Glacier Bancorp (NASDAQ:GBCI) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Glacier Bancorp (NASDAQ:GBCI) released its quarterly earnings results on Thursday. The bank reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.04), Briefing.com reports. The company had revenue of $196.47 million during the quarter, compared to the consensus estimate of $202.66 million. Glacier Bancorp had a net margin of 19.63% and a return on equity of 7.59%. The business’s revenue was down 8.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.55 EPS.

Glacier Bancorp Price Performance

GBCI opened at $35.10 on Friday. The stock has a 50-day moving average price of $37.79 and a 200-day moving average price of $36.53. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $3.98 billion, a PE ratio of 17.46 and a beta of 0.80. Glacier Bancorp has a 1 year low of $26.77 and a 1 year high of $44.06.

Glacier Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Tuesday, April 9th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 3.76%. The ex-dividend date of this dividend was Monday, April 8th. This is a positive change from Glacier Bancorp’s previous quarterly dividend of $0.10. Glacier Bancorp’s payout ratio is currently 65.67%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Truist Financial cut their price target on shares of Glacier Bancorp from $45.00 to $42.00 and set a “hold” rating on the stock in a report on Monday, April 1st. StockNews.com upgraded shares of Glacier Bancorp to a “sell” rating in a report on Tuesday, March 19th. Finally, Raymond James boosted their target price on shares of Glacier Bancorp from $36.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $37.80.

Hedge Funds Weigh In On Glacier Bancorp

Several large investors have recently modified their holdings of GBCI. Barclays PLC raised its position in shares of Glacier Bancorp by 1,498.3% in the 3rd quarter. Barclays PLC now owns 943 shares of the bank’s stock worth $27,000 after purchasing an additional 884 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Glacier Bancorp in the 2nd quarter worth about $37,000. State of Wyoming raised its position in Glacier Bancorp by 57.7% in the 2nd quarter. State of Wyoming now owns 1,568 shares of the bank’s stock worth $49,000 after buying an additional 574 shares during the last quarter. Covestor Ltd raised its position in Glacier Bancorp by 115.0% in the 1st quarter. Covestor Ltd now owns 1,045 shares of the bank’s stock worth $53,000 after buying an additional 559 shares during the last quarter. Finally, KBC Group NV purchased a new position in Glacier Bancorp in the 4th quarter worth about $68,000. Hedge funds and other institutional investors own 80.17% of the company’s stock.

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.