Equities Analysts Offer Predictions for Banner Co.’s FY2018 Earnings (BANR)
Banner Co. (NASDAQ:BANR) – Piper Jaffray increased their FY2018 earnings per share estimates for Banner in a research note issued on Wednesday, April 25th. Piper Jaffray analyst M. Clark now expects that the financial services provider will post earnings per share of $3.63 for the year, up from their prior forecast of $3.50. Piper Jaffray has a “Hold” rating and a $58.00 price target on the stock. Piper Jaffray also issued estimates for Banner’s Q1 2019 earnings at $0.97 EPS, Q2 2019 earnings at $0.99 EPS, Q3 2019 earnings at $0.99 EPS, Q4 2019 earnings at $1.00 EPS and FY2019 earnings at $3.95 EPS.
Other equities research analysts have also recently issued reports about the company. BidaskClub upgraded Banner from a “sell” rating to a “hold” rating in a research note on Monday, February 5th. Stephens reiterated a “hold” rating and issued a $60.00 price target on shares of Banner in a research note on Tuesday. Sandler O’Neill reiterated a “buy” rating on shares of Banner in a research note on Friday, January 26th. Zacks Investment Research upgraded Banner from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $58.00 price target on shares of Banner in a research note on Friday, January 26th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $60.25.
Banner (NASDAQ:BANR) last released its quarterly earnings results on Monday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.08. Banner had a return on equity of 8.00% and a net margin of 12.85%. The company had revenue of $118.74 million during the quarter, compared to analysts’ expectations of $118.23 million.
Banner declared that its Board of Directors has initiated a stock repurchase program on Wednesday, March 28th that permits the company to repurchase 1,620,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 19th. Stockholders of record on Tuesday, April 10th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.41%. This is a boost from Banner’s previous quarterly dividend of $0.25. The ex-dividend date was Monday, April 9th. Banner’s dividend payout ratio (DPR) is presently 46.82%.
In other news, VP Kenneth A. Larsen sold 884 shares of the firm’s stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $57.53, for a total value of $50,856.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Cynthia D. Purcell sold 841 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $54.67, for a total value of $45,977.47. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,137 shares of company stock valued at $120,590. Company insiders own 1.71% of the company’s stock.
Large investors have recently made changes to their positions in the company. Xact Kapitalforvaltning AB purchased a new position in shares of Banner in the fourth quarter worth about $217,000. Elkfork Partners LLC purchased a new position in shares of Banner in the fourth quarter worth about $245,000. Stone Ridge Asset Management LLC purchased a new position in shares of Banner in the fourth quarter worth about $248,000. Bowling Portfolio Management LLC purchased a new position in shares of Banner in the fourth quarter worth about $528,000. Finally, Teachers Retirement System of The State of Kentucky raised its stake in shares of Banner by 18.3% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 9,700 shares of the financial services provider’s stock worth $535,000 after purchasing an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 92.49% of the company’s stock.
Banner Corporation operates as the bank holding company for Banner Bank and Islanders Bank, which provides commercial banking and financial products and services to individuals, businesses, and public sector entities primarily in the United States. It offers deposit products, 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.
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