Raymond James Financial Lowers Glacier Bancorp (NASDAQ:GBCI) Price Target to $49.00

Key Points

• Raymond James Financial has lowered its price target for Glacier Bancorp from $55.00 to $49.00, indicating a potential upside of 12.15% from the company's previous close.
• Despite the price target reduction, Glacier Bancorp maintains an "outperform" rating from Raymond James and has an overall average rating of "Moderate Buy" among analysts.
• Recently, Glacier Bancorp's stock fell by 0.6% during trading, reaching a price of $43.69, as the company reported lower-than-expected earnings per share.

Glacier Bancorp (NASDAQ:GBCI - Get Free Report) had its target price decreased by equities researchers at Raymond James Financial from $55.00 to $49.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "outperform" rating on the bank's stock. Raymond James Financial's target price points to a potential upside of 12.15% from the company's previous close.

A number of other equities research analysts have also weighed in on the company. Piper Sandler reiterated a "neutral" rating and issued a $50.00 price objective on shares of Glacier Bancorp in a research report on Monday. Keefe, Bruyette & Woods cut their price objective on Glacier Bancorp from $56.00 to $55.00 and set a "market perform" rating on the stock in a research report on Monday. Finally, DA Davidson restated a "buy" rating and set a $50.00 price target on shares of Glacier Bancorp in a research report on Wednesday, June 25th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $50.83.

Glacier Bancorp Trading Down 0.6%

Glacier Bancorp stock traded down $0.25 during trading hours on Monday, reaching $43.69. The company had a trading volume of 385,754 shares, compared to its average volume of 750,704. The firm has a market cap of $5.18 billion, a price-to-earnings ratio of 26.16 and a beta of 0.79. Glacier Bancorp has a 12-month low of $36.76 and a 12-month high of $60.67. The company has a 50-day moving average price of $47.94 and a 200 day moving average price of $44.43. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.81 and a quick ratio of 0.81.

Glacier Bancorp (NASDAQ:GBCI - Get Free Report) last issued its quarterly earnings data on Thursday, October 16th. The bank reported $0.57 earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($0.05). Glacier Bancorp had a return on equity of 5.98% and a net margin of 14.99%.During the same period in the prior year, the business earned $0.46 earnings per share. Equities analysts forecast that Glacier Bancorp will post 2.45 earnings per share for the current year.

Insider Transactions at Glacier Bancorp

In other Glacier Bancorp news, insider Lee Kenneth Groom sold 800 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $44.24, for a total value of $35,392.00. Following the completion of the transaction, the insider owned 11,918 shares in the company, valued at $527,252.32. This represents a 6.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Glacier Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in GBCI. First Interstate Bank purchased a new position in Glacier Bancorp during the first quarter worth about $593,000. Bessemer Group Inc. raised its holdings in Glacier Bancorp by 1,839.2% during the first quarter. Bessemer Group Inc. now owns 9,599 shares of the bank's stock worth $424,000 after purchasing an additional 9,104 shares in the last quarter. Empower Advisory Group LLC purchased a new position in Glacier Bancorp during the first quarter worth about $864,000. Royal Bank of Canada raised its holdings in Glacier Bancorp by 6.8% during the first quarter. Royal Bank of Canada now owns 383,150 shares of the bank's stock worth $16,942,000 after purchasing an additional 24,398 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Glacier Bancorp by 3.7% during the first quarter. Envestnet Asset Management Inc. now owns 189,263 shares of the bank's stock worth $8,369,000 after purchasing an additional 6,806 shares in the last quarter. 80.17% of the stock is owned by hedge funds and other institutional investors.

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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