Convergence Investment Partners LLC Buys New Holdings in Banner Corporation (BANR)
Convergence Investment Partners LLC bought a new position in Banner Corporation (NASDAQ:BANR) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 18,470 shares of the financial services provider’s stock, valued at approximately $1,132,000. Convergence Investment Partners LLC owned approximately 0.06% of Banner at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Janus Henderson Group PLC bought a new position in shares of Banner during the second quarter valued at $77,217,000. BlackRock Inc. lifted its holdings in shares of Banner by 6.0% during the second quarter. BlackRock Inc. now owns 3,925,169 shares of the financial services provider’s stock valued at $221,812,000 after purchasing an additional 221,159 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Banner by 6.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,916,291 shares of the financial services provider’s stock valued at $108,291,000 after purchasing an additional 116,608 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Banner by 4.8% during the third quarter. Bank of New York Mellon Corp now owns 2,405,805 shares of the financial services provider’s stock valued at $147,428,000 after purchasing an additional 110,369 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Banner by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 463,304 shares of the financial services provider’s stock valued at $28,392,000 after purchasing an additional 60,505 shares in the last quarter. 91.62% of the stock is currently owned by institutional investors and hedge funds.
Shares of Banner Corporation (BANR) opened at $56.79 on Thursday. The company has a market capitalization of $1,922.46, a price-to-earnings ratio of 19.66, a P/E/G ratio of 2.09 and a beta of 1.06. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.35. Banner Corporation has a 1 year low of $51.61 and a 1 year high of $62.75.
Banner (NASDAQ:BANR) last posted its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.01). The firm had revenue of $120.55 million for the quarter, compared to analysts’ expectations of $123.58 million. Banner had a net margin of 19.70% and a return on equity of 7.52%. equities analysts forecast that Banner Corporation will post 3.11 EPS for the current year.
A number of research analysts have recently issued reports on the company. Zacks Investment Research downgraded Banner from a “hold” rating to a “sell” rating in a report on Monday, October 30th. ValuEngine raised Banner from a “hold” rating to a “buy” rating in a report on Friday, September 15th. Piper Jaffray Companies downgraded Banner from an “overweight” rating to a “neutral” rating and set a $59.00 price target on the stock. in a report on Thursday, October 26th. DA Davidson downgraded Banner from a “buy” rating to a “neutral” rating in a report on Thursday, October 26th. Finally, Stephens assumed coverage on Banner in a report on Wednesday, September 13th. They set an “equal weight” rating and a $60.00 price target on the stock. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $60.67.
In related news, Director Gary Sirmon sold 3,335 shares of the company’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $57.49, for a total transaction of $191,729.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 3,936 shares of company stock valued at $226,039. 1.71% of the stock is owned by company insiders.
Banner Corporation is a bank holding company. The Company is engaged in the business of planning, directing and coordinating the business activities of its subsidiaries, Banner Bank and Islanders Bank. Banner Bank is a Washington-chartered commercial bank. Banner Bank is a regional bank, which offers a range of commercial banking services and financial products to individuals, businesses and public sector entities in its primary market areas.
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