Entropy Technologies LP Invests $729,000 in Glacier Bancorp, Inc. (NASDAQ:GBCI)

Key Points

• Entropy Technologies LP purchased 16,494 shares of Glacier Bancorp, valued at approximately $729,000, as part of a trend of institutional investing in the bank.
• Glacier Bancorp reported a missed earnings forecast for the previous quarter, with an EPS of $0.45 compared to the expected $0.49, though it reflects a year-over-year increase from $0.39.
• The company declared a quarterly dividend of $0.33, representing an annualized dividend yield of 2.9%, with a payout ratio of 68.75%.

Entropy Technologies LP acquired a new stake in Glacier Bancorp, Inc. (NASDAQ:GBCI - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 16,494 shares of the bank's stock, valued at approximately $729,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Glacier Bancorp in the first quarter valued at about $273,000. Westwood Holdings Group Inc. raised its position in Glacier Bancorp by 7.6% in the first quarter. Westwood Holdings Group Inc. now owns 623,814 shares of the bank's stock valued at $27,585,000 after purchasing an additional 44,246 shares during the period. Empower Advisory Group LLC purchased a new position in Glacier Bancorp in the first quarter valued at about $864,000. Natixis Advisors LLC raised its position in Glacier Bancorp by 9.1% in the first quarter. Natixis Advisors LLC now owns 400,520 shares of the bank's stock valued at $17,711,000 after purchasing an additional 33,336 shares during the period. Finally, XTX Topco Ltd purchased a new position in Glacier Bancorp in the first quarter valued at about $1,816,000. 80.17% of the stock is owned by hedge funds and other institutional investors.

Glacier Bancorp Stock Down 1.8%

Glacier Bancorp stock traded down $0.84 during midday trading on Friday, hitting $45.32. The stock had a trading volume of 571,366 shares, compared to its average volume of 702,137. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.63. The stock has a market cap of $5.37 billion, a P/E ratio of 27.14 and a beta of 0.79. Glacier Bancorp, Inc. has a 12 month low of $36.76 and a 12 month high of $60.67. The business has a fifty day moving average price of $44.29 and a 200 day moving average price of $44.10.

Glacier Bancorp (NASDAQ:GBCI - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The bank reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.04). Glacier Bancorp had a net margin of 14.99% and a return on equity of 5.98%. During the same period in the prior year, the business earned $0.39 earnings per share. Research analysts predict that Glacier Bancorp, Inc. will post 2.45 EPS for the current year.

Glacier Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 17th. Stockholders of record on Tuesday, July 8th were given a dividend of $0.33 per share. The ex-dividend date was Tuesday, July 8th. This represents a $1.32 annualized dividend and a dividend yield of 2.9%. Glacier Bancorp's payout ratio is currently 68.75%.

Analyst Upgrades and Downgrades

GBCI has been the topic of several research reports. DA Davidson reissued a "buy" rating and issued a $50.00 price objective on shares of Glacier Bancorp in a research report on Wednesday, June 25th. Piper Sandler lifted their target price on Glacier Bancorp from $47.00 to $49.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Raymond James Financial reaffirmed an "outperform" rating and set a $48.00 target price (up from $45.00) on shares of Glacier Bancorp in a research report on Thursday, June 26th. Keefe, Bruyette & Woods lifted their target price on Glacier Bancorp from $50.00 to $52.00 and gave the stock a "market perform" rating in a research report on Friday, June 27th. Finally, Janney Montgomery Scott raised Glacier Bancorp from a "neutral" rating to a "buy" rating and set a $48.00 target price on the stock in a research report on Thursday, June 5th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Glacier Bancorp has an average rating of "Moderate Buy" and a consensus price target of $50.00.

Insider Activity

In other news, insider Lee Kenneth Groom sold 800 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $44.24, for a total transaction of $35,392.00. Following the completion of the transaction, the insider directly owned 11,918 shares in the company, valued at approximately $527,252.32. The trade was a 6.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.53% of the company's stock.

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.