Synovus Financial Corp Has $1.06 Million Holdings in Glacier Bancorp, Inc. $GBCI

Key Points

• Synovus Financial Corp increased its stake in Glacier Bancorp, acquiring an additional 5,241 shares, bringing its total holdings to 23,903 shares valued at $1,057,000.
• Glacier Bancorp reported earnings of $0.45 per share for the last quarter, missing expectations, with a projected annual EPS of $2.45.
• The company announced a quarterly dividend of $0.33 per share, yielding 2.7%, with a payout ratio of 68.75% as of the latest filing.

Synovus Financial Corp increased its holdings in shares of Glacier Bancorp, Inc. (NASDAQ:GBCI - Free Report) by 28.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 23,903 shares of the bank's stock after purchasing an additional 5,241 shares during the period. Synovus Financial Corp's holdings in Glacier Bancorp were worth $1,057,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. CWM LLC lifted its position in shares of Glacier Bancorp by 0.7% during the 1st quarter. CWM LLC now owns 39,635 shares of the bank's stock worth $1,753,000 after purchasing an additional 285 shares during the last quarter. Mariner LLC increased its stake in Glacier Bancorp by 2.4% during the fourth quarter. Mariner LLC now owns 12,430 shares of the bank's stock valued at $624,000 after acquiring an additional 292 shares during the period. State of Michigan Retirement System increased its stake in Glacier Bancorp by 1.1% during the first quarter. State of Michigan Retirement System now owns 27,136 shares of the bank's stock valued at $1,200,000 after acquiring an additional 300 shares during the period. Louisiana State Employees Retirement System increased its stake in Glacier Bancorp by 1.0% during the first quarter. Louisiana State Employees Retirement System now owns 31,800 shares of the bank's stock valued at $1,406,000 after acquiring an additional 300 shares during the period. Finally, Moody National Bank Trust Division increased its stake in Glacier Bancorp by 1.5% during the first quarter. Moody National Bank Trust Division now owns 22,379 shares of the bank's stock valued at $990,000 after acquiring an additional 339 shares during the period. Institutional investors and hedge funds own 80.17% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GBCI. Keefe, Bruyette & Woods upped their price objective on Glacier Bancorp from $52.00 to $55.00 and gave the company a "market perform" rating in a research note on Thursday. Piper Sandler boosted their target price on Glacier Bancorp from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. DA Davidson reissued a "buy" rating and issued a $50.00 target price on shares of Glacier Bancorp in a report on Wednesday, June 25th. Raymond James Financial reissued an "outperform" rating and issued a $48.00 target price (up 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 price objective on the stock 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 assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $50.50.

Insider Buying and Selling

In related news, insider Lee Kenneth Groom sold 800 shares of the firm's stock in a transaction 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 sale, the insider owned 11,918 shares of the company's stock, valued at approximately $527,252.32. This trade represents a 6.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.53% of the company's stock.

Glacier Bancorp Trading Up 0.8%

Shares of GBCI stock traded up $0.41 during trading hours on Monday, reaching $49.20. The company had a trading volume of 1,043,684 shares, compared to its average volume of 712,708. The company has a 50 day moving average of $45.50 and a 200 day moving average of $43.88. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $5.83 billion, a price-to-earnings ratio of 29.46 and a beta of 0.82. Glacier Bancorp, Inc. has a 1-year low of $36.76 and a 1-year high of $60.67.

Glacier Bancorp (NASDAQ:GBCI - Get Free Report) last posted its quarterly 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 period last year, the company posted $0.39 earnings per share. On average, equities research analysts anticipate that Glacier Bancorp, Inc. will post 2.45 EPS for the current year.

Glacier Bancorp Announces Dividend

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

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.