Glacier Bancorp, Inc. $GBCI Stock Sold by Idaho Trust Co

Idaho Trust Co lowered its stake in Glacier Bancorp, Inc. (NYSE:GBCI) by 79.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 57,917 shares of the company’s stock after selling 220,023 shares during the period. Idaho Trust Co’s holdings in Glacier Bancorp were worth $2,502,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new position in Glacier Bancorp in the 2nd quarter worth approximately $913,766,000. Bank of America Corp DE bought a new position in Glacier Bancorp in the 2nd quarter valued at $62,719,000. Madison Asset Management LLC bought a new position in Glacier Bancorp in the 2nd quarter valued at $59,048,000. Bank of New York Mellon Corp acquired a new stake in shares of Glacier Bancorp in the 2nd quarter valued at $55,775,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Glacier Bancorp in the 2nd quarter valued at $48,377,000. Institutional investors and hedge funds own 80.17% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. DA Davidson restated a “buy” rating and set a $58.00 target price on shares of Glacier Bancorp in a research report on Monday, July 27th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Glacier Bancorp in a report on Tuesday, November 3rd. Finally, Piper Sandler raised their price target on Glacier Bancorp from $60.00 to $63.00 and gave the company an “overweight” rating in a report on Monday, October 26th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $57.00.

Insider Transactions at Glacier Bancorp

In other news, Chairman Craig Langel acquired 2,250 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The stock was purchased at an average price of $47.04 per share, for a total transaction of $105,840.00. Following the completion of the acquisition, the chairman owned 98,684 shares in the company, valued at $4,642,095.36. This trade represents a 2.33% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.48% of the company’s stock.

Glacier Bancorp Price Performance

Shares of GBCI opened at $49.10 on Tuesday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.05. Glacier Bancorp, Inc. has a 1 year low of $39.90 and a 1 year high of $54.58. The stock has a market cap of $6.39 billion, a P/E ratio of 17.99 and a beta of 0.77. The stock’s 50-day moving average price is $45.55 and its two-hundred day moving average price is $47.73.

Glacier Bancorp (NYSE:GBCI) last posted its earnings results on Thursday, October 22nd. The company reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.02. The company had revenue of $333.42 million during 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 previous year, the firm posted $0.57 earnings per share. On average, equities analysts predict that Glacier Bancorp, Inc. will post 3.11 earnings per share for the current year.

Glacier Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Tuesday, October 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, October 6th. This is a positive change from Glacier Bancorp’s previous quarterly dividend of $0.33. Glacier Bancorp’s payout ratio is 52.43%.

Glacier Bancorp declared that its Board of Directors has authorized a share repurchase program on Thursday, October 29th that permits the company to buy back $200 million in shares. This buyback authorization permits the company to buy up to 3.2% of its shares through open market purchases. Share buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Glacier Bancorp Company Profile

Glacier Bancorp, Inc is a bank holding company headquartered in Kalispell, Montana. Through its community banking subsidiaries, it provides personal and business banking services, including checking and savings accounts, loans, mortgages, and online banking.

The company serves customers across Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, and Nevada. Its network of regional banks combines local operations with the resources of a larger banking organization.

Glacier’s roots trace to Glacier Bank, which was established in Montana in 1955.