Fifth Third Bancorp Boosts Holdings in Glacier Bancorp, Inc. $GBCI

Key Points

• Fifth Third Bancorp sharply increased its stake in Glacier Bancorp, boosting holdings by 2,984.7% in the first quarter to 39,978 shares worth about $1.79 million.
• Glacier Bancorp reported better-than-expected quarterly earnings of $0.70 per share, beating estimates by $0.03, on revenue of $309.61 million.
• The company also paid a quarterly dividend of $0.33 per share, equal to an annualized yield of 2.6%, while analysts currently have a consensus Hold rating with an average target price of $55.17.

Fifth Third Bancorp lifted its position in shares of Glacier Bancorp, Inc. (NYSE:GBCI - Free Report) by 2,984.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,978 shares of the company's stock after purchasing an additional 38,682 shares during the period. Fifth Third Bancorp's holdings in Glacier Bancorp were worth $1,786,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Equitable Trust Co. lifted its holdings in Glacier Bancorp by 14.8% in the 1st quarter. Equitable Trust Co. now owns 8,934 shares of the company's stock worth $399,000 after buying an additional 1,155 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Glacier Bancorp by 2.7% during the first quarter. Oregon Public Employees Retirement Fund now owns 26,448 shares of the company's stock valued at $1,181,000 after acquiring an additional 700 shares in the last quarter. QRG Capital Management Inc. grew its stake in Glacier Bancorp by 26.1% during the 1st quarter. QRG Capital Management Inc. now owns 9,129 shares of the company's stock valued at $408,000 after purchasing an additional 1,891 shares in the last quarter. HB Wealth Management LLC purchased a new stake in Glacier Bancorp during the 1st quarter worth approximately $208,000. Finally, World Investment Advisors increased its holdings in Glacier Bancorp by 615.3% during the 1st quarter. World Investment Advisors now owns 40,414 shares of the company's stock worth $1,805,000 after purchasing an additional 34,764 shares during the last quarter. 80.17% of the stock is currently owned by hedge funds and other institutional investors.

Glacier Bancorp Stock Performance

Shares of GBCI opened at $51.20 on Thursday. Glacier Bancorp, Inc. has a 1 year low of $39.90 and a 1 year high of $54.58. The company has a market cap of $6.66 billion, a price-to-earnings ratio of 23.92 and a beta of 0.72. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a fifty day moving average of $49.52 and a 200-day moving average of $48.27.

Glacier Bancorp (NYSE:GBCI - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.67 by $0.03. The business had revenue of $309.61 million for the quarter. Glacier Bancorp had a net margin of 17.60% and a return on equity of 7.19%. During the same period last year, the business earned $0.48 EPS. As a group, equities analysts anticipate that Glacier Bancorp, Inc. will post 3.16 earnings per share for the current year.

Glacier Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Stockholders of record on Tuesday, July 7th were given a dividend of $0.33 per share. The ex-dividend date was Tuesday, July 7th. This represents a $1.32 annualized dividend and a dividend yield of 2.6%. Glacier Bancorp's payout ratio is currently 61.68%.

Analyst Ratings Changes

GBCI has been the subject of several research analyst reports. DA Davidson increased their target price on Glacier Bancorp from $53.00 to $58.00 and gave the company a "buy" rating in a research note on Monday, April 27th. Stephens lifted their price target on shares of Glacier Bancorp from $52.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Glacier Bancorp in a report on Monday. Finally, Piper Sandler increased their price objective on shares of Glacier Bancorp from $59.00 to $60.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Glacier Bancorp has a consensus rating of "Hold" and an average target price of $55.17.

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.

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