Madison Asset Management LLC Sells 56,895 Shares of Glacier Bancorp, Inc. $GBCI

Key Points

• Madison Asset Management cut its Glacier Bancorp stake by 5.8% in the first quarter, selling 56,895 shares and leaving it with 930,467 shares valued at about $41.6 million.
• Glacier Bancorp reported strong quarterly earnings of $0.70 per share, topping estimates by $0.03, while revenue came in at $309.61 million and EPS improved from $0.48 a year earlier.
• The bank recently paid a quarterly dividend of $0.33 per share, or $1.32 annualized, for a yield of 2.5%, while analysts currently have a consensus rating of Hold with an average price target of $55.17.

Madison Asset Management LLC lessened its holdings in Glacier Bancorp, Inc. (NYSE:GBCI - Free Report) by 5.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 930,467 shares of the company's stock after selling 56,895 shares during the period. Madison Asset Management LLC owned about 0.71% of Glacier Bancorp worth $41,564,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GBCI. Root Financial Partners LLC grew its stake in Glacier Bancorp by 122.5% in the first quarter. Root Financial Partners LLC now owns 652 shares of the company's stock valued at $29,000 after purchasing an additional 359 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in shares of Glacier Bancorp in the 4th quarter valued at $31,000. EverSource Wealth Advisors LLC raised its stake in shares of Glacier Bancorp by 218.8% in the second quarter. EverSource Wealth Advisors LLC now owns 714 shares of the company's stock worth $31,000 after purchasing an additional 490 shares during the last quarter. Global Retirement Partners LLC raised its position in Glacier Bancorp by 41.2% during the 4th quarter. Global Retirement Partners LLC now owns 764 shares of the company's stock worth $34,000 after buying an additional 223 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Glacier Bancorp during the fourth quarter worth $35,000. 80.17% of the stock is currently owned by institutional investors.

Glacier Bancorp Price Performance

NYSE:GBCI opened at $52.34 on Tuesday. The stock has a 50 day moving average of $49.31 and a two-hundred day moving average of $48.16. Glacier Bancorp, Inc. has a 12 month low of $39.90 and a 12 month high of $54.58. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.06. The firm has a market cap of $6.81 billion, a P/E ratio of 24.46 and a beta of 0.72.

Glacier Bancorp (NYSE:GBCI - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.03. The company had revenue of $309.61 million for the quarter. Glacier Bancorp had a net margin of 17.60% and a return on equity of 7.19%. During the same period last year, the firm earned $0.48 EPS. On average, analysts expect that Glacier Bancorp, Inc. will post 3.16 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. Stockholders of record on Tuesday, July 7th were issued a dividend of $0.33 per share. The ex-dividend date was Tuesday, July 7th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.5%. Glacier Bancorp's dividend payout ratio is currently 61.68%.

Analysts Set New Price Targets

A number of analysts have recently commented on GBCI shares. Weiss Ratings upgraded Glacier Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, April 22nd. DA Davidson lifted their price target on Glacier Bancorp from $53.00 to $58.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Piper Sandler boosted their price target on Glacier Bancorp from $59.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Finally, Stephens upped their price objective on Glacier Bancorp from $52.00 to $54.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 29th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Glacier Bancorp presently has a consensus rating of "Hold" and an average price target of $55.17.

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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