Glacier Bancorp (NASDAQ:GBCI) Announces Earnings Results

Glacier Bancorp (NASDAQ:GBCI) issued its quarterly earnings results on Friday. The bank reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.04), Briefing.com reports. The business had revenue of $196.47 million for the quarter, compared to analysts’ expectations of $202.66 million. Glacier Bancorp had a return on equity of 6.51% and a net margin of 16.40%. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter last year, the company earned $0.55 earnings per share.

Glacier Bancorp Stock Performance

Shares of GBCI opened at $36.94 on Monday. The stock has a 50 day moving average price of $37.80 and a 200 day moving average price of $36.70. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 21.11 and a beta of 0.80. Glacier Bancorp has a 52-week low of $26.77 and a 52-week high of $44.06.

Glacier Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Investors of record on Tuesday, April 9th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 3.57%. This is an increase from Glacier Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, April 8th. Glacier Bancorp’s dividend payout ratio is 75.43%.

Institutional Investors Weigh In On Glacier Bancorp

Several large investors have recently modified their holdings of GBCI. Morgan Stanley lifted its holdings in shares of Glacier Bancorp by 150.3% during the fourth quarter. Morgan Stanley now owns 1,517,289 shares of the bank’s stock worth $74,984,000 after purchasing an additional 911,001 shares during the period. Norges Bank acquired a new stake in shares of Glacier Bancorp during the fourth quarter worth $35,036,000. State Street Corp lifted its holdings in shares of Glacier Bancorp by 12.1% during the second quarter. State Street Corp now owns 5,281,795 shares of the bank’s stock worth $164,634,000 after purchasing an additional 568,105 shares during the period. BlackRock Inc. lifted its holdings in shares of Glacier Bancorp by 2.9% during the first quarter. BlackRock Inc. now owns 13,765,767 shares of the bank’s stock worth $578,300,000 after purchasing an additional 388,578 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Glacier Bancorp by 33.9% during the second quarter. Goldman Sachs Group Inc. now owns 1,490,403 shares of the bank’s stock worth $46,456,000 after purchasing an additional 377,213 shares during the period. 80.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. StockNews.com upgraded shares of Glacier Bancorp to a “sell” rating in a research note on Tuesday, March 19th. Raymond James boosted their price target on shares of Glacier Bancorp from $36.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. Truist Financial cut their target price on shares of Glacier Bancorp from $45.00 to $42.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. Finally, Stephens restated an “equal weight” rating and set a $44.00 target price on shares of Glacier Bancorp in a research note on Friday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $40.40.

About Glacier Bancorp

Glacier Bancorp, Inc operates as the bank holding company for Glacier Bank that provides commercial banking services to individuals, small to medium-sized businesses, community organizations, and public entities in the United States. The company offers retail banking, business banking, and mortgage origination and loan servicing services.