United Services Automobile Association Makes New $327,000 Investment in Glacier Bancorp, Inc. $GBCI

Key Points

• United Services Automobile Association has acquired a new position in Glacier Bancorp, purchasing 7,475 shares worth approximately $327,000 in the first quarter.
• A number of large investors, including Goldman Sachs and AQR Capital Management, have also increased their stakes in Glacier Bancorp, indicating strong institutional interest.
• Glacier Bancorp reported earnings of $0.45 per share, missing expectations, while also declaring a quarterly dividend of $0.33, reflecting a yield of 2.7%.

United Services Automobile Association purchased a new position in shares of Glacier Bancorp, Inc. (NASDAQ:GBCI - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 7,475 shares of the bank's stock, valued at approximately $327,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its stake in Glacier Bancorp by 5.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,352,310 shares of the bank's stock worth $59,799,000 after buying an additional 73,756 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its stake in Glacier Bancorp by 681.9% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 31,127 shares of the bank's stock worth $1,376,000 after buying an additional 27,146 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Glacier Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 67,839 shares of the bank's stock worth $3,000,000 after buying an additional 2,964 shares during the last quarter. AQR Capital Management LLC grew its stake in Glacier Bancorp by 30.9% during the 1st quarter. AQR Capital Management LLC now owns 31,176 shares of the bank's stock worth $1,358,000 after buying an additional 7,359 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in Glacier Bancorp by 6.8% during the 1st quarter. Royal Bank of Canada now owns 383,150 shares of the bank's stock worth $16,942,000 after buying an additional 24,398 shares during the last quarter. Hedge funds and other institutional investors own 80.17% of the company's stock.

Glacier Bancorp Price Performance

GBCI stock traded up $1.93 on Thursday, reaching $50.14. 743,011 shares of the company's stock were exchanged, compared to its average volume of 699,921. The stock has a fifty day moving average of $46.64 and a 200-day moving average of $43.95. The firm has a market cap of $5.94 billion, a PE ratio of 30.03 and a beta of 0.82. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.63. 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 EPS 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. As a group, equities analysts predict that Glacier Bancorp, Inc. will post 2.45 EPS for the current fiscal year.

Glacier Bancorp Announces Dividend

The firm also recently announced 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 of this dividend was Tuesday, July 8th. This represents a $1.32 dividend on an annualized basis and a yield of 2.6%. Glacier Bancorp's dividend payout ratio (DPR) is 68.75%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Glacier Bancorp 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 value of $35,392.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.53% of the company's stock.

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.