Magnetar Financial LLC Takes Position in Glacier Bancorp, Inc. $GBCI

Key Points

• Magnetar Financial LLC has made a new investment in Glacier Bancorp, purchasing 11,269 shares valued at approximately $498,000.
• Research firms have recently revised their ratings and price targets for GBCI, with prices ranging from $48.00 to $55.00, indicating a generally positive outlook.
• Glacier Bancorp reported $0.45 earnings per share for the last quarter, missing estimates by $0.04, while also declaring a quarterly dividend with a yield of **2.7%**.

Magnetar Financial LLC purchased a new stake in shares of Glacier Bancorp, Inc. (NASDAQ:GBCI - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,269 shares of the bank's stock, valued at approximately $498,000.

Several other hedge funds have also modified their holdings of the company. Wood Tarver Financial Group LLC purchased a new position in shares of Glacier Bancorp in the 4th quarter valued at approximately $33,000. JNBA Financial Advisors purchased a new position in shares of Glacier Bancorp in the 1st quarter valued at approximately $35,000. UMB Bank n.a. raised its position in shares of Glacier Bancorp by 114.9% in the 1st quarter. UMB Bank n.a. now owns 838 shares of the bank's stock valued at $37,000 after purchasing an additional 448 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Glacier Bancorp by 252.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,398 shares of the bank's stock valued at $62,000 after purchasing an additional 1,001 shares during the last quarter. Finally, AlphaQuest LLC purchased a new position in Glacier Bancorp during the 1st quarter worth approximately $121,000. 80.17% of the stock is owned by hedge funds and other institutional investors.

Glacier Bancorp Price Performance

GBCI traded down $0.01 on Wednesday, hitting $48.73. 573,531 shares of the company's stock were exchanged, compared to its average volume of 710,583. Glacier Bancorp, Inc. has a fifty-two week low of $36.76 and a fifty-two week high of $60.67. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average price of $45.89 and a 200-day moving average price of $43.94. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of 29.18 and a beta of 0.82.

Glacier Bancorp (NASDAQ:GBCI - Get Free Report) last announced its earnings results on Thursday, July 24th. The bank reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.04). Glacier Bancorp had a return on equity of 5.98% and a net margin of 14.99%.During the same quarter last year, the firm posted $0.39 EPS. As a group, equities analysts anticipate that Glacier Bancorp, Inc. will post 2.45 earnings per share for the current year.

Glacier Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 17th. Shareholders of record on Tuesday, July 8th were paid a dividend of $0.33 per share. The ex-dividend date was Tuesday, July 8th. This represents a $1.32 dividend on an annualized basis and a yield of 2.7%. Glacier Bancorp's dividend payout ratio is 68.75%.

Analyst Ratings Changes

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

Insider Transactions at Glacier Bancorp

In other Glacier Bancorp news, insider Lee Kenneth Groom sold 800 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $44.24, for a total transaction of $35,392.00. Following the sale, the insider directly owned 11,918 shares in the company, valued at $527,252.32. This represents a 6.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by company insiders.

Glacier Bancorp Company Profile

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.