Peregrine Capital Management LLC Has $7.90 Million Stake in Banner Co. (NASDAQ:BANR)

Peregrine Capital Management LLC boosted its holdings in shares of Banner Co. (NASDAQ:BANR) by 11.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 159,051 shares of the financial services provider’s stock after buying an additional 16,737 shares during the quarter. Peregrine Capital Management LLC’s holdings in Banner were worth $7,895,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of BANR. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Banner by 17.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,976 shares of the financial services provider’s stock valued at $427,000 after purchasing an additional 1,181 shares during the last quarter. CWM LLC grew its position in shares of Banner by 49.9% in the fourth quarter. CWM LLC now owns 1,135 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 378 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of Banner by 18.0% in the fourth quarter. New York State Common Retirement Fund now owns 35,495 shares of the financial services provider’s stock valued at $1,901,000 after purchasing an additional 5,419 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Banner by 14.8% in the fourth quarter. Russell Investments Group Ltd. now owns 33,937 shares of the financial services provider’s stock valued at $1,818,000 after purchasing an additional 4,379 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Banner by 247.2% in the fourth quarter. Victory Capital Management Inc. now owns 641,701 shares of the financial services provider’s stock valued at $34,370,000 after purchasing an additional 456,868 shares during the last quarter. 87.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BANR has been the topic of several research analyst reports. Stephens reaffirmed an “overweight” rating and issued a $53.00 price target on shares of Banner in a research report on Thursday, July 18th. Janney Montgomery Scott downgraded Banner from a “buy” rating to a “neutral” rating in a research report on Friday, July 19th. Piper Sandler raised their price target on Banner from $51.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Finally, StockNews.com downgraded Banner from a “hold” rating to a “sell” rating in a research report on Saturday, June 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Banner has an average rating of “Hold” and an average price target of $54.00.

Banner Stock Performance

BANR stock traded up $0.36 during trading on Friday, reaching $59.57. 141,368 shares of the stock were exchanged, compared to its average volume of 187,182. Banner Co. has a twelve month low of $39.31 and a twelve month high of $61.77. The company has a market capitalization of $2.05 billion, a P/E ratio of 12.38 and a beta of 1.06. The stock has a 50 day simple moving average of $54.39 and a 200-day simple moving average of $48.72. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.43.

Banner (NASDAQ:BANR) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.03. The firm had revenue of $149.75 million during the quarter, compared to analysts’ expectations of $149.66 million. Banner had a net margin of 20.93% and a return on equity of 10.89%. As a group, sell-side analysts anticipate that Banner Co. will post 4.75 earnings per share for the current year.

Banner Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend was Tuesday, August 6th. Banner’s dividend payout ratio is 39.92%.

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.