Banner Corporation (BANR) PT Raised to $78 at Stephens

Stephens analyst Andrew Terrell raised the price target on Banner Corporation (NASDAQ: BANR) to $78.00 (from $77.00) while maintaining a Overweight rating.

The analyst commented: "BANR 3Q included an Op. EPS beat at $1.54 vs. our $1.44 forecast with PPNR of $73.3 mil. that was modestly below our $73.6 mil. while growth was a positive standout, including +10% LQA organic core deposit growth and ~8% LQA organic loan growth. While deposit costs were modestly worse in the quarter (+5 bps vs. our flat) and limited NIM expansion, we think the 4Q will likely be a stronger quarter for BANR as the Company’s balance sheet is moderately asset sensitive and more notable asset repricing, a late-quarter securities repositioning, and reduction in FHLB borrowings all likely translate to solid NIM expansion in 4Q, in our view. With TCE at ~9.5%, buybacks likely continue moving forward, although BANR does remain open to future M&A post conversion of Pacific that occurs in November. Adjusting ‘28E Op. EPS to $6.80 (from $6.73) and PT to $78 (from $77). Remain OW rated."

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