Principal Financial Group Inc. Trims Position in Banner Co. (NASDAQ:BANR)

Principal Financial Group Inc. lessened its stake in shares of Banner Co. (NASDAQ:BANR – Get Rating) by 0.9% during the 4th quarter, Holdings Channel reports. The fund owned 208,965 shares of the financial services provider’s stock after selling 1,917 shares during the quarter. Principal Financial Group Inc.’s holdings in Banner were worth $13,207,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Quadrant Capital Group LLC increased its position in shares of Banner by 350.5% during the 3rd quarter. Quadrant Capital Group LLC now owns 419 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 326 shares during the last quarter. Belpointe Asset Management LLC acquired a new stake in shares of Banner during the 4th quarter worth about $27,000. Eagle Bay Advisors LLC increased its position in shares of Banner by 126.7% during the 2nd quarter. Eagle Bay Advisors LLC now owns 501 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 280 shares during the last quarter. Quantbot Technologies LP increased its position in shares of Banner by 831.3% during the 2nd quarter. Quantbot Technologies LP now owns 1,639 shares of the financial services provider’s stock worth $92,000 after purchasing an additional 1,463 shares during the last quarter. Finally, Washington Trust Bank acquired a new stake in shares of Banner during the 3rd quarter worth about $207,000. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Banner Stock Performance

NASDAQ BANR opened at $46.33 on Thursday. The company has a market cap of $1.59 billion, a P/E ratio of 7.71 and a beta of 1.02. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a 50-day moving average of $49.94 and a two-hundred day moving average of $58.34. Banner Co. has a 1-year low of $41.57 and a 1-year high of $75.72.

Banner Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 12th. Shareholders of record on Tuesday, May 2nd were given a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend was Monday, May 1st. Banner’s dividend payout ratio is currently 31.95%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BANR. StockNews.com raised Banner from a “sell” rating to a “hold” rating in a research report on Wednesday, May 17th. Keefe, Bruyette & Woods cut their price objective on Banner from $79.00 to $70.00 and set a “market perform” rating for the company in a research report on Thursday, April 6th. Raymond James cut their price objective on Banner from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Friday, April 21st. Finally, Piper Sandler dropped their target price on Banner from $63.00 to $59.00 and set an “overweight” rating for the company in a research report on Friday, April 21st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $65.33.

Insider Activity

In related news, Director John Clarence Pedersen acquired 1,000 shares of the firm’s stock in a transaction dated Monday, May 8th. The stock was acquired at an average price of $44.79 per share, for a total transaction of $44,790.00. Following the purchase, the director now owns 3,225 shares of the company’s stock, valued at approximately $144,447.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.40% of the company’s stock.

Banner Company Profile

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Banner Corp. is a holding company, which engages in the provision of commercial banking services and financial products. The company was founded in 1995 and is headquartered in Walla Walla, WA.