Front Street Capital Management Inc. Reduces Stake in Glacier Bancorp, Inc. $GBCI

Key Points

• Front Street Capital Management Inc. sold 6,498 shares of Glacier Bancorp, reducing its holdings by 25.4%, leaving them with 19,122 shares worth approximately $846,000.
• Several institutional investors have increased their stakes in Glacier Bancorp, with GAMMA Investing LLC boosting their holdings by 4,580.7%, now owning 142,388 shares valued at $6,296,000.
• Analysts have mixed ratings for GBCI, with a consensus rating of "Moderate Buy" and a target price set around $50.50, indicating potential upside for investors.

Front Street Capital Management Inc. trimmed its stake in shares of Glacier Bancorp, Inc. (NASDAQ:GBCI - Free Report) by 25.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,122 shares of the bank's stock after selling 6,498 shares during the quarter. Front Street Capital Management Inc.'s holdings in Glacier Bancorp were worth $846,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GBCI. Ameriprise Financial Inc. raised its stake in shares of Glacier Bancorp by 57.8% during the 4th quarter. Ameriprise Financial Inc. now owns 287,123 shares of the bank's stock valued at $14,419,000 after purchasing an additional 105,153 shares during the period. Baird Financial Group Inc. raised its stake in shares of Glacier Bancorp by 323.2% during the 4th quarter. Baird Financial Group Inc. now owns 5,205 shares of the bank's stock valued at $261,000 after purchasing an additional 3,975 shares during the period. Captrust Financial Advisors raised its stake in shares of Glacier Bancorp by 21.1% during the 4th quarter. Captrust Financial Advisors now owns 30,762 shares of the bank's stock valued at $1,545,000 after purchasing an additional 5,369 shares during the period. Deutsche Bank AG increased its stake in Glacier Bancorp by 49.3% in the 4th quarter. Deutsche Bank AG now owns 98,924 shares of the bank's stock worth $4,968,000 after acquiring an additional 32,678 shares during the last quarter. Finally, Clark Capital Management Group Inc. bought a new position in Glacier Bancorp in the 4th quarter worth about $1,027,000. 80.17% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Lee Kenneth Groom sold 800 shares of the stock in a transaction dated 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 sale, the insider directly owned 11,918 shares in the company, valued at $527,252.32. This represents a 6.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.53% of the stock is owned by corporate insiders.

Glacier Bancorp Trading Down 0.3%

GBCI stock traded down $0.13 during trading on Friday, hitting $48.81. 110,451 shares of the company traded hands, compared to its average volume of 699,781. The firm has a market capitalization of $5.79 billion, a PE ratio of 29.23 and a beta of 0.82. Glacier Bancorp, Inc. has a 1 year low of $36.76 and a 1 year high of $60.67. The company has a 50-day moving average of $46.41 and a 200-day moving average of $43.94. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.81 and a current ratio of 0.81.

Glacier Bancorp (NASDAQ:GBCI - Get Free Report) last issued its earnings results 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 previous year, the firm earned $0.39 EPS. Analysts predict that Glacier Bancorp, Inc. will post 2.45 earnings per share for the current fiscal year.

Glacier Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 17th. Investors of record on Tuesday, July 8th were issued a dividend of $0.33 per share. The ex-dividend date was Tuesday, July 8th. This represents a $1.32 annualized dividend and a yield of 2.7%. Glacier Bancorp's dividend payout ratio is currently 68.75%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GBCI. Raymond James Financial restated an "outperform" rating and issued a $48.00 target price (up from $45.00) on shares of Glacier Bancorp in a research note on Thursday, June 26th. Piper Sandler upped their target price on Glacier Bancorp from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. DA Davidson restated a "buy" rating and issued a $50.00 target price on shares of Glacier Bancorp in a research note on Wednesday, June 25th. Janney Montgomery Scott upgraded Glacier Bancorp from a "neutral" rating to a "buy" rating and set a $48.00 price objective on the stock in a research report on Thursday, June 5th. Finally, Keefe, Bruyette & Woods increased their price objective on Glacier Bancorp from $52.00 to $55.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $50.50.

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.