Is Banner Corp. overvalued or undervalued?

As of 28 November 2025, the valuation grade for Banner Corp. has moved from very attractive to attractive, indicating a slight shift in perception. The company appears to be overvalued based on its current metrics, particularly with a P/E ratio of 12, which is lower than the peer average of approximately 12.84, and an EV to EBITDA ratio of 9.64, which is also below the industry benchmark. Additionally, the PEG ratio stands at 1.97, suggesting that the stock may not be priced favorably relative to its growth expectations.
In comparison to its peers, Renasant Corp. has a P/E ratio of 21.73, indicating a more favorable valuation relative to growth, while BankUnited, Inc. has a P/E of 11.46, which is closer to Banner Corp.'s but still reflects a more attractive valuation. The recent stock performance shows that Banner Corp. has underperformed against the S&P 500 over multiple periods, with a year-to-date return of -5.93% compared to the S&P 500's 16.45%, reinforcing the notion that the stock may be overvalued in the current market environment.