Deprince Race & Zollo Inc. Cuts Position in Banner Corporation $BANR

Deprince Race & Zollo Inc. trimmed its stake in Banner Corporation (NASDAQ:BANR) by 2.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 475,352 shares of the financial services provider’s stock after selling 12,943 shares during the period. Deprince Race & Zollo Inc. owned 1.40% of Banner worth $28,844,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in shares of Banner by 54.7% during the 1st quarter. Royal Bank of Canada now owns 22,128 shares of the financial services provider’s stock worth $1,412,000 after acquiring an additional 7,828 shares in the last quarter. AQR Capital Management LLC increased its position in Banner by 19.6% during the 1st quarter. AQR Capital Management LLC now owns 29,714 shares of the financial services provider’s stock valued at $1,895,000 after buying an additional 4,877 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Banner by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,422 shares of the financial services provider’s stock valued at $1,302,000 after buying an additional 891 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Banner in the first quarter valued at about $248,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Banner by 5.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 116,471 shares of the financial services provider’s stock valued at $7,427,000 after buying an additional 6,059 shares during the last quarter. 87.33% of the stock is currently owned by hedge funds and other institutional investors.

Banner Price Performance

Shares of BANR opened at $67.83 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.86 and a quick ratio of 0.85. The company’s fifty day moving average price is $65.43 and its 200-day moving average price is $63.72. Banner Corporation has a 1-year low of $57.05 and a 1-year high of $69.83. The firm has a market capitalization of $2.30 billion, a PE ratio of 11.42 and a beta of 0.83.

Banner (NASDAQ:BANR) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $1.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.21. Banner had a return on equity of 10.77% and a net margin of 23.24%.The company had revenue of $168.91 million during the quarter, compared to analyst estimates of $169.60 million. On average, equities research analysts predict that Banner Corporation will post 6.12 EPS for the current year.

Banner Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were issued a $0.52 dividend. This is a boost from Banner’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, May 5th. Banner’s dividend payout ratio is currently 35.02%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. DA Davidson reissued a “neutral” rating and issued a $72.00 price target on shares of Banner in a report on Monday, May 4th. Keefe, Bruyette & Woods upped their price objective on shares of Banner from $73.00 to $75.00 and gave the company a “market perform” rating in a report on Monday, May 18th. Piper Sandler increased their price objective on shares of Banner from $63.00 to $67.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Finally, Weiss Ratings upgraded shares of Banner from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Banner currently has a consensus rating of “Hold” and an average target price of $71.00.

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.