Raymond James Boosts Banner (NASDAQ:BANR) Price Target to $65.00

Banner (NASDAQ:BANR) had its price target raised by Raymond James from $62.00 to $65.00 in a research report sent to investors on Wednesday, Benzinga reports. Raymond James currently has an outperform rating on the financial services provider’s stock.

BANR has been the subject of a number of other reports. Janney Montgomery Scott cut shares of Banner from a buy rating to a neutral rating in a research note on Friday, July 19th. StockNews.com cut Banner from a hold rating to a sell rating in a report on Saturday, June 8th. Stephens restated an overweight rating and issued a $53.00 price objective on shares of Banner in a research report on Thursday, July 18th. Finally, Piper Sandler lifted their price objective on Banner from $51.00 to $65.00 and gave the stock an overweight rating in a research report on Friday, July 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Banner has an average rating of Hold and a consensus target price of $56.80.

Banner Stock Performance

BANR opened at $59.50 on Wednesday. Banner has a 1-year low of $39.31 and a 1-year high of $61.77. The stock has a market cap of $2.05 billion, a P/E ratio of 12.37 and a beta of 1.05. The stock’s 50 day simple moving average is $57.52 and its 200 day simple moving average is $51.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.85 and a quick ratio of 0.85.

Banner (NASDAQ:BANR) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.03. Banner had a return on equity of 10.89% and a net margin of 20.93%. The company had revenue of $149.75 million for the quarter, compared to analyst estimates of $149.66 million. As a group, equities analysts anticipate that Banner will post 4.71 EPS for the current fiscal year.

Banner Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $1.92 annualized dividend and a yield of 3.23%. Banner’s dividend payout ratio (DPR) is presently 39.92%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in Banner in the fourth quarter valued at approximately $12,097,000. Allianz Asset Management GmbH increased its holdings in shares of Banner by 32.5% during the 4th quarter. Allianz Asset Management GmbH now owns 57,499 shares of the financial services provider’s stock worth $3,080,000 after buying an additional 14,097 shares during the last quarter. TFO Wealth Partners LLC raised its position in shares of Banner by 35,800.0% in the 4th quarter. TFO Wealth Partners LLC now owns 718 shares of the financial services provider’s stock worth $38,000 after buying an additional 716 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Banner by 9.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 820,511 shares of the financial services provider’s stock worth $43,947,000 after buying an additional 70,143 shares during the period. Finally, Rafferty Asset Management LLC boosted its holdings in Banner by 61.1% in the fourth quarter. Rafferty Asset Management LLC now owns 45,138 shares of the financial services provider’s stock valued at $2,418,000 after acquiring an additional 17,112 shares during the last quarter. Institutional investors and hedge funds own 87.33% of the company’s stock.

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.