Quantbot Technologies LP Takes $507,000 Position in Glacier Bancorp, Inc. $GBCI

Key Points

• Quantbot Technologies LP has made a significant investment of $507,000 in Glacier Bancorp, acquiring 11,460 shares in the first quarter of 2023.
• Glacier Bancorp reported earnings per share of $0.45 for the last quarter, missing consensus estimates by $0.04, despite a year-over-year increase from $0.39.
• The company recently declared a quarterly dividend of $0.33, translating to an annual yield of 2.7% and a dividend payout ratio of 68.75%.

Quantbot Technologies LP purchased a new stake in Glacier Bancorp, Inc. (NASDAQ:GBCI - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 11,460 shares of the bank's stock, valued at approximately $507,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Northern Trust Corp raised its position in Glacier Bancorp by 7.7% during the fourth quarter. Northern Trust Corp now owns 1,763,983 shares of the bank's stock valued at $88,587,000 after purchasing an additional 126,316 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Glacier Bancorp by 9.1% during the 1st quarter. Victory Capital Management Inc. now owns 1,361,329 shares of the bank's stock worth $60,198,000 after buying an additional 113,544 shares in the last quarter. Madison Asset Management LLC raised its holdings in shares of Glacier Bancorp by 9.5% during the 1st quarter. Madison Asset Management LLC now owns 1,041,736 shares of the bank's stock worth $46,066,000 after buying an additional 90,512 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Glacier Bancorp by 4,600.1% during the 4th quarter. Millennium Management LLC now owns 936,079 shares of the bank's stock worth $47,010,000 after buying an additional 916,163 shares in the last quarter. Finally, Port Capital LLC raised its holdings in shares of Glacier Bancorp by 3.1% during the 4th quarter. Port Capital LLC now owns 680,613 shares of the bank's stock worth $34,180,000 after buying an additional 20,700 shares in the last quarter. Institutional investors and hedge funds own 80.17% of the company's stock.

Insiders Place Their Bets

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 stock was 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.53% of the company's stock.

Analyst Upgrades and Downgrades

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

Glacier Bancorp Trading Up 0.8%

Shares of GBCI stock traded up $0.41 on Friday, hitting $49.20. The company had a trading volume of 1,043,684 shares, compared to its average volume of 712,708. The firm has a market cap of $5.83 billion, a P/E ratio of 29.46 and a beta of 0.79. The stock's 50-day moving average is $45.50 and its two-hundred day moving average is $43.88. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.81 and a current ratio of 0.81. Glacier Bancorp, Inc. has a twelve month low of $36.76 and a twelve month high of $60.67.

Glacier Bancorp (NASDAQ:GBCI - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates 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 last year, the company posted $0.39 EPS. On average, equities research analysts anticipate that Glacier Bancorp, Inc. will post 2.45 earnings per share for the current fiscal year.

Glacier Bancorp Dividend Announcement

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

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.