Glacier Bancorp, Inc. $GBCI Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC reduced its holdings in Glacier Bancorp, Inc. ($GBCI) by 14.9%, selling 17,396 shares and now owns approximately 99,544 shares worth $4.4 million.
• Glacier Bancorp announced a quarterly dividend of $0.33 per share, translating to an annualized dividend yield of 2.7%, with a payout ratio of 68.75%.
• Recent analyst ratings have been mostly positive, with several brokerages giving Glacier Bancorp price targets ranging from $48.00 to $55.00 per share, indicating a generally optimistic market outlook.

Rafferty Asset Management LLC reduced its position in Glacier Bancorp, Inc. (NASDAQ:GBCI - Free Report) by 14.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 99,544 shares of the bank's stock after selling 17,396 shares during the period. Rafferty Asset Management LLC owned about 0.09% of Glacier Bancorp worth $4,402,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ceredex Value Advisors LLC grew its stake in Glacier Bancorp by 1.0% in the 1st quarter. Ceredex Value Advisors LLC now owns 286,050 shares of the bank's stock worth $12,649,000 after acquiring an additional 2,700 shares during the period. Jane Street Group LLC grew its stake in shares of Glacier Bancorp by 464.3% during the 1st quarter. Jane Street Group LLC now owns 287,773 shares of the bank's stock valued at $12,725,000 after buying an additional 236,781 shares during the period. Synovus Financial Corp grew its stake in shares of Glacier Bancorp by 28.1% during the 1st quarter. Synovus Financial Corp now owns 23,903 shares of the bank's stock valued at $1,057,000 after buying an additional 5,241 shares during the period. Campbell & CO Investment Adviser LLC grew its stake in shares of Glacier Bancorp by 726.7% during the 1st quarter. Campbell & CO Investment Adviser LLC now owns 67,233 shares of the bank's stock valued at $2,973,000 after buying an additional 59,100 shares during the period. Finally, Jump Financial LLC purchased a new stake in shares of Glacier Bancorp during the 1st quarter valued at $203,000. 80.17% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. DA Davidson reissued a "buy" rating and set a $50.00 price objective on shares of Glacier Bancorp in a research note on Wednesday, June 25th. Piper Sandler boosted their price objective 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. Raymond James Financial reissued an "outperform" rating and set a $48.00 price objective (up from $45.00) on shares of Glacier Bancorp in a research note on Thursday, June 26th. Keefe, Bruyette & Woods boosted their price objective on shares of Glacier Bancorp from $52.00 to $55.00 and gave the company a "market perform" rating in a research note on Thursday. Finally, Janney Montgomery Scott raised shares of Glacier Bancorp from a "neutral" rating to a "buy" rating and set a $48.00 price target for the company in a research report on Thursday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $50.50.

Glacier Bancorp Stock Up 0.8%

GBCI stock traded up $0.41 during trading on Friday, reaching $49.20. The stock had a trading volume of 1,043,684 shares, compared to its average volume of 712,708. Glacier Bancorp, Inc. has a 1-year low of $36.76 and a 1-year 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 company has a market capitalization of $5.83 billion, a P/E ratio of 29.46 and a beta of 0.79. The firm has a fifty day moving average price of $45.50 and a 200 day moving average price of $43.88.

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

Glacier Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 17th. Shareholders of record on Tuesday, July 8th were issued a $0.33 dividend. 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 payout ratio is currently 68.75%.

Insider Buying and Selling

In other news, insider Lee Kenneth Groom sold 800 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $44.24, for a total value of $35,392.00. Following the sale, the insider owned 11,918 shares in the company, valued at approximately $527,252.32. This represents a 6.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by corporate 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.