Madison Asset Management LLC Purchases New Shares in Glacier Bancorp, Inc. $GBCI

Key Points

• Madison Asset Management acquired 1.14 million Glacier Bancorp shares worth approximately $59.0 million, representing about 0.88% of the company. Other institutional investors also initiated positions, and institutions collectively own 80.17% of GBCI.
• Glacier Bancorp reported quarterly earnings of $0.76 per share, matching analyst estimates, while revenue reached $320.94 million and net margin was 19.72%.
• The company pays a quarterly dividend of $0.33, equivalent to an annualized $1.32 and a 2.8% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $55.17 versus the stock’s reported price of $47.94.

Madison Asset Management LLC acquired a new stake in shares of Glacier Bancorp, Inc. (NYSE:GBCI - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,144,784 shares of the company's stock, valued at approximately $59,048,000. Madison Asset Management LLC owned approximately 0.88% of Glacier Bancorp at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of GBCI. BlackRock Inc. bought a new stake in shares of Glacier Bancorp in the 2nd quarter worth $913,766,000. Deutsche Bank AG bought a new position in shares of Glacier Bancorp during the second quarter valued at about $7,254,000. Rice Hall James & Associates LLC purchased a new position in Glacier Bancorp during the second quarter worth about $360,000. OneDigital Investment Advisors LLC purchased a new position in Glacier Bancorp during the second quarter worth about $303,000. Finally, AMG National Trust Bank bought a new stake in Glacier Bancorp in the 2nd quarter worth about $627,000. 80.17% of the stock is owned by hedge funds and other institutional investors.

Glacier Bancorp Stock Performance

NYSE GBCI opened at $47.94 on Thursday. The company has a market capitalization of $6.24 billion, a PE ratio of 19.65 and a beta of 0.74. 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, Inc. has a 52-week low of $39.90 and a 52-week high of $54.58. The company has a 50-day simple moving average of $50.39 and a 200 day simple moving average of $48.51.

Glacier Bancorp (NYSE:GBCI - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.76 earnings per share for the quarter, meeting analysts' consensus estimates of $0.76. Glacier Bancorp had a net margin of 19.72% and a return on equity of 7.97%. The firm had revenue of $320.94 million for the quarter. During the same quarter in the previous year, the firm earned $0.57 earnings per share. On average, research analysts predict that Glacier Bancorp, Inc. will post 3.11 EPS for the current year.

Glacier Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Tuesday, July 7th were paid a $0.33 dividend. The ex-dividend date was Tuesday, July 7th. This represents a $1.32 annualized dividend and a yield of 2.8%. Glacier Bancorp's dividend payout ratio is presently 54.10%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on GBCI shares. DA Davidson reissued a "buy" rating and set a $58.00 target price on shares of Glacier Bancorp in a research report on Monday, July 27th. Piper Sandler upped their target price on Glacier Bancorp from $59.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Stephens increased their price target on Glacier Bancorp from $52.00 to $54.00 and gave the company an "overweight" rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings upgraded Glacier Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, August 5th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Glacier Bancorp has a consensus rating of "Moderate Buy" and a consensus 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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