Port Capital LLC Takes Position in Glacier Bancorp, Inc. $GBCI

Port Capital LLC bought a new position in Glacier Bancorp, Inc. (NYSE:GBCI) during the 2nd quarter, Holdings Channel.com reports. The fund bought 508,074 shares of the company’s stock, valued at approximately $26,206,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its stake in Glacier Bancorp by 7.7% in the 4th quarter. Geode Capital Management LLC now owns 3,330,658 shares of the company’s stock worth $146,736,000 after buying an additional 237,316 shares during the period. Hsbc Holdings PLC boosted its position in Glacier Bancorp by 881.8% in the 4th quarter. Hsbc Holdings PLC now owns 43,453 shares of the company’s stock valued at $1,919,000 after buying an additional 39,027 shares during the period. Fifth Third Bancorp grew its stake in Glacier Bancorp by 2,984.7% in the 1st quarter. Fifth Third Bancorp now owns 39,978 shares of the company’s stock worth $1,786,000 after acquiring an additional 38,682 shares in the last quarter. Vanguard Group Inc. grew its stake in Glacier Bancorp by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 13,359,157 shares of the company’s stock worth $588,471,000 after acquiring an additional 870,335 shares in the last quarter. Finally, NFJ Investment Group LLC purchased a new position in Glacier Bancorp during the 2nd quarter worth $40,129,000. Institutional investors own 80.17% of the company’s stock.

Glacier Bancorp Price Performance

NYSE:GBCI opened at $47.26 on Thursday. The firm’s fifty day moving average is $50.20 and its two-hundred day moving average is $48.35. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of 19.37 and a beta of 0.74. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.84 and a current ratio of 0.84. Glacier Bancorp, Inc. has a one year low of $39.90 and a one year high of $54.58.

Glacier Bancorp (NYSE:GBCI) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.76 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.76. Glacier Bancorp had a return on equity of 7.97% and a net margin of 19.72%.The business had revenue of $320.94 million during the quarter. During the same quarter in the previous year, the business posted $0.57 EPS. Research analysts expect that Glacier Bancorp, Inc. will post 3.11 EPS for the current year.

Glacier Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Shareholders of record on Tuesday, July 7th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.8%. The ex-dividend date was Tuesday, July 7th. Glacier Bancorp’s dividend payout ratio is currently 54.10%.

Analysts Set New Price Targets

A number of research analysts have commented on GBCI shares. 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. Stephens increased their price target on Glacier Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $58.00 price target on shares of Glacier Bancorp in a report on Monday, July 27th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Glacier Bancorp has an average rating of “Moderate Buy” and a consensus price target of $55.17.

Glacier Bancorp Company Profile

Glacier Bancorp, Inc is a bank holding company headquartered in Kalispell, Montana. Through its network of community banks, the company delivers commercial and retail banking services to individuals, small and medium-sized businesses, and agricultural clients. With a commitment to relationship-driven banking, Glacier Bancorp combines local market expertise with regional scale to offer customized financial solutions that address the unique needs of the communities it serves.

Established in 1955 as Glacier Bank, the company has expanded both organically and through targeted acquisitions to build a presence across the Mountain West and into the Upper Midwest and Southwest.