Idaho Trust Co Sells 220,023 Shares of Glacier Bancorp, Inc. $GBCI

Key Points

• Idaho Trust Co cut its Glacier Bancorp stake by 79.2%, selling 220,023 shares in the third quarter and retaining 57,917 shares valued at about $2.5 million.
• Glacier Bancorp beat quarterly earnings estimates, reporting $0.81 per share versus the $0.79 consensus. Analysts’ average rating was “Hold,” with an average price target of $57.
• The bank raised its quarterly dividend from $0.33 to $0.35 per share and authorized a $200 million share repurchase plan, covering up to 3.2% of shares.

Idaho Trust Co lowered its stake in shares of Glacier Bancorp, Inc. (NYSE:GBCI - Free Report) by 79.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,917 shares of the company's stock after selling 220,023 shares during the quarter. Idaho Trust Co's holdings in Glacier Bancorp were worth $2,502,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Glacier Bancorp during the second quarter worth approximately $913,766,000. Bank of America Corp DE acquired a new position in shares of Glacier Bancorp in the second quarter valued at $62,719,000. Madison Asset Management LLC acquired a new position in shares of Glacier Bancorp in the second quarter valued at $59,048,000. Bank of New York Mellon Corp bought a new position in Glacier Bancorp in the second quarter worth $55,775,000. Finally, Jupiter Topco LLC bought a new position in Glacier Bancorp in the second quarter worth $48,377,000. Institutional investors own 80.17% of the company's stock.

Wall Street Analysts Forecast Growth

GBCI has been the topic of a number of recent research reports. DA Davidson reiterated a "buy" rating and set a $58.00 price target on shares of Glacier Bancorp in a research note on Monday, July 27th. Weiss Ratings reissued a "buy (b-)" rating on shares of Glacier Bancorp in a research note on Tuesday, November 3rd. Finally, Piper Sandler increased their price target on shares of Glacier Bancorp from $60.00 to $63.00 and gave the stock an "overweight" rating in a research report on Monday, October 26th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $57.00.

Glacier Bancorp Stock Up 1.9%

GBCI opened at $49.10 on Tuesday. The firm has a market cap of $6.39 billion, a price-to-earnings ratio of 17.99 and a beta of 0.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.84 and a current ratio of 0.85. The firm's 50-day simple moving average is $45.55 and its 200-day simple moving average is $47.73. Glacier Bancorp, Inc. has a twelve month low of $39.90 and a twelve month high of $54.58.

Glacier Bancorp (NYSE:GBCI - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The company reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.02. The firm had revenue of $333.42 million for the quarter. Glacier Bancorp had a net margin of 21.24% and a return on equity of 8.38%. During the same quarter last year, the firm earned $0.57 earnings per share. Equities research analysts anticipate that Glacier Bancorp, Inc. will post 3.11 EPS for the current fiscal year.

Glacier Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Tuesday, October 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, October 6th. This is an increase from Glacier Bancorp's previous quarterly dividend of $0.33. Glacier Bancorp's dividend payout ratio (DPR) is presently 52.43%.

Glacier Bancorp declared that its board has initiated a share buyback plan on Thursday, October 29th that allows the company to repurchase $200 million in shares. This repurchase authorization allows the company to repurchase up to 3.2% of its shares through open market purchases. Share repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Activity at Glacier Bancorp

In other Glacier Bancorp news, Chairman Craig Langel acquired 2,250 shares of the business's stock in a transaction on Friday, August 28th. The stock was purchased at an average price of $47.04 per share, for a total transaction of $105,840.00. Following the transaction, the chairman owned 98,684 shares in the company, valued at $4,642,095.36. This trade represents a 2.33% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.48% of the stock is owned by insiders.

About Glacier Bancorp

Glacier Bancorp, Inc is a bank holding company headquartered in Kalispell, Montana. Through its community banking subsidiaries, it provides personal and business banking services, including checking and savings accounts, loans, mortgages, and online banking.

The company serves customers across Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, and Nevada. Its network of regional banks combines local operations with the resources of a larger banking organization.

Glacier's roots trace to Glacier Bank, which was established in Montana in 1955.

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