State Board of Administration of Florida Retirement System Has $594,000 Stake in Banner Co. (NASDAQ:BANR)

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State Board of Administration of Florida Retirement System lowered its position in Banner Co. (NASDAQ:BANR) by 38.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 10,962 shares of the financial services provider’s stock after selling 6,910 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Banner were worth $594,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pearl River Capital LLC lifted its position in shares of Banner by 716.7% in the 1st quarter. Pearl River Capital LLC now owns 2,246 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 1,971 shares during the period. SG Americas Securities LLC acquired a new position in shares of Banner in the 1st quarter worth approximately $186,000. Everence Capital Management Inc. acquired a new position in shares of Banner in the 1st quarter worth approximately $225,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Banner in the 1st quarter worth approximately $248,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Banner in the 1st quarter worth approximately $337,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Shares of Banner stock traded up $1.54 during trading on Thursday, reaching $54.71. 20,331 shares of the company traded hands, compared to its average volume of 159,390. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.97 and a quick ratio of 0.95. Banner Co. has a 1-year low of $48.50 and a 1-year high of $66.72. The company has a 50 day moving average price of $54.91 and a 200-day moving average price of $55.04. The firm has a market capitalization of $1.82 billion, a PE ratio of 13.38, a P/E/G ratio of 1.79 and a beta of 0.84.

Banner (NASDAQ:BANR) last released its earnings results on Wednesday, July 24th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.09. Banner had a net margin of 25.14% and a return on equity of 10.43%. The company had revenue of $137.37 million for the quarter, compared to the consensus estimate of $137.47 million. Equities research analysts expect that Banner Co. will post 4.21 earnings per share for the current year.

In related news, Director John R. Layman sold 500 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $55.17, for a total transaction of $27,585.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.51% of the stock is owned by insiders.

A number of brokerages have recently issued reports on BANR. BidaskClub downgraded shares of Banner from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. Stephens restated a “hold” rating on shares of Banner in a research report on Thursday, July 25th. Raymond James dropped their price target on shares of Banner from $64.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, August 29th. DA Davidson upgraded shares of Banner from a “neutral” rating to a “buy” rating in a research report on Tuesday, June 11th. Finally, ValuEngine downgraded shares of Banner from a “hold” rating to a “sell” rating in a research report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $60.25.

Banner Profile

Banner Corporation operates as the bank holding company for Banner Bank and Islanders Bank that 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.

Further Reading: Example of operating income, EBIT and EBITDA

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Institutional Ownership by Quarter for Banner (NASDAQ:BANR)

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