Envestnet Asset Management Inc. Sells 13,934 Shares of Banner Corporation $BANR

Envestnet Asset Management Inc. lessened its position in Banner Corporation (NASDAQ:BANR) by 48.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,781 shares of the financial services provider’s stock after selling 13,934 shares during the period. Envestnet Asset Management Inc.’s holdings in Banner were worth $968,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Deprince Race & Zollo Inc. bought a new stake in shares of Banner in the 3rd quarter valued at about $16,500,000. The Manufacturers Life Insurance Company increased its position in 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 buying an additional 165,557 shares during the last quarter. Basswood Capital Management L.L.C. raised its stake in Banner by 29.9% in the second quarter. Basswood Capital Management L.L.C. now owns 351,638 shares of the financial services provider’s stock valued at $22,558,000 after buying an additional 80,877 shares during the period. Invesco Ltd. lifted its position in shares of Banner by 20.7% in the second quarter. Invesco Ltd. now owns 300,882 shares of the financial services provider’s stock valued at $19,302,000 after buying an additional 51,584 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its stake 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 worth $12,568,000 after acquiring an additional 50,243 shares during the period. 87.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BANR has been the subject of several research reports. Piper Sandler reaffirmed a “neutral” rating and set a $70.00 price target on shares of Banner in a report on Monday, December 1st. Weiss Ratings restated a “hold (c+)” rating on shares of Banner in a research note on Wednesday, January 21st. Finally, Wall Street Zen raised shares of Banner from a “sell” rating to a “hold” rating in a report on Saturday. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $71.17.

Banner Trading Up 0.4%

Shares of Banner stock opened at $60.58 on Wednesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a 50-day moving average of $63.39 and a 200-day moving average of $63.91. Banner Corporation has a 52-week low of $54.01 and a 52-week high of $69.83. The stock has a market cap of $2.07 billion, a PE ratio of 10.74 and a beta of 0.88.

Banner (NASDAQ:BANR) last released its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.09. The business had revenue of $169.90 million for the quarter, compared to analyst estimates of $173.23 million. Banner had a net margin of 22.26% and a return on equity of 10.46%. As a group, sell-side analysts forecast that Banner Corporation will post 5.23 EPS for the current year.

Banner Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Tuesday, February 3rd were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Tuesday, February 3rd. Banner’s payout ratio is 35.46%.

About Banner

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.