Synovus Financial Corp Acquires 14,359 Shares of Glacier Bancorp, Inc. (NASDAQ:GBCI)

Synovus Financial Corp grew its stake in Glacier Bancorp, Inc. (NASDAQ:GBCI - Free Report) by 79.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 32,484 shares of the bank's stock after purchasing an additional 14,359 shares during the quarter. Synovus Financial Corp's holdings in Glacier Bancorp were worth $1,485,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in shares of Glacier Bancorp by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,902,373 shares of the bank's stock valued at $132,662,000 after buying an additional 41,160 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Glacier Bancorp by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,611,345 shares of the bank's stock valued at $97,450,000 after buying an additional 103,374 shares during the period. Thrivent Financial for Lutherans raised its holdings in shares of Glacier Bancorp by 19.8% during the third quarter. Thrivent Financial for Lutherans now owns 1,694,409 shares of the bank's stock worth $77,435,000 after acquiring an additional 280,255 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Glacier Bancorp by 3.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,628,055 shares of the bank's stock worth $74,402,000 after purchasing an additional 49,006 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Glacier Bancorp by 0.4% during the 3rd quarter. Victory Capital Management Inc. now owns 1,534,667 shares of the bank's stock worth $70,134,000 after purchasing an additional 6,394 shares in the last quarter. 80.17% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GBCI has been the subject of several recent research reports. Truist Financial upped their price objective on Glacier Bancorp from $50.00 to $53.00 and gave the stock a "hold" rating in a research report on Monday, October 28th. Raymond James lifted their price objective on shares of Glacier Bancorp from $45.00 to $48.00 and gave the company an "outperform" rating in a report on Wednesday, October 2nd. Piper Sandler increased their target price on shares of Glacier Bancorp from $42.00 to $45.00 and gave the stock a "neutral" rating in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Glacier Bancorp from $50.00 to $62.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Glacier Bancorp presently has an average rating of "Hold" and a consensus price target of $48.83.

Glacier Bancorp Stock Performance

Glacier Bancorp stock traded down $0.33 during midday trading on Monday, reaching $54.40. 750,733 shares of the company's stock were exchanged, compared to its average volume of 638,134. The stock's 50-day simple moving average is $53.32 and its 200 day simple moving average is $45.68. The firm has a market cap of $6.17 billion, a price-to-earnings ratio of 33.78 and a beta of 0.79. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.80 and a current ratio of 0.80. Glacier Bancorp, Inc. has a 52 week low of $34.35 and a 52 week high of $60.67.

Glacier Bancorp (NASDAQ:GBCI - Get Free Report) last issued its earnings results on Thursday, October 24th. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.42 by $0.03. Glacier Bancorp had a return on equity of 5.84% and a net margin of 14.69%. The company had revenue of $324.28 million during the quarter, compared to the consensus estimate of $212.57 million. During the same period in the previous year, the company posted $0.47 EPS. On average, analysts expect that Glacier Bancorp, Inc. will post 1.7 earnings per share for the current fiscal year.

Glacier Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Tuesday, December 10th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $1.32 annualized dividend and a yield of 2.43%. Glacier Bancorp's dividend payout ratio is currently 81.48%.

Glacier Bancorp Profile

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.