DA Davidson Boosts Glacier Bancorp (NYSE:GBCI) Price Target to $58.00

Key Points

• DA Davidson raised its price target on Glacier Bancorp to $58.00 (from $53.00) and maintained a buy rating, implying about a 17.35% upside from the current price.
• Analyst sentiment is mixed with a consensus Hold rating: three analysts rate the stock as Buy, three as Hold and one as Sell, and the average price target is $55.83.
• Glacier Bancorp recently posted an earnings beat (EPS $0.70 vs. $0.67 expected) and is trading around $49.43 with a market cap of $6.43 billion, while institutional investors hold roughly 80% of the shares.

Glacier Bancorp (NYSE:GBCI - Get Free Report) had its price target hoisted by equities research analysts at DA Davidson from $53.00 to $58.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. DA Davidson's target price points to a potential upside of 17.35% from the stock's current price.

GBCI has been the subject of a number of other research reports. Brean Capital cut Glacier Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 10th. Wall Street Zen upgraded Glacier Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. Stephens set a $58.00 price target on Glacier Bancorp in a research note on Monday, January 26th. Piper Sandler raised their price target on Glacier Bancorp from $59.00 to $60.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Janney Montgomery Scott assumed coverage on Glacier Bancorp in a research note on Tuesday, February 10th. They issued a "neutral" rating and a $55.00 price target on the stock. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $55.83.

Glacier Bancorp Price Performance

Glacier Bancorp stock traded up $0.71 during midday trading on Monday, reaching $49.43. 376,861 shares of the company were exchanged, compared to its average volume of 1,017,690. The company has a market capitalization of $6.43 billion, a price-to-earnings ratio of 23.09 and a beta of 0.73. The firm's 50-day simple moving average is $46.43 and its 200-day simple moving average is $45.75. Glacier Bancorp has a 1 year low of $39.77 and a 1 year high of $53.99. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.83 and a current ratio of 0.83.

Glacier Bancorp (NYSE:GBCI - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.67 by $0.03. The firm had revenue of $306.76 million during the quarter. Glacier Bancorp had a return on equity of 7.19% and a net margin of 17.60%.During the same quarter in the prior year, the business posted $0.48 EPS. On average, analysts anticipate that Glacier Bancorp will post 3.17 EPS for the current year.

Hedge Funds Weigh In On Glacier Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Glacier Bancorp by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 13,359,157 shares of the company's stock valued at $588,471,000 after purchasing an additional 870,335 shares in the last quarter. State Street Corp lifted its stake in shares of Glacier Bancorp by 9.9% in the 4th quarter. State Street Corp now owns 6,178,363 shares of the company's stock valued at $272,157,000 after purchasing an additional 557,873 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Glacier Bancorp by 7.7% in the 4th quarter. Geode Capital Management LLC now owns 3,330,658 shares of the company's stock valued at $146,736,000 after purchasing an additional 237,316 shares in the last quarter. Cooke & Bieler LP lifted its position in Glacier Bancorp by 5.3% during the 4th quarter. Cooke & Bieler LP now owns 3,049,334 shares of the company's stock worth $134,323,000 after acquiring an additional 154,595 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Glacier Bancorp by 16.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,845,069 shares of the company's stock worth $125,328,000 after acquiring an additional 402,939 shares in the last quarter. 80.17% of the stock is owned by institutional investors and hedge funds.

About Glacier Bancorp

Glacier Bancorp, Inc is a bank holding company headquartered in Kalispell, Montana. Through its network of community banks, the company delivers commercial and retail banking services to individuals, small and medium-sized businesses, and agricultural clients. With a commitment to relationship-driven banking, Glacier Bancorp combines local market expertise with regional scale to offer customized financial solutions that address the unique needs of the communities it serves.

Established in 1955 as Glacier Bank, the company has expanded both organically and through targeted acquisitions to build a presence across the Mountain West and into the Upper Midwest and Southwest.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.