James P.G. McLean, Executive Vice President of Banner Bank, a subsidiary of Banner Corp (NASDAQ:BANR), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, McLean sold 1,500 shares of common stock on November 6, 2024, at a price of $75.63 per share. This transaction amounted to a total sale value of $113,445. Following this transaction, McLean holds 21,868 shares of Banner Corp.
In other recent news, Banner Corporation has reported a significant increase in its third-quarter earnings for 2024. The company's net profit rose to $45.2 million, or $1.30 per diluted share, up from $1.15 in the previous quarter. Core earnings also saw an improvement, rising to $57 million, while total revenue from core operations reached approximately $154 million.
In addition, Banner Corporation's efforts in expense management and Net Interest Margin (NIM) improvement have been recognized by DA Davidson, resulting in an increased stock price target from $60.00 to $69.00. Despite some constraints due to a portion of loans moving to Held for Sale (HFS), the credit quality remains solid and the outlook positive.
Furthermore, the company has been focusing on growing its core deposits, which represented 89% of total deposits, and projecting a low to mid-single-digit loan growth for 2024. However, the company has also provided a cautious outlook for its net interest margin, attributing this to potential delays in deposit cost reductions and loan repricing.
Lastly, Banner Corporation has strategically hired a new Chief Banking Officer in Sacramento with an emphasis on enhancing loan origination in California. These are recent developments that investors should be aware of as the company continues to navigate the financial landscape.
InvestingPro Insights
The recent sale by James P.G. McLean comes at a time when Banner Corp (NASDAQ:BANR) is experiencing significant momentum in the market. According to InvestingPro data, the company's stock has shown remarkable performance, with a 77.36% price total return over the past year and a 64.45% return in the last six months. This strong performance is reflected in the stock trading near its 52-week high, with the current price at 97.47% of that peak.
InvestingPro Tips highlight that Banner Corp has maintained dividend payments for 30 consecutive years, demonstrating a commitment to shareholder returns. This consistency in dividend payments could be attractive to income-focused investors, especially considering the current dividend yield of 2.57%.
The company's financial health appears solid, with a P/E ratio of 15.4, suggesting a reasonable valuation compared to earnings. Additionally, Banner Corp has been profitable over the last twelve months, with analysts predicting continued profitability this year.
It's worth noting that while the stock has shown strong returns, an InvestingPro Tip indicates that the RSI suggests the stock is in overbought territory. This could be a factor for investors to consider when evaluating the timing of potential investments or divestments.
For readers interested in a deeper analysis, InvestingPro offers 11 additional tips for Banner Corp, providing a more comprehensive view of the company's prospects and potential risks.
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