Edgestream Partners L.P. Has $3.85 Million Stock Position in Banner Corporation $BANR

Edgestream Partners L.P. grew its holdings in shares of Banner Corporation (NASDAQ:BANR) by 86.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 59,947 shares of the financial services provider’s stock after acquiring an additional 27,863 shares during the period. Edgestream Partners L.P. owned about 0.17% of Banner worth $3,846,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in Banner by 4.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,439,174 shares of the financial services provider’s stock valued at $91,776,000 after purchasing an additional 59,653 shares during the period. Westwood Holdings Group Inc. grew its position in shares of Banner by 3.2% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,179,927 shares of the financial services provider’s stock valued at $75,692,000 after buying an additional 36,940 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Banner by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 866,906 shares of the financial services provider’s stock valued at $55,619,000 after buying an additional 3,921 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Banner by 11.6% in the first quarter. The Manufacturers Life Insurance Company now owns 845,790 shares of the financial services provider’s stock valued at $53,936,000 after buying an additional 88,056 shares during the period. Finally, Nuveen LLC bought a new position in shares of Banner during the first quarter worth about $40,078,000. Institutional investors and hedge funds own 87.33% of the company’s stock.

Banner Trading Up 1.9%

BANR opened at $64.73 on Thursday. The company has a fifty day moving average price of $62.47 and a two-hundred day moving average price of $63.96. Banner Corporation has a 1-year low of $54.01 and a 1-year high of $76.22. The company has a market cap of $2.21 billion, a P/E ratio of 11.79 and a beta of 0.93. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16.

Banner (NASDAQ:BANR) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. Banner had a return on equity of 10.32% and a net margin of 21.80%.The company had revenue of $168.75 million during the quarter, compared to the consensus estimate of $171.52 million. Analysts predict that Banner Corporation will post 5.23 EPS for the current fiscal year.

Banner Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th were issued a dividend of $0.50 per share. This is a positive change from Banner’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Tuesday, November 4th. Banner’s dividend payout ratio is presently 36.43%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Weiss Ratings cut Banner from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 24th. Wall Street Zen upgraded shares of Banner from a “sell” rating to a “hold” rating in a report on Saturday, October 18th. Keefe, Bruyette & Woods increased their price target on Banner from $73.00 to $74.00 and gave the stock a “market perform” rating in a report on Friday, October 17th. DA Davidson lowered their price objective on Banner from $73.00 to $69.00 and set a “neutral” rating for the company in a research report on Friday, October 17th. Finally, Piper Sandler restated a “neutral” rating and set a $70.00 target price on shares of Banner in a research report on Monday. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.17.

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.