On September 3, 2023, it was reported that Panagora Asset Management Inc. increased its stake in Banner Co. (NASDAQ:BANR) during the first quarter of the year. According to the company’s recent 13F filing with the Securities & Exchange Commission, Panagora Asset Management Inc. purchased an additional 24,895 shares of the financial services provider’s stock, resulting in a boost of their position by 15.4%. The institutional investor now owns a total of 186,994 shares of Banner, which is equivalent to 0.55% of the company’s worth at approximately $10,167,000.
These developments reflect Panagora Asset Management Inc.’s confidence in the prospects and performance of Banner Co. However, this news comes after Banner announced its earnings results on July 19th, which revealed a lower-than-expected earnings per share for the second fiscal quarter. Analysts had estimated earnings per share to be $1.56, but Banner reported $1.32 instead – missing estimates by ($0.24). Additionally, its revenue for the quarter was $150.94 million compared to analyst expectations of $167.26 million.
Despite this setback in earnings performance, it is worth noting that Banner demonstrated a return on equity of 14.40% and a net margin of 28.30%. These figures suggest that there are still positive aspects to be considered when evaluating the company’s financial health.
Following these events and taking into account analysts’ forecasts for Banner Co., it is expected that the company will post earnings per share of around $5.74 for the current fiscal year.
Several research analysts have weighed in on BANR shares in light of these recent developments. Raymond James lowered their price target for Banner from $58.00 to $50.00 but maintained an “outperform” rating for the company in their report released on July 21st. Similarly, StockNews.com upgraded Banner from a “sell” rating to a “hold” rating in their research note published on August 25th. Finally, Stephens reiterated an “overweight” rating and set a price target of $53.00 for shares of Banner in their research report issued on July 20th.
Considering these analyst reports, it is apparent that opinions regarding Banner Co.’s performance and potential vary among experts. While two analysts have rated the stock as a hold, three others have expressed a more positive outlook with buy ratings. According to Bloomberg.com, which collates data from various sources, the consensus opinion on Banner currently leans towards a “Moderate Buy,” with the average target price estimated at $60.40.
In conclusion, Panagora Asset Management Inc.’s increased position in Banner Co indicates their confidence in the company’s future prospects. However, it cannot be ignored that Banner’s recent earnings results fell short of analyst expectations. Despite this setback, analysts’ forecasts for the company remain positive overall. Investors should consider various viewpoints before making any decisions regarding their investments in Banner Co., especially given the differing opinions among experts in the field.
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Institutional Investors Increase Stakes in Banner, Showing Confidence in Future Prospects
On September 3, 2023, news emerged that several significant investors had made recent transactions involving shares of Banner, a financial services provider. One notable investor, Raymond James & Associates, increased its stake in the company by 4.4% during the first quarter. This move resulted in Raymond James now owning a total of 23,587 shares of Banner’s stock, valued at approximately $1,381,000. This increase was driven by an acquisition of an additional 984 shares in the last quarter.
Citigroup Inc., another large investor, also grew its position in Banner during the first quarter. Citigroup acquired an additional 2,768 shares which brought their total ownership to 30,752 shares valued at approximately $1,799,000. This represented a 9.9% increase in their position.
Bank of Montreal Can followed suit with a smaller yet notable increase in their stake in Banner. The institution purchased an extra 254 shares during the same period and now owns a total of 11,310 shares worth $697,000. A similar pattern was observed with MetLife Investment Management LLC who increased their shareholding by purchasing an additional 6,682 shares. This resulted in MetLife owning 18,699 shares valued at $1,094,000.
Rhumbline Advisers implemented a much smaller increase but still raised its stake in Banner by 0.5%. Rhumbline Advisers now holds a total of 96,156 shares valued at $5,628,000 after acquiring an additional 460 shares.
These transactions collectively demonstrate robust investment activity surrounding Banner among institutional investors during the first quarter of this year. It is worth noting that these investors currently own approximately 84.88% of the company’s stock.
In related news regarding insider trading activity within the company itself on June 13th Director Roberto R. Herencia purchased an incremental amount of Banner’s shares. Specifically, he acquired 667 shares at an average cost of $45.77 per share, resulting in a transaction total of $30,528.59. Following this purchase, Herencia now directly holds 12,839 shares valued at $587,641.03.
This acquisition was properly disclosed in a filing with the Securities and Exchange Commission (SEC), which can be accessed through the SEC website. The disclosure highlighted that insiders currently own 1.40% of Banner’s stock.
Furthermore, looking at the latest research report on Banner, we find that its stock opened at $43.55 on Friday. With a market capitalization of $1.50 billion and a price-to-earnings ratio of 7.55, Banner is positioned competitively in the financial services industry.
Despite recent fluctuations in stock value, with a beta of 1.01 indicating an average level of volatility relative to the market, Banner has managed to maintain stable growth throughout the year. Its share prices have ranged from a low of $41.57 to a high of $75.72 over the past twelve months.
Additionally, it is worth noting that Banner has established reliable moving averages over time with a 50-day simple moving average currently standing at $45.49 and a 200-day simple moving average at $49.65.
The company maintains healthy financial ratios as well; it has a debt-to-equity ratio of 0.40 and current and quick ratios both below one but still within satisfactory levels at 0.81 and 0.80 respectively.
In conclusion, institutional investors have displayed varying levels of activity surrounding Banner during Q1-2023 by acquiring additional shares in separate transactions – cementing their confidence in the company’s future prospects despite recent market volatility as evident from its stock performance and moving averages mentioned earlier.
Source: September 3rd article from [News Outlet]
