Madison Asset Management LLC Sells 10,970 Shares of Glacier Bancorp, Inc. $GBCI

Madison Asset Management LLC lowered its stake in shares of Glacier Bancorp, Inc. (NASDAQ:GBCI) by 1.0% in the third quarter, Holdings Channel reports. The firm owned 1,044,445 shares of the bank’s stock after selling 10,970 shares during the period. Madison Asset Management LLC’s holdings in Glacier Bancorp were worth $50,833,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GBCI. Norges Bank acquired a new stake in Glacier Bancorp in the 2nd quarter valued at approximately $54,144,000. Balyasny Asset Management L.P. bought a new stake in shares of Glacier Bancorp in the second quarter valued at approximately $24,362,000. Voya Investment Management LLC boosted its position in shares of Glacier Bancorp by 1,653.0% in the third quarter. Voya Investment Management LLC now owns 540,871 shares of the bank’s stock valued at $26,324,000 after acquiring an additional 510,017 shares during the period. Lido Advisors LLC acquired a new stake in shares of Glacier Bancorp in the second quarter worth $17,651,000. Finally, Deprince Race & Zollo Inc. grew its stake in shares of Glacier Bancorp by 41.5% in the third quarter. Deprince Race & Zollo Inc. now owns 1,272,041 shares of the bank’s stock worth $61,910,000 after acquiring an additional 373,196 shares during the last quarter. Institutional investors and hedge funds own 80.17% of the company’s stock.

Glacier Bancorp Stock Performance

NASDAQ:GBCI opened at $51.79 on Wednesday. The firm has a market capitalization of $6.73 billion, a PE ratio of 31.01 and a beta of 0.76. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.63. Glacier Bancorp, Inc. has a 12-month low of $36.76 and a 12-month high of $53.99. The firm has a 50-day moving average price of $46.94 and a 200 day moving average price of $46.02.

Glacier Bancorp (NASDAQ:GBCI) last issued its earnings results on Thursday, January 22nd. The bank reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.13). Glacier Bancorp had a return on equity of 5.98% and a net margin of 14.99%.During the same period last year, the firm earned $0.54 earnings per share. Research analysts anticipate that Glacier Bancorp, Inc. will post 2.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GBCI. Piper Sandler upgraded shares of Glacier Bancorp from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $50.00 to $58.00 in a report on Thursday, December 18th. DA Davidson lifted their target price on Glacier Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Janney Montgomery Scott assumed coverage on Glacier Bancorp in a report on Tuesday. They issued a “neutral” rating and a $55.00 price target for the company. Raymond James Financial reduced their price objective on Glacier Bancorp from $55.00 to $49.00 and set an “outperform” rating for the company in a research report on Monday, October 20th. Finally, Keefe, Bruyette & Woods reissued an “underperform” rating on shares of Glacier Bancorp in a report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Glacier Bancorp has an average rating of “Moderate Buy” and a consensus price target of $55.50.

About Glacier Bancorp

Glacier Bancorp, Inc is a bank holding company headquartered in Kalispell, Montana, serving communities across the western United States. Through its primary banking subsidiary, Glacier Bank, the company offers a range of financial products, including commercial and consumer lending, deposit accounts, treasury management, mortgage banking, wealth management and insurance services. With locations in dozens of branches across Montana, Idaho, Wyoming, Nevada, Utah, Washington, Colorado and Arizona, it caters to individuals, small businesses and agribusiness clients.

Since its establishment in the mid-20th century as a community-focused savings institution, Glacier Bancorp has grown through both organic expansion and strategic acquisitions of regional banks, strengthening its presence in local markets.