Drive Wealth Management LLC Purchases New Position in Glacier Bancorp, Inc. (NASDAQ:GBCI)

Key Points

• Drive Wealth Management LLC made a new investment of approximately $668,000 by acquiring 15,100 shares in Glacier Bancorp, Inc. in the first quarter.
• Analysts have set a consensus target price of $50.83 for Glacier Bancorp, with some predicting a strong buy rating and price objectives ranging from $48.00 to $52.00.
• Glacier Bancorp declared a quarterly dividend of $0.33, resulting in an annualized yield of 2.96%, with a payout ratio of 70.97%.

Drive Wealth Management LLC bought a new position in shares of Glacier Bancorp, Inc. (NASDAQ:GBCI - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 15,100 shares of the bank's stock, valued at approximately $668,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Interstate Bank bought a new stake in shares of Glacier Bancorp during the first quarter worth about $593,000. Bessemer Group Inc. grew its position in Glacier Bancorp by 1,839.2% in the 1st quarter. Bessemer Group Inc. now owns 9,599 shares of the bank's stock worth $424,000 after purchasing an additional 9,104 shares in the last quarter. GAMMA Investing LLC grew its position in Glacier Bancorp by 4,580.7% in the 1st quarter. GAMMA Investing LLC now owns 142,388 shares of the bank's stock worth $6,296,000 after purchasing an additional 139,346 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Glacier Bancorp by 3.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 189,263 shares of the bank's stock worth $8,369,000 after purchasing an additional 6,806 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Glacier Bancorp by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 262,897 shares of the bank's stock worth $11,625,000 after purchasing an additional 2,477 shares in the last quarter. 80.17% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

GBCI has been the subject of a number of recent analyst reports. Janney Montgomery Scott raised shares of Glacier Bancorp from a "neutral" rating to a "buy" rating and set a $48.00 price objective for the company in a research report on Thursday, June 5th. Raymond James Financial reaffirmed an "outperform" rating and issued a $48.00 price objective (up from $45.00) on shares of Glacier Bancorp in a research report on Thursday, June 26th. Piper Sandler upped their price objective on shares of Glacier Bancorp from $47.00 to $49.00 and gave the stock a "neutral" rating in a research report on Monday. DA Davidson reaffirmed a "buy" rating and issued a $50.00 price objective on shares of Glacier Bancorp in a research report on Wednesday, June 25th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Glacier Bancorp from $50.00 to $52.00 and gave the stock a "market perform" rating in a research report on Friday, June 27th. Three equities research 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 stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $50.00.

Glacier Bancorp Stock Performance

Shares of Glacier Bancorp stock traded down $0.43 on Tuesday, reaching $46.03. 364,072 shares of the company traded hands, compared to its average volume of 700,943. Glacier Bancorp, Inc. has a 52 week low of $36.76 and a 52 week high of $60.67. The company has a 50 day moving average of $43.40 and a 200 day moving average of $44.63. The firm has a market capitalization of $5.22 billion, a PE ratio of 27.56 and a beta of 0.77. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.81 and a quick ratio of 0.81.

Glacier Bancorp (NASDAQ:GBCI - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates 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 quarter in the prior year, the company earned $0.39 EPS. Equities analysts forecast that Glacier Bancorp, Inc. will post 2.45 earnings per share for the current year.

Glacier Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 17th. Investors of record on Tuesday, July 8th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date was Tuesday, July 8th. Glacier Bancorp's payout ratio is currently 68.75%.

Glacier Bancorp 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.