PNC Financial Services Group Inc. Cuts Stake in Banner Co. (BANR)

PNC Financial Services Group Inc. lessened its holdings in Banner Co. (NASDAQ:BANR) by 84.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,880 shares of the financial services provider’s stock after selling 53,231 shares during the period. PNC Financial Services Group Inc.’s holdings in Banner were worth $548,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of BANR. Schwab Charles Investment Management Inc. raised its stake in shares of Banner by 5.4% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 159,168 shares of the financial services provider’s stock valued at $8,774,000 after acquiring an additional 8,142 shares during the period. Teacher Retirement System of Texas purchased a new stake in Banner during the 4th quarter worth $601,000. California Public Employees Retirement System increased its stake in Banner by 9.4% during the 4th quarter. California Public Employees Retirement System now owns 64,765 shares of the financial services provider’s stock worth $3,570,000 after buying an additional 5,554 shares during the period. Swiss National Bank increased its stake in Banner by 4.2% during the 4th quarter. Swiss National Bank now owns 54,600 shares of the financial services provider’s stock worth $3,010,000 after buying an additional 2,200 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Banner by 30.1% during the 4th quarter. Wells Fargo & Company MN now owns 118,350 shares of the financial services provider’s stock worth $6,523,000 after buying an additional 27,389 shares during the period. 92.38% of the stock is currently owned by institutional investors and hedge funds.

BANR has been the topic of several analyst reports. BidaskClub raised shares of Banner from a “hold” rating to a “buy” rating in a research note on Friday, May 25th. Zacks Investment Research downgraded shares of Banner from a “buy” rating to a “hold” rating in a research note on Tuesday, February 27th. Finally, Stephens reaffirmed a “hold” rating and set a $60.00 price target on shares of Banner in a research note on Tuesday, April 24th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Banner presently has an average rating of “Hold” and an average target price of $60.25.

Banner opened at $62.08 on Friday, MarketBeat.com reports. Banner Co. has a 12-month low of $52.20 and a 12-month high of $62.98. The firm has a market cap of $2.02 billion, a P/E ratio of 19.90, a PEG ratio of 1.77 and a beta of 0.97. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.32.

Banner (NASDAQ:BANR) last announced its quarterly earnings data on Monday, April 23rd. The financial services provider reported $0.81 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.08. The company had revenue of $118.74 million during the quarter, compared to analyst estimates of $118.23 million. Banner had a net margin of 12.85% and a return on equity of 8.00%. equities analysts expect that Banner Co. will post 3.53 EPS for the current fiscal year.

Banner declared that its Board of Directors has authorized a stock buyback program on Wednesday, March 28th that authorizes the company to buyback 1,620,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

In other Banner news, VP Steven W. Rust sold 511 shares of the firm’s stock in a transaction on Friday, April 27th. The shares were sold at an average price of $57.82, for a total transaction of $29,546.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.71% of the stock is owned by company insiders.

Banner Profile

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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Institutional Ownership by Quarter for Banner (NASDAQ:BANR)

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