Glacier Bancorp (NASDAQ:GBCI) Hits New 12-Month High Following Earnings Beat

Glacier Bancorp, Inc. (NASDAQ:GBCI - Get Free Report) shares reached a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $49.42 and last traded at $49.19, with a volume of 126885 shares traded. The stock had previously closed at $47.73.

The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.03. Glacier Bancorp had a return on equity of 6.06% and a net margin of 15.15%. The business had revenue of $324.28 million for the quarter, compared to analyst estimates of $212.57 million. During the same period in the prior year, the company posted $0.47 EPS.

Glacier Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 17th. Investors of record on Tuesday, October 8th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date was Tuesday, October 8th. Glacier Bancorp's dividend payout ratio is presently 75.43%.

Analyst Ratings Changes

GBCI has been the subject of several recent research reports. Piper Sandler reaffirmed a "neutral" rating and set a $38.00 target price on shares of Glacier Bancorp in a report on Tuesday, August 27th. Raymond James boosted their price target 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. Finally, Truist Financial increased their price objective on shares of Glacier Bancorp from $46.00 to $50.00 and gave the stock a "hold" rating in a report on Friday, September 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Glacier Bancorp currently has an average rating of "Hold" and an average target price of $44.20.

Insider Buying and Selling

In other news, Director Annie M. Goodwin sold 5,619 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $44.55, for a total value of $250,326.45. Following the completion of the sale, the director now owns 9,402 shares in the company, valued at $418,859.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.44% of the company's stock.

Institutional Investors Weigh In On Glacier Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its holdings in shares of Glacier Bancorp by 46.2% during the 1st quarter. Sei Investments Co. now owns 148,305 shares of the bank's stock valued at $5,974,000 after buying an additional 46,890 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Glacier Bancorp by 21.1% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 78,463 shares of the bank's stock worth $3,160,000 after purchasing an additional 13,655 shares during the last quarter. Bayesian Capital Management LP bought a new stake in Glacier Bancorp during the first quarter worth approximately $477,000. Blue Trust Inc. grew its stake in Glacier Bancorp by 20,598.6% in the 2nd quarter. Blue Trust Inc. now owns 14,903 shares of the bank's stock valued at $600,000 after buying an additional 14,831 shares during the last quarter. Finally, Capital Research Global Investors increased its stake in shares of Glacier Bancorp by 60.3% in the first quarter. Capital Research Global Investors now owns 1,924,997 shares of the bank's stock worth $77,539,000 after purchasing an additional 724,089 shares during the period. Hedge funds and other institutional investors own 80.17% of the company's stock.

Glacier Bancorp Price Performance

The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.82. The stock has a fifty day simple moving average of $45.54 and a 200-day simple moving average of $41.02. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of 28.34 and a beta of 0.80.

Glacier Bancorp Company 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.