Glacier Bancorp, Inc. (NASDAQ:GBCI – Free Report) – Research analysts at DA Davidson lowered their FY2024 earnings per share estimates for Glacier Bancorp in a note issued to investors on Tuesday, October 3rd. DA Davidson analyst J. Rulis now forecasts that the bank will post earnings per share of $1.95 for the year, down from their prior estimate of $2.10. DA Davidson currently has a “Buy” rating and a $39.00 price target on the stock. The consensus estimate for Glacier Bancorp’s current full-year earnings is $1.84 per share.
A number of other equities analysts also recently weighed in on the company. Raymond James boosted their target price on Glacier Bancorp from $34.00 to $36.00 and gave the stock an “outperform” rating in a research note on Thursday, August 10th. Piper Sandler cut their target price on shares of Glacier Bancorp from $34.00 to $31.00 in a research report on Monday, July 24th. Truist Financial lowered their target price on shares of Glacier Bancorp from $34.00 to $31.00 and set a “hold” rating on the stock in a research note on Wednesday, September 27th. Finally, Stephens restated an “equal weight” rating and issued a $31.00 target price on shares of Glacier Bancorp in a report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $33.60.
Glacier Bancorp Stock Performance
Shares of Glacier Bancorp stock opened at $28.73 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.70 and a quick ratio of 0.70. The business has a 50-day simple moving average of $30.37 and a 200 day simple moving average of $32.69. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of 11.54 and a beta of 0.80. Glacier Bancorp has a one year low of $26.77 and a one year high of $59.70.
Glacier Bancorp (NASDAQ:GBCI – Get Free Report) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. The company had revenue of $201.06 million for the quarter, compared to analyst estimates of $208.43 million. Glacier Bancorp had a net margin of 26.60% and a return on equity of 9.60%.
Hedge Funds Weigh In On Glacier Bancorp
Several institutional investors have recently bought and sold shares of GBCI. Portside Wealth Group LLC acquired a new position in shares of Glacier Bancorp during the second quarter worth about $1,594,000. VisionPoint Advisory Group LLC acquired a new position in Glacier Bancorp during the second quarter worth $36,000. Teachers Retirement System of The State of Kentucky grew its holdings in Glacier Bancorp by 10.3% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 19,619 shares of the bank’s stock valued at $611,000 after purchasing an additional 1,825 shares during the last quarter. Legato Capital Management LLC boosted its stake in shares of Glacier Bancorp by 44.2% during the second quarter. Legato Capital Management LLC now owns 32,699 shares of the bank’s stock valued at $1,019,000 after acquiring an additional 10,029 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Glacier Bancorp by 2.2% during the second quarter. Nuveen Asset Management LLC now owns 522,610 shares of the bank’s stock worth $16,290,000 after buying an additional 11,056 shares during the period. 76.91% of the stock is owned by institutional investors and hedge funds.
Glacier Bancorp Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 19th. Stockholders of record on Tuesday, October 10th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 4.60%. The ex-dividend date of this dividend is Friday, October 6th. This is a positive change from Glacier Bancorp’s previous quarterly dividend of $0.10. Glacier Bancorp’s payout ratio is currently 53.01%.
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. It offers non-interest bearing deposit and interest bearing deposit accounts, such as negotiable order of withdrawal and demand deposit accounts, savings accounts, money market deposit accounts, fixed rate certificates of deposit, negotiated-rate jumbo certificates, and individual retirement accounts.
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