Janney Montgomery Scott LLC Reduces Stake in Glacier Bancorp, Inc. (NASDAQ:GBCI)

Posted by Defense World Staff on Oct 28th, 2023

Janney Montgomery Scott LLC reduced its position in Glacier Bancorp, Inc. (NASDAQ:GBCI – Free Report) by 14.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,131 shares of the bank’s stock after selling 3,430 shares during the period. Janney Montgomery Scott LLC’s holdings in Glacier Bancorp were worth $628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of GBCI. Cooke & Bieler LP boosted its stake in shares of Glacier Bancorp by 99.9% in the 1st quarter. Cooke & Bieler LP now owns 2,001,077 shares of the bank’s stock worth $84,065,000 after buying an additional 1,000,236 shares during the last quarter. Morgan Stanley lifted its position in Glacier Bancorp by 150.3% during the fourth quarter. Morgan Stanley now owns 1,517,289 shares of the bank’s stock valued at $74,984,000 after purchasing an additional 911,001 shares in the last quarter. Norges Bank purchased a new position in Glacier Bancorp during the fourth quarter valued at $35,036,000. Cercano Management LLC purchased a new position in Glacier Bancorp during the first quarter valued at $19,552,000. Finally, Madison Asset Management LLC lifted its position in Glacier Bancorp by 65.1% during the first quarter. Madison Asset Management LLC now owns 1,072,835 shares of the bank’s stock valued at $45,070,000 after purchasing an additional 423,115 shares in the last quarter. 76.91% of the stock is currently owned by hedge funds and other institutional investors.

Glacier Bancorp Trading Down 2.1 %

Shares of GBCI stock opened at $30.10 on Friday. Glacier Bancorp, Inc. has a 12-month low of $26.77 and a 12-month high of $59.70. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.07. The stock’s 50-day moving average price is $29.53 and its 200-day moving average price is $31.41. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of 13.44 and a beta of 0.80.

Glacier Bancorp (NASDAQ:GBCI – Get Free Report) last issued its quarterly earnings data on Friday, October 20th. The bank reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.04. Glacier Bancorp had a return on equity of 8.58% and a net margin of 22.89%. The company had revenue of $295.15 million for the quarter, compared to analysts’ expectations of $197.37 million. During the same period in the previous year, the firm posted $0.72 earnings per share. Equities research analysts predict that Glacier Bancorp, Inc. will post 1.89 EPS for the current fiscal year.

Glacier Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 19th. Shareholders of record on Tuesday, October 10th were paid a dividend of $0.33 per share. This is a boost from Glacier Bancorp’s previous quarterly dividend of $0.10. This represents a $1.32 annualized dividend and a yield of 4.39%. The ex-dividend date was Friday, October 6th. Glacier Bancorp’s payout ratio is presently 58.93%.

Wall Street Analyst Weigh In

A number of research firms have commented on GBCI. Piper Sandler decreased their price target on Glacier Bancorp from $34.00 to $31.00 in a report on Monday, July 24th. Truist Financial raised their price target on Glacier Bancorp from $31.00 to $32.00 and gave the company a “hold” rating in a report on Monday, October 23rd. Stephens reissued an “equal weight” rating and set a $31.00 price target on shares of Glacier Bancorp in a report on Friday, July 21st. StockNews.com raised Glacier Bancorp to a “sell” rating in a report on Thursday. Finally, Raymond James raised their price target on Glacier Bancorp from $34.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $33.80.

View Our Latest Analysis on GBCI

About Glacier Bancorp

(Free Report)

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.