Banner Co. Experiences Notable Rise in Short Interest

Banner Co. (NASDAQ:BANR - Get Free Report) has reported a noteworthy increase in short interest for December. As of December 15th, the short interest reached a total of 887,700 shares, marking a rise of 20.9% from the previous total of 734,300 shares recorded on November 30th. Currently, 2.6% of the company’s outstanding shares are short sold. Considering the average daily trading volume of 234,100 shares, the current days-to-cover ratio stands at 3.8 days.

Wall Street Analysts Project Positive Trends

Several research analysts have recently shared their thoughts regarding Banner’s stock performance. Piper Sandler set a price target of $67.00 for Banner shares in a note released on October 17th. Meanwhile, Keefe, Bruyette & Woods raised their target price from $69.00 to $81.00, issuing a "market perform" rating in their report on December 4th. Similarly, Raymond James increased their target price from $62.00 to $65.00 and assigned an "outperform" rating on October 2nd. Additionally, DA Davidson adjusted their price objective for Banner from $60.00 to $69.00, designating it with a "neutral" rating on October 18th. Among the analysts, one has rated the stock as a sell, three have given it a hold rating, and three have rated it as a buy. According to MarketBeat.com, Banner currently holds an average rating of "Hold," with a consensus target price of $67.00.

Recent Performance of Banner Stock

During midday trading on Friday, shares of NASDAQ BANR declined by $1.28, landing at a price of $66.86. The trading volume for the day was recorded at 233,785 shares, which is slightly above the average volume of 201,580. The company’s financial metrics show a debt-to-equity ratio of 0.30, a quick ratio of 0.84, and a current ratio of 0.85. With a market capitalization of $2.30 billion, the company displays a P/E ratio of 13.99 and a beta of 1.07. Banner's stock has experienced a fluctuation in its annual performance, with a fifty-two week low of $42.00 and a high of $78.05.

Banner (NASDAQ:BANR - Get Free Report) also released its quarterly earnings information on October 16th. The financial services provider announced an earnings per share (EPS) of $1.30 for the quarter, exceeding analysts’ expectations of $1.18 by $0.12. For the quarter, the firm reported revenues totaling $213.90 million, which significantly surpassed analyst estimates of $152.95 million. The return on equity for Banner was recorded at 10.22%, along with a net margin of 20.28%. In the same quarter last year, the company reported an EPS of $1.43. Analysts project that Banner will achieve an EPS of 4.88 for the current fiscal year.

Dividend Announcement by Banner

Recently, the company declared a quarterly dividend that was paid out on November 15th. Investors who held shares as of Tuesday, November 5th received a dividend of $0.48 per share. The ex-dividend date also fell on November 5th. This quarterly dividend amounts to an annualized total of $1.92, reflecting a yield of 2.87%. The payout ratio for Banner’s dividends stands at 40.17%.

Insider Transactions at Banner

In related news, Vice President James P.G. Mclean sold 1,500 shares of the company’s stock on November 6th. The transaction was executed at an average price of $75.63, totaling $113,445. Following this sale, the vice president now holds 21,868 shares of the company, valued at approximately $1,653,876.84. This transaction represented a 6.42% decrease in his ownership. The trade details were disclosed in a form submitted to the Securities & Exchange Commission, which can be accessed publicly. Corporate insiders currently hold 1.60% of the company’s stock.

Institutional Investors’ Activity with Banner

Recently, various institutional investors have adjusted their positions regarding Banner. US Bancorp DE boosted its stakes by 287.1% within the third quarter and now owns 1,436 shares worth approximately $86,000 after acquiring an additional 1,065 shares. CWM LLC increased its holdings by 19.5%, now totaling 2,275 shares valued at $136,000 after a recent purchase of 371 shares. Furthermore, Quest Partners LLC initiated a new position worth $152,000 during the second quarter, and Clear Creek Financial Management LLC purchased a new stake valued at $209,000 in the third quarter. Princeton Capital Management LLC also started a new stake in the third quarter worth $255,000. Currently, institutional investors and hedge funds own about 87.33% of Banner’s stock.

Company Overview of Banner Corporation

Banner Corporation acts as the bank holding company for Banner Bank, offering commercial banking and financial services to individuals, businesses, and public sector organizations in the United States. The company provides a variety of deposit products, including interest-bearing and non-interest-bearing checking accounts, money market deposits, regular savings accounts, and certificates of deposit. Additionally, it offers treasury management services and retirement savings options.

Conclusion

As Banner Co. continues to see fluctuations in short interest alongside attention from analysts, investors remain focused on the evolving performance of the company's stock. Monitoring the market and analyst projections for future growth will be crucial for those considering investment in BANR.

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