TIAA CREF Investment Management LLC Increases Holdings in Banner Corporation (BANR)
TIAA CREF Investment Management LLC raised its stake in Banner Corporation (NASDAQ:BANR) by 19.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 114,512 shares of the financial services provider’s stock after buying an additional 18,861 shares during the quarter. TIAA CREF Investment Management LLC owned about 0.34% of Banner Corporation worth $6,471,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in BANR. Creative Planning lifted its stake in Banner Corporation by 4.6% in the second quarter. Creative Planning now owns 1,913 shares of the financial services provider’s stock valued at $108,000 after buying an additional 85 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Banner Corporation by 236.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,135 shares of the financial services provider’s stock valued at $121,000 after buying an additional 1,500 shares in the last quarter. Riverhead Capital Management LLC lifted its stake in Banner Corporation by 182.8% in the second quarter. Riverhead Capital Management LLC now owns 2,262 shares of the financial services provider’s stock valued at $128,000 after buying an additional 1,462 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in Banner Corporation in the first quarter valued at approximately $144,000. Finally, CIBC Asset Management Inc bought a new position in Banner Corporation in the second quarter valued at approximately $201,000. 88.45% of the stock is currently owned by hedge funds and other institutional investors.
In other Banner Corporation news, VP Cynthia D. Purcell sold 1,007 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $55.61, for a total transaction of $55,999.27. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gary Sirmon sold 3,333 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $55.46, for a total value of $184,848.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,258 shares of company stock worth $631,587. Company insiders own 1.71% of the company’s stock.
Shares of Banner Corporation (NASDAQ BANR) opened at 61.08 on Friday. Banner Corporation has a 12 month low of $43.85 and a 12 month high of $62.24. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 21.27 and a beta of 1.04. The stock has a 50 day moving average of $58.20 and a 200-day moving average of $56.20.
Banner Corporation (NASDAQ:BANR) last issued its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.06. Banner Corporation had a return on equity of 7.50% and a net margin of 19.63%. The business had revenue of $122.18 million for the quarter, compared to analysts’ expectations of $119.46 million. On average, analysts forecast that Banner Corporation will post $3.13 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 10th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Friday, October 6th. Banner Corporation’s dividend payout ratio (DPR) is presently 34.72%.
A number of brokerages have weighed in on BANR. ValuEngine lowered shares of Banner Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday. Zacks Investment Research raised shares of Banner Corporation from a “sell” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Monday, July 3rd. BidaskClub raised shares of Banner Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, August 5th. Finally, Stephens began coverage on shares of Banner Corporation in a research note on Wednesday, September 13th. They issued an “equal weight” rating and a $60.00 price target on the stock. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $57.75.
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About Banner Corporation
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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