Northern Trust Corp Reduces Stock Position in Glacier Bancorp, Inc. $GBCI

Key Points

• Northern Trust Corp reduced its stake in Glacier Bancorp by 0.4% in Q1, owning 1.55% of the company worth approximately $77.7 million.
• Investment analysts have given Glacier Bancorp an average rating of "Moderate Buy" with a price target of $50.00, indicating anticipated growth.
• The company recently declared a quarterly dividend of $0.33 per share, resulting in an annualized dividend yield of 2.7%.

Northern Trust Corp cut its stake in Glacier Bancorp, Inc. (NASDAQ:GBCI - Free Report) by 0.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,757,255 shares of the bank's stock after selling 6,728 shares during the period. Northern Trust Corp owned 1.55% of Glacier Bancorp worth $77,706,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Raymond James Financial Inc. lifted its holdings in Glacier Bancorp by 3.0% in the first quarter. Raymond James Financial Inc. now owns 195,806 shares of the bank's stock worth $8,659,000 after buying an additional 5,765 shares during the period. HighTower Advisors LLC lifted its holdings in Glacier Bancorp by 3.7% in the first quarter. HighTower Advisors LLC now owns 14,841 shares of the bank's stock worth $656,000 after buying an additional 534 shares during the period. Nuveen LLC purchased a new stake in Glacier Bancorp in the first quarter worth about $21,220,000. Aigen Investment Management LP purchased a new stake in Glacier Bancorp in the first quarter worth about $552,000. Finally, Entropy Technologies LP purchased a new stake in Glacier Bancorp in the first quarter worth about $729,000. 80.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GBCI has been the subject of several research analyst reports. Raymond James Financial restated an "outperform" rating and issued a $48.00 price objective (up from $45.00) on shares of Glacier Bancorp in a report on Thursday, June 26th. DA Davidson reaffirmed a "buy" rating and set a $50.00 target price on shares of Glacier Bancorp in a research note on Wednesday, June 25th. 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 research note on Thursday, June 5th. Keefe, Bruyette & Woods raised their target price on shares of Glacier Bancorp from $50.00 to $52.00 and gave the company a "market perform" rating in a research note on Friday, June 27th. Finally, Piper Sandler raised their target price on shares of Glacier Bancorp from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $50.00.

Glacier Bancorp Price Performance

Shares of NASDAQ GBCI opened at $48.4830 on Monday. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 29.03 and a beta of 0.79. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50 day simple moving average of $44.68 and a two-hundred day simple moving average of $43.94. Glacier Bancorp, Inc. has a fifty-two week low of $36.76 and a fifty-two week high of $60.67.

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

Glacier Bancorp Dividend Announcement

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

Insider Buying and Selling at Glacier Bancorp

In related news, insider Lee Kenneth Groom sold 800 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $44.24, for a total transaction of $35,392.00. Following the completion of the sale, the insider owned 11,918 shares of the company's stock, valued at $527,252.32. This trade represents a 6.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by company insiders.

About Glacier Bancorp

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.

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