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

Glacier Bancorp (NASDAQ:GBCI) announced its quarterly earnings results on Friday. The bank reported $0.29 EPS 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 analyst estimates of $202.66 million. Glacier Bancorp had a net margin of 16.40% and a return on equity of 6.61%. Glacier Bancorp’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.55 EPS.

Glacier Bancorp Trading Up 5.2 %

GBCI stock opened at $36.94 on Friday. The company has a market cap of $4.19 billion, a P/E ratio of 21.11 and a beta of 0.80. Glacier Bancorp has a twelve month low of $26.77 and a twelve month high of $44.06. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.98. The business has a fifty day moving average of $37.80 and a 200-day moving average of $36.65.

Glacier Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 18th. Shareholders of record on Tuesday, April 9th were paid a $0.33 dividend. The ex-dividend date was Monday, April 8th. This represents a $1.32 dividend on an annualized basis and a yield of 3.57%. This is a positive change from Glacier Bancorp’s previous quarterly dividend of $0.10. Glacier Bancorp’s payout ratio is currently 75.43%.

Institutional Investors Weigh In On Glacier Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in GBCI. Raymond James Financial Services Advisors Inc. increased its holdings in Glacier Bancorp by 3.2% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 29,668 shares of the bank’s stock valued at $1,492,000 after purchasing an additional 926 shares during the last quarter. US Bancorp DE boosted its position in shares of Glacier Bancorp by 2.9% during the first quarter. US Bancorp DE now owns 11,115 shares of the bank’s stock worth $559,000 after buying an additional 308 shares during the period. AlphaCrest Capital Management LLC acquired a new position in shares of Glacier Bancorp during the first quarter worth about $410,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Glacier Bancorp by 10.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,755 shares of the bank’s stock worth $1,999,000 after buying an additional 3,791 shares during the period. Finally, Great West Life Assurance Co. Can boosted its position in shares of Glacier Bancorp by 6.8% during the first quarter. Great West Life Assurance Co. Can now owns 58,637 shares of the bank’s stock worth $3,029,000 after buying an additional 3,729 shares during the period. Institutional investors own 80.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. StockNews.com raised Glacier Bancorp to a “sell” rating in a research note on Tuesday, March 19th. Stephens reaffirmed an “equal weight” rating and issued a $44.00 price target on shares of Glacier Bancorp in a research note on Friday. Truist Financial decreased their price target on Glacier Bancorp from $45.00 to $42.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. Finally, Raymond James boosted their price target on Glacier Bancorp from $36.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, January 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $40.40.

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.