Bank of America Corp DE Buys Shares of 1,215,951 Glacier Bancorp, Inc. $GBCI

Key Points

• Bank of America purchased 1,215,951 Glacier Bancorp shares worth approximately $62.7 million, while institutional investors collectively own 80.17% of the stock. BlackRock also initiated a sizable position valued at about $913.8 million.
• Analysts have a consensus “Moderate Buy” rating on GBCI, with an average price target of $55.17. The stock recently traded at $44.72, below its 52-week high of $54.58.
• Glacier Bancorp reported quarterly EPS of $0.76, matching estimates and improving from $0.57 a year earlier. The company pays a quarterly dividend of $0.33 per share, representing a 3.0% annualized yield.

Bank of America Corp DE purchased a new position in shares of Glacier Bancorp, Inc. (NYSE:GBCI - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,215,951 shares of the company's stock, valued at approximately $62,719,000. Bank of America Corp DE owned approximately 0.93% of Glacier Bancorp as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in Glacier Bancorp during the 2nd quarter worth approximately $913,766,000. Geode Capital Management LLC raised its stake in shares of Glacier Bancorp by 7.7% in the fourth quarter. Geode Capital Management LLC now owns 3,330,658 shares of the company's stock valued at $146,736,000 after acquiring an additional 237,316 shares in the last quarter. Cooke & Bieler LP raised its stake in shares of Glacier Bancorp by 5.3% in the fourth quarter. Cooke & Bieler LP now owns 3,049,334 shares of the company's stock valued at $134,323,000 after acquiring an additional 154,595 shares in the last quarter. Deprince Race & Zollo Inc. boosted its holdings in Glacier Bancorp by 13.4% in the first quarter. Deprince Race & Zollo Inc. now owns 1,885,725 shares of the company's stock valued at $84,235,000 after purchasing an additional 223,318 shares during the period. Finally, Norges Bank purchased a new position in Glacier Bancorp in the fourth quarter valued at $67,582,000. 80.17% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Chairman Craig Langel bought 2,250 shares of the stock in a transaction on Friday, August 28th. The shares were bought at an average cost of $47.04 per share, for a total transaction of $105,840.00. Following the purchase, the chairman owned 98,684 shares of the company's stock, 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 SEC, which is accessible through the SEC website. Insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GBCI. DA Davidson reissued a "buy" rating and set a $58.00 price objective on shares of Glacier Bancorp in a research report on Monday, July 27th. Weiss Ratings raised shares of Glacier Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, August 5th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $55.17.

Glacier Bancorp Trading Down 0.0%

GBCI opened at $44.72 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.06. Glacier Bancorp, Inc. has a 52 week low of $39.90 and a 52 week high of $54.58. The business's 50 day moving average is $48.52 and its two-hundred day moving average is $47.86. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of 18.33 and a beta of 0.72.

Glacier Bancorp (NYSE:GBCI - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.76 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.76. Glacier Bancorp had a net margin of 19.72% and a return on equity of 7.97%. The company had revenue of $320.94 million for the quarter. During the same period in the previous year, the business posted $0.57 earnings per share. On average, research analysts predict that Glacier Bancorp, Inc. will post 3.11 EPS for the current year.

Glacier Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Shareholders of record on Tuesday, July 7th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, July 7th. Glacier Bancorp's dividend payout ratio (DPR) is presently 54.10%.

Glacier Bancorp Profile

Glacier Bancorp, Inc is a regional bank holding company headquartered in Kalispell, Montana. Through its banking subsidiaries and community banking divisions, the company provides financial services to individuals, families, businesses and organizations, with a focus on relationship-based community banking.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, commercial and agricultural loans, online and mobile banking, treasury management and other business banking services.

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