Deprince Race & Zollo Inc. Acquires New Stake in Banner Corporation $BANR

Deprince Race & Zollo Inc. bought a new position in shares of Banner Corporation (NASDAQ:BANR) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 251,901 shares of the financial services provider’s stock, valued at approximately $16,500,000. Deprince Race & Zollo Inc. owned approximately 0.73% of Banner as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its holdings in shares of Banner by 19.6% during the second quarter. The Manufacturers Life Insurance Company now owns 1,011,347 shares of the financial services provider’s stock worth $64,878,000 after purchasing an additional 165,557 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Banner by 11.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 845,790 shares of the financial services provider’s stock worth $53,936,000 after buying an additional 88,056 shares in the last quarter. Basswood Capital Management L.L.C. increased its holdings in shares of Banner by 29.9% in the 2nd quarter. Basswood Capital Management L.L.C. now owns 351,638 shares of the financial services provider’s stock worth $22,558,000 after buying an additional 80,877 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Banner by 20.7% in the 2nd quarter. Invesco Ltd. now owns 300,882 shares of the financial services provider’s stock worth $19,302,000 after buying an additional 51,584 shares during the last quarter. Finally, Raymond James Financial Inc. raised its position in shares of Banner by 34.5% during the 2nd quarter. Raymond James Financial Inc. now owns 195,913 shares of the financial services provider’s stock valued at $12,568,000 after buying an additional 50,243 shares in the last quarter. Hedge funds and other institutional investors own 87.33% of the company’s stock.

Banner Price Performance

Shares of Banner stock opened at $64.61 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The business’s 50 day simple moving average is $63.24 and its two-hundred day simple moving average is $64.38. The stock has a market capitalization of $2.20 billion, a P/E ratio of 11.77 and a beta of 0.93. Banner Corporation has a one year low of $54.01 and a one year high of $72.58.

Banner (NASDAQ:BANR) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. Banner had a return on equity of 10.32% and a net margin of 21.80%.The firm had revenue of $168.75 million during the quarter, compared to analyst estimates of $171.52 million. Analysts forecast that Banner Corporation will post 5.23 EPS for the current year.

Banner Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BANR shares. Keefe, Bruyette & Woods upped their target price on shares of Banner from $73.00 to $74.00 and gave the stock a “market perform” rating in a research report on Friday, October 17th. Weiss Ratings cut Banner from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 24th. Raymond James Financial reiterated an “outperform” rating and set a $70.00 price objective (down from $72.00) on shares of Banner in a research report on Friday, October 17th. DA Davidson dropped their target price 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 reiterated a “neutral” rating and set a $70.00 price target on shares of Banner in a research report on Monday, December 1st. 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, the stock presently has an average rating of “Hold” and a consensus price target of $71.17.

Banner Company Profile

Banner Corporation, through its principal subsidiary Banner Bank, operates as a regional commercial bank headquartered in Walla Walla, Washington. Founded in 2000 as a bank holding company, Banner traces its origins to community banking roots in Eastern Washington dating back to the late 19th century. Over the past two decades, the company has grown through both organic expansion and strategic acquisitions, establishing a strong presence throughout the Pacific Northwest.

The company offers a comprehensive suite of financial products and services for individual and business clients.