Glacier Bancorp (NYSE:GBCI) Posts Quarterly Earnings Results, Meets Expectations

Glacier Bancorp (NYSE:GBCI) posted its earnings results on Thursday. The company reported $0.76 earnings per share for the quarter, hitting the consensus estimate of $0.76, FiscalAI reports. Glacier Bancorp had a net margin of 17.60% and a return on equity of 7.19%. The business had revenue of $320.94 million for the quarter. During the same period in the previous year, the company posted $0.57 EPS.

Glacier Bancorp Stock Down 1.0%

Shares of GBCI opened at $50.64 on Friday. The business’s fifty day moving average price is $49.61 and its two-hundred day moving average price is $48.31. The firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of 23.67 and a beta of 0.72. Glacier Bancorp has a 52 week low of $39.90 and a 52 week high of $54.58. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.83 and a current ratio of 0.83.

Glacier Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 16th. Stockholders of record on Tuesday, July 7th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Tuesday, July 7th. Glacier Bancorp’s dividend payout ratio is 61.68%.

Analyst Upgrades and Downgrades

GBCI has been the subject of several analyst reports. Piper Sandler lifted their price target on shares of Glacier Bancorp from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, April 27th. DA Davidson upped their price objective on shares of Glacier Bancorp from $53.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Glacier Bancorp in a report on Monday. Finally, Stephens lifted their target price on shares of Glacier Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $55.17.

Hedge Funds Weigh In On Glacier Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in GBCI. Assetmark Inc. grew its position in shares of Glacier Bancorp by 33.9% in the first quarter. Assetmark Inc. now owns 813 shares of the company’s stock valued at $36,000 after purchasing an additional 206 shares during the last quarter. Front Street Capital Management Inc. lifted its holdings in Glacier Bancorp by 1.1% during the 4th quarter. Front Street Capital Management Inc. now owns 19,335 shares of the company’s stock worth $852,000 after purchasing an additional 213 shares during the last quarter. MML Investors Services LLC boosted its stake in Glacier Bancorp by 4.6% in the 4th quarter. MML Investors Services LLC now owns 5,047 shares of the company’s stock valued at $222,000 after purchasing an additional 221 shares during the period. Global Retirement Partners LLC grew its holdings in Glacier Bancorp by 41.2% in the 4th quarter. Global Retirement Partners LLC now owns 764 shares of the company’s stock valued at $34,000 after buying an additional 223 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in Glacier Bancorp by 1.2% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 19,413 shares of the company’s stock valued at $855,000 after buying an additional 225 shares in the last quarter. Institutional investors and hedge funds own 80.17% of the company’s stock.

About Glacier Bancorp

Glacier Bancorp, Inc is a bank holding company headquartered in Kalispell, Montana. Through its network of community banks, the company delivers commercial and retail banking services to individuals, small and medium-sized businesses, and agricultural clients. With a commitment to relationship-driven banking, Glacier Bancorp combines local market expertise with regional scale to offer customized financial solutions that address the unique needs of the communities it serves.

Established in 1955 as Glacier Bank, the company has expanded both organically and through targeted acquisitions to build a presence across the Mountain West and into the Upper Midwest and Southwest.