Glacier Bancorp (NASDAQ:GBCI) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Glacier Bancorp (NASDAQ:GBCI) released its quarterly earnings data on Thursday. The bank reported $0.29 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.04), Briefing.com reports. The company had revenue of $196.47 million during the quarter, compared to analysts’ expectations of $202.66 million. Glacier Bancorp had a net margin of 19.63% and a return on equity of 7.59%. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period last year, the business earned $0.55 earnings per share.

Glacier Bancorp Stock Performance

Shares of Glacier Bancorp stock opened at $35.10 on Friday. The firm’s 50-day simple moving average is $37.79 and its 200-day simple moving average is $36.53. Glacier Bancorp has a 1 year low of $26.77 and a 1 year high of $44.06. The firm has a market cap of $3.98 billion, a PE ratio of 17.46 and a beta of 0.80. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.81 and a current ratio of 0.81.

Glacier Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 18th. Shareholders of record on Tuesday, April 9th were issued a dividend of $0.33 per share. This is a positive change from Glacier Bancorp’s previous quarterly dividend of $0.10. This represents a $1.32 annualized dividend and a yield of 3.76%. The ex-dividend date was Monday, April 8th. Glacier Bancorp’s dividend payout ratio (DPR) is currently 65.67%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Federated Hermes Inc. lifted its stake in Glacier Bancorp by 6.8% during the first quarter. Federated Hermes Inc. now owns 19,839 shares of the bank’s stock worth $998,000 after purchasing an additional 1,261 shares during the last quarter. Covestor Ltd raised its holdings in shares of Glacier Bancorp by 115.0% during the first quarter. Covestor Ltd now owns 1,045 shares of the bank’s stock worth $53,000 after purchasing an additional 559 shares during the period. Loomis Sayles & Co. L P lifted its position in shares of Glacier Bancorp by 3.3% in the 1st quarter. Loomis Sayles & Co. L P now owns 490,791 shares of the bank’s stock worth $24,677,000 after buying an additional 15,572 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Glacier Bancorp by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 10,944,370 shares of the bank’s stock valued at $550,283,000 after buying an additional 96,588 shares during the period. Finally, Moors & Cabot Inc. acquired a new position in shares of Glacier Bancorp in the 1st quarter valued at about $758,000. Institutional investors own 80.17% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Truist Financial lowered their price objective on shares of Glacier Bancorp from $45.00 to $42.00 and set a “hold” rating for the company in a research report on Monday, April 1st. Raymond James upped their target price on shares of Glacier Bancorp from $36.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, January 5th. Finally, StockNews.com upgraded shares of Glacier Bancorp to a “sell” rating in a report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $37.80.

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.