Stock Buyback Plan Authorized by Glacier Bancorp (NYSE:GBCI) Board of Directors

Glacier Bancorp (NYSE:GBCI) announced that its Board of Directors has authorized a share buyback program on Thursday, October 29th, RTT News reports. The company plans to buy back $200 million in outstanding shares. This buyback authorization allows the company to repurchase up to 3.2% of its shares through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Glacier Bancorp Stock Performance

Shares of GBCI stock opened at $48.51 on Friday. Glacier Bancorp has a 1 year low of $39.90 and a 1 year high of $54.58. The firm has a market capitalization of $6.32 billion, a price-to-earnings ratio of 18.17 and a beta of 0.77. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.85 and a quick ratio of 0.84. The business has a fifty day moving average of $45.33 and a 200 day moving average of $47.69.

Glacier Bancorp (NYSE:GBCI) last released its quarterly earnings results on Thursday, October 22nd. The company reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. The firm had revenue of $333.42 million for the quarter. Glacier Bancorp had a return on equity of 8.38% and a net margin of 21.24%. During the same quarter in the prior year, the business earned $0.57 EPS. As a group, research analysts expect that Glacier Bancorp will post 3.11 earnings per share for the current year.

Glacier Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Tuesday, October 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from Glacier Bancorp’s previous quarterly dividend of $0.33. The ex-dividend date was Tuesday, October 6th. Glacier Bancorp’s payout ratio is 52.43%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on GBCI shares. Piper Sandler increased their price objective on shares of Glacier Bancorp from $60.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, October 26th. Weiss Ratings raised shares of Glacier Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, August 5th. Finally, DA Davidson reissued a “buy” rating and set a $58.00 target price on shares of Glacier Bancorp in a research report on Monday, July 27th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Glacier Bancorp presently has a consensus rating of “Hold” and a consensus target price of $57.00.

Insider Activity

In other Glacier Bancorp news, Chairman Craig Langel bought 2,250 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were acquired at an average cost of $47.04 per share, with a total value of $105,840.00. Following the acquisition, the chairman directly owned 98,684 shares of the company’s stock, valued at $4,642,095.36. The trade was a 2.33% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.48% of the company’s stock.

Glacier Bancorp Company Profile

Glacier Bancorp, Inc is a regional bank holding company headquartered in Kalispell, Montana. Through its banking subsidiaries, including Glacier Bank, the company provides financial services to individuals, families, businesses and community organizations across the Mountain West and Inland Northwest.

The company’s products and services include checking and savings accounts, certificates of deposit, consumer and residential mortgages, commercial and real estate lending, agricultural loans, cash-management services and online and mobile banking.