New York State Teachers Retirement System Cuts Stock Position in Banner Co. (NASDAQ:BANR)

New York State Teachers Retirement System lowered its stake in Banner Co. (NASDAQ:BANRGet Rating) by 23.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,067 shares of the financial services provider’s stock after selling 4,100 shares during the period. New York State Teachers Retirement System’s holdings in Banner were worth $734,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in Banner by 2,492.9% during the 1st quarter. Fifth Third Bancorp now owns 6,560 shares of the financial services provider’s stock valued at $384,000 after purchasing an additional 6,307 shares during the last quarter. Congress Asset Management Co. MA boosted its stake in Banner by 8.1% during the 1st quarter. Congress Asset Management Co. MA now owns 23,581 shares of the financial services provider’s stock valued at $1,380,000 after purchasing an additional 1,762 shares during the last quarter. CWM LLC boosted its stake in Banner by 116.7% during the 1st quarter. CWM LLC now owns 505 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 272 shares during the last quarter. Truist Financial Corp purchased a new stake in Banner during the 1st quarter valued at $599,000. Finally, Private Ocean LLC purchased a new stake in Banner during the 1st quarter valued at $27,000. Hedge funds and other institutional investors own 85.64% of the company’s stock.

Insider Buying and Selling

In related news, VP James P.G. Mclean sold 1,250 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $62.50, for a total value of $78,125.00. Following the transaction, the vice president now directly owns 17,698 shares of the company’s stock, valued at approximately $1,106,125. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.46% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on BANR. StockNews.com began coverage on Banner in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Piper Sandler increased their price target on Banner to $65.00 in a report on Friday, July 22nd. Finally, Raymond James cut Banner from a “strong-buy” rating to an “outperform” rating and increased their price target for the company from $68.00 to $72.00 in a report on Friday, October 21st.

Banner Price Performance

NASDAQ BANR opened at $70.25 on Thursday. The business’s fifty day moving average price is $63.37 and its 200-day moving average price is $61.93. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of 12.70 and a beta of 0.91. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.76 and a quick ratio of 0.75. Banner Co. has a 1-year low of $52.35 and a 1-year high of $70.50.

Banner Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Monday, October 31st will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, October 28th. This represents a $1.76 dividend on an annualized basis and a yield of 2.51%. Banner’s dividend payout ratio is currently 31.83%.

Banner Profile

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Banner Corporation operates as the bank holding company for Banner Bank that provide commercial banking and financial products and services to individuals, businesses, and public sector entities in the United States. It accepts various deposit instruments, 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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