provider’s stock valued at $127,000 after buying an additional 333 shares during the period. Hedge funds and other institutional investors own 87.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Raymond James Financial restated an “outperform” rating and set a $65.00 price objective (down previously from $77.00) on shares of Banner in a research report on Monday, April 21st. Janney Montgomery Scott raised Banner from a “neutral” rating to a “buy” rating and set a $71.00 target price on the stock in a report on Monday, April 21st. Wall Street Zen downgraded Banner from a “hold” rating to a “sell” rating in a research report on Thursday, May 29th. Keefe, Bruyette & Woods dropped their target price on Banner from $75.00 to $73.00 and set a “market perform” rating for the company in a research report on Monday, April 21st. Finally, Stephens reissued an “overweight” rating and issued a $73.00 target price on shares of Banner in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Banner presently has an average rating of “Hold” and a consensus price target of $70.83.

Banner Stock Up 0.6%

NASDAQ BANR opened at $67.21 on Friday. The business’s 50-day moving average is $64.18 and its 200 day moving average is $64.84. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market capitalization of $2.32 billion, a PE ratio of 12.80 and a beta of 0.89. Banner Corporation has a 1 year low of $51.14 and a 1 year high of $78.05.

Banner (NASDAQ:BANR) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.03. Banner had a net margin of 21.15% and a return on equity of 10.15%. The firm had revenue of $162.98 million during the quarter, compared to the consensus estimate of $167.96 million. Sell-side analysts forecast that Banner Corporation will post 5.23 earnings per share for the current year.

Banner Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th will be paid a $0.48 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $1.92 dividend on an annualized basis and a yield of 2.86%. Banner’s dividend payout ratio is currently 37.72%.

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.