Davis Asset Management L.P. Reduces Stock Position in Glacier Bancorp, Inc. (NASDAQ:GBCI)

Davis Asset Management L.P. lessened its position in shares of Glacier Bancorp, Inc. (NASDAQ:GBCI) by 51.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 386,749 shares of the bank’s stock after selling 402,604 shares during the quarter. Glacier Bancorp accounts for 0.6% of Davis Asset Management L.P.’s portfolio, making the stock its 29th largest position. Davis Asset Management L.P. owned approximately 0.35% of Glacier Bancorp worth $15,980,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of GBCI. AE Wealth Management LLC lifted its holdings in shares of Glacier Bancorp by 19.4% in the 3rd quarter. AE Wealth Management LLC now owns 12,628 shares of the bank’s stock valued at $360,000 after buying an additional 2,052 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Glacier Bancorp by 6.1% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 41,876 shares of the bank’s stock valued at $1,193,000 after buying an additional 2,415 shares during the period. Raymond James & Associates lifted its holdings in shares of Glacier Bancorp by 3.1% in the 3rd quarter. Raymond James & Associates now owns 991,073 shares of the bank’s stock valued at $28,246,000 after buying an additional 29,482 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in shares of Glacier Bancorp by 15.4% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 53,456 shares of the bank’s stock valued at $1,524,000 after buying an additional 7,150 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Glacier Bancorp by 22.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,911 shares of the bank’s stock valued at $653,000 after buying an additional 4,271 shares during the period. Institutional investors and hedge funds own 80.17% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Truist Financial reduced their price target on Glacier Bancorp from $42.00 to $40.00 and set a “hold” rating for the company in a report on Monday, April 22nd. Raymond James upped their price target on Glacier Bancorp from $36.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. StockNews.com raised Glacier Bancorp to a “sell” rating in a report on Tuesday, March 19th. Stephens reduced their price target on Glacier Bancorp from $44.00 to $40.00 and set an “equal weight” rating for the company in a report on Tuesday, April 23rd. Finally, DA Davidson reduced their price target on Glacier Bancorp from $48.00 to $45.00 and set a “buy” rating for the company in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $40.40.

Glacier Bancorp Price Performance

Shares of Glacier Bancorp stock traded up $0.75 during mid-day trading on Thursday, reaching $37.65. 420,585 shares of the stock traded hands, compared to its average volume of 743,369. The business has a 50-day moving average of $37.84 and a 200 day moving average of $37.06. Glacier Bancorp, Inc. has a fifty-two week low of $26.77 and a fifty-two week high of $44.06. The stock has a market capitalization of $4.27 billion, a PE ratio of 21.51 and a beta of 0.81. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.76.

Glacier Bancorp (NASDAQ:GBCI) last announced its earnings results on Wednesday, April 24th. The bank reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.04). Glacier Bancorp had a net margin of 16.40% and a return on equity of 6.51%. The firm had revenue of $196.47 million for the quarter, compared to analyst estimates of $202.66 million. During the same period in the previous year, the company earned $0.55 EPS. Glacier Bancorp’s revenue was down 8.2% compared to the same quarter last year. On average, analysts predict that Glacier Bancorp, Inc. will post 1.68 EPS for the current year.

Glacier Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Shareholders of record on Tuesday, April 9th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.51%. This is a boost from Glacier Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, April 8th. Glacier Bancorp’s dividend payout ratio is 75.43%.

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.