Piper Sandler Reiterates Hold Rating for Banner (NASDAQ:BANR)

Banner (NASDAQ:BANR)‘s stock had its “hold” rating restated by stock analysts at Piper Sandler in a research report issued on Monday, Marketbeat Ratings reports. They presently have a $70.00 price objective on the financial services provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 10.18% from the stock’s previous close.

Several other brokerages have also recently issued reports on BANR. Wall Street Zen raised Banner from a “sell” rating to a “hold” rating in a report on Saturday, October 18th. Weiss Ratings downgraded Banner from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 24th. DA Davidson lowered their price objective on Banner from $73.00 to $69.00 and set a “neutral” rating on the stock in a research report on Friday, October 17th. Keefe, Bruyette & Woods raised their price objective on shares of Banner from $73.00 to $74.00 and gave the stock a “market perform” rating in a research note on Friday, October 17th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $70.00 target price (down from $72.00) on shares of Banner in a report on Friday, October 17th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $71.17.

Banner Price Performance

Shares of NASDAQ:BANR opened at $63.53 on Monday. Banner has a twelve month low of $54.01 and a twelve month high of $76.22. The company’s 50 day moving average is $62.49 and its 200 day moving average is $63.95. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. The company has a market cap of $2.17 billion, a PE ratio of 11.57 and a beta of 0.93.

Banner (NASDAQ:BANR) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.11. Banner had a net margin of 21.80% and a return on equity of 10.32%. The firm had revenue of $168.75 million during the quarter, compared to analysts’ expectations of $171.52 million. On average, sell-side analysts forecast that Banner will post 5.23 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BANR. CIBC Bancorp USA Inc. purchased a new position in Banner in the 3rd quarter valued at about $238,000. Verition Fund Management LLC lifted its position in shares of Banner by 106.3% in the third quarter. Verition Fund Management LLC now owns 6,930 shares of the financial services provider’s stock valued at $454,000 after acquiring an additional 3,571 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Banner in the third quarter worth approximately $3,005,000. Mercer Global Advisors Inc. ADV boosted its stake in shares of Banner by 7.8% in the third quarter. Mercer Global Advisors Inc. ADV now owns 16,893 shares of the financial services provider’s stock worth $1,106,000 after acquiring an additional 1,229 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of Banner by 33.2% during the third quarter. Millennium Management LLC now owns 340,215 shares of the financial services provider’s stock worth $22,284,000 after purchasing an additional 84,805 shares in the last quarter. Institutional investors and hedge funds own 87.33% of the company’s stock.

About Banner

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.