Glacier Bancorp (NYSE:GBCI) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Glacier Bancorp (NYSE:GBCI) posted its earnings results on Thursday. The company reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02, FiscalAI reports. The firm had revenue of $333.42 million during the quarter. Glacier Bancorp had a return on equity of 7.97% and a net margin of 19.72%. During the same quarter in the prior year, the company posted $0.57 earnings per share.

Glacier Bancorp Price Performance

NYSE:GBCI opened at $46.02 on Friday. The firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of 17.39 and a beta of 0.77. Glacier Bancorp has a 1 year low of $39.90 and a 1 year high of $54.58. The business has a 50 day simple moving average of $45.32 and a 200-day simple moving average of $47.80. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.84 and a quick ratio of 0.84.

Glacier Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Tuesday, October 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.0%. This is a boost from Glacier Bancorp’s previous quarterly dividend of $0.33. The ex-dividend date was Tuesday, October 6th. Glacier Bancorp’s dividend payout ratio (DPR) is currently 57.38%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on GBCI shares. DA Davidson restated a “buy” rating and issued a $58.00 price target on shares of Glacier Bancorp in a research report on Monday, July 27th. Weiss Ratings upgraded shares of Glacier Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, August 5th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Glacier Bancorp currently has an average rating of “Hold” and an average target price of $56.40.

Insider Activity at Glacier Bancorp

In related news, Chairman Craig Langel bought 2,250 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were purchased at an average price of $47.04 per share, with a total value of $105,840.00. Following the transaction, the chairman owned 98,684 shares in the company, valued at $4,642,095.36. This trade represents a 2.33% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.48% of the company’s stock.

Institutional Trading of Glacier Bancorp

A number of institutional investors have recently bought and sold shares of GBCI. Assetmark Inc. raised its stake in shares of Glacier Bancorp by 33.9% in the first quarter. Assetmark Inc. now owns 813 shares of the company’s stock valued at $36,000 after acquiring an additional 206 shares during the period. Root Financial Partners LLC lifted its holdings in shares of Glacier Bancorp by 122.5% in the 1st quarter. Root Financial Partners LLC now owns 652 shares of the company’s stock worth $29,000 after acquiring an additional 359 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of Glacier Bancorp by 0.3% during the 1st quarter. California Public Employees Retirement System now owns 152,065 shares of the company’s stock worth $6,793,000 after purchasing an additional 385 shares during the period. Gradient Investments LLC boosted its stake in shares of Glacier Bancorp by 0.7% during the 2nd quarter. Gradient Investments LLC now owns 58,919 shares of the company’s stock worth $3,039,000 after purchasing an additional 430 shares during the period. Finally, State of Michigan Retirement System boosted its stake in shares of Glacier Bancorp by 1.6% during the 1st quarter. State of Michigan Retirement System now owns 30,936 shares of the company’s stock worth $1,382,000 after purchasing an additional 500 shares during the period. 80.17% of the stock is currently owned by institutional investors.

About Glacier Bancorp

Glacier Bancorp, Inc is a regional bank holding company headquartered in Kalispell, Montana. Through its banking subsidiaries, including Glacier Bank, the company provides financial services to individuals, families, businesses and community organizations across the Mountain West and Inland Northwest.

The company’s products and services include checking and savings accounts, certificates of deposit, consumer and residential mortgages, commercial and real estate lending, agricultural loans, cash-management services and online and mobile banking.