Legal & General Group Plc Acquires New Holdings in Glacier Bancorp, Inc. $GBCI

Key Points

• Legal & General Group Plc acquired 179,052 shares of Glacier Bancorp in the second quarter, worth approximately $9.24 million and representing about 0.14% of the company. Institutional investors collectively own 80.17% of GBCI.
• Glacier Bancorp received largely positive analyst coverage, with a consensus rating of “Moderate Buy” and an average price target of $55.17. Chairman Craig A. Langel also purchased 2,250 shares, increasing his stake by 2.33%.
• GBCI shares opened at $45.33, down 2.1%, while the company reported quarterly EPS of $0.76, revenue of $320.94 million, and a quarterly dividend of $0.33, equivalent to a 2.9% annualized yield.

Legal & General Group Plc bought a new position in Glacier Bancorp, Inc. (NYSE:GBCI - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 179,052 shares of the company's stock, valued at approximately $9,236,000. Legal & General Group Plc owned about 0.14% of Glacier Bancorp at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Glacier Bancorp in the 2nd quarter valued at approximately $913,766,000. Vanguard Group Inc. increased its holdings in shares of Glacier Bancorp by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 13,359,157 shares of the company's stock valued at $588,471,000 after purchasing an additional 870,335 shares during the period. State Street Corp raised its stake in shares of Glacier Bancorp by 9.9% during the fourth quarter. State Street Corp now owns 6,178,363 shares of the company's stock valued at $272,157,000 after purchasing an additional 557,873 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Glacier Bancorp by 7.7% in the fourth quarter. Geode Capital Management LLC now owns 3,330,658 shares of the company's stock worth $146,736,000 after purchasing an additional 237,316 shares during the period. Finally, Cooke & Bieler LP grew its position in Glacier Bancorp by 5.3% in the 4th quarter. Cooke & Bieler LP now owns 3,049,334 shares of the company's stock valued at $134,323,000 after buying an additional 154,595 shares in the last quarter. Institutional investors own 80.17% of the company's stock.

Insider Buying and Selling at Glacier Bancorp

In other Glacier Bancorp news, Chairman Craig A. Langel acquired 2,250 shares of Glacier Bancorp stock in a transaction dated Friday, August 28th. The stock was bought 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 approximately $4,642,095.36. This trade represents a 2.33% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.48% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Weiss Ratings raised shares of Glacier Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 5th. DA Davidson reaffirmed a "buy" rating and issued a $58.00 price target on shares of Glacier Bancorp in a research note on Monday, July 27th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $55.17.

Glacier Bancorp Stock Down 2.1%

Shares of GBCI stock opened at $45.33 on Wednesday. Glacier Bancorp, Inc. has a 1 year low of $39.90 and a 1 year high of $54.58. The stock has a market cap of $5.90 billion, a PE ratio of 18.58 and a beta of 0.72. The business's fifty day moving average is $50.01 and its 200-day moving average is $48.18. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.84 and a current ratio of 0.84.

Glacier Bancorp (NYSE:GBCI - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.76 EPS for the quarter, hitting analysts' consensus estimates of $0.76. The company had revenue of $320.94 million for the quarter. Glacier Bancorp had a return on equity of 7.97% and a net margin of 19.72%.During the same period in the prior year, the firm posted $0.57 EPS. Equities analysts expect that Glacier Bancorp, Inc. will post 3.11 earnings per share for the current fiscal year.

Glacier Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 16th. Shareholders of record on Tuesday, July 7th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, July 7th. Glacier Bancorp's dividend payout ratio is presently 54.10%.

Glacier Bancorp Profile

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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