Royal Bank of Canada Buys 24,398 Shares of Glacier Bancorp, Inc. $GBCI

Key Points

• Royal Bank of Canada increased its stake in Glacier Bancorp by 6.8%, owning approximately $16.9 million worth of shares, as institutional investors hold 80.17% of the company's stock.
• Glacier Bancorp reported $0.45 EPS for the last quarter, missing estimates, while the company recently declared a quarterly dividend of $0.33, resulting in a 2.7% dividend yield.
• Analysts have upgraded Glacier Bancorp's stock ratings, with a consensus price target of $50.50 and multiple firms issuing buy ratings based on its recent performance.

Royal Bank of Canada raised its holdings in Glacier Bancorp, Inc. (NASDAQ:GBCI - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 383,150 shares of the bank's stock after buying an additional 24,398 shares during the quarter. Royal Bank of Canada owned 0.34% of Glacier Bancorp worth $16,942,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of GBCI. Millennium Management LLC raised its position in shares of Glacier Bancorp by 4,600.1% during the fourth quarter. Millennium Management LLC now owns 936,079 shares of the bank's stock worth $47,010,000 after purchasing an additional 916,163 shares during the period. Nuveen LLC acquired a new position in shares of Glacier Bancorp during the first quarter worth approximately $21,220,000. Jane Street Group LLC raised its position in shares of Glacier Bancorp by 464.3% during the first quarter. Jane Street Group LLC now owns 287,773 shares of the bank's stock worth $12,725,000 after purchasing an additional 236,781 shares during the period. Peregrine Capital Management LLC acquired a new position in shares of Glacier Bancorp during the first quarter worth approximately $7,754,000. Finally, GAMMA Investing LLC raised its position in shares of Glacier Bancorp by 4,580.7% during the first 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 during the period. 80.17% of the stock is owned by institutional investors and hedge funds.

Glacier Bancorp Price Performance

Shares of NASDAQ:GBCI traded down $0.80 on Monday, hitting $48.12. The company's stock had a trading volume of 483,887 shares, compared to its average volume of 700,456. The company has a 50-day simple moving average of $46.50 and a 200 day simple moving average of $43.88. Glacier Bancorp, Inc. has a 1 year low of $36.76 and a 1 year high of $60.67. The company has a market capitalization of $5.70 billion, a PE ratio of 28.81 and a beta of 0.82. 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 announced its quarterly earnings data 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 period in the previous year, the firm earned $0.39 EPS. Sell-side analysts forecast that Glacier Bancorp, Inc. will post 2.45 EPS for the current fiscal year.

Glacier Bancorp Dividend Announcement

The company also recently disclosed 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. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Tuesday, July 8th. Glacier Bancorp's dividend payout ratio (DPR) is currently 68.75%.

Insider Buying and Selling at Glacier Bancorp

In related news, insider Lee Kenneth Groom sold 800 shares of the firm's 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 transaction, the insider directly owned 11,918 shares of the company's stock, valued at approximately $527,252.32. This trade represents a 6.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

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

About Glacier Bancorp

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.