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 more cautious outlook. The company appears to be fairly valued, with a P/E ratio of 12, a Price to Book Value of 1.18, and an EV to EBITDA of 9.64. In comparison to peers, Renasant Corp. has a higher P/E of 21.73, while BankUnited, Inc. shows a P/E of 11.46, suggesting that Banner Corp. is positioned competitively within its industry.
Despite the attractive valuation, Banner Corp. has underperformed against the S&P 500 over various periods, notably with a year-to-date return of -5.93% compared to the S&P 500's 16.45%. This trend continues over the one-year and three-year periods, where the company returned -16.55% and -9.38%, respectively, while the S&P 500 delivered positive returns.