Prudential Financial Inc. Purchases 176,028 Shares of Glacier Bancorp, Inc. (NASDAQ:GBCI)

Prudential Financial Inc. increased its holdings in shares of Glacier Bancorp, Inc. (NASDAQ:GBCI) by 1,114.9% during the fourth quarter, Holdings Channel reports. The fund owned 191,816 shares of the bank’s stock after purchasing an additional 176,028 shares during the period. Prudential Financial Inc.’s holdings in Glacier Bancorp were worth $9,633,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Madison Investment Advisors LLC acquired a new position in Glacier Bancorp in the fourth quarter worth $47,770,000. Raymond James Financial Inc. acquired a new position in Glacier Bancorp during the 4th quarter worth about $9,544,000. Fisher Asset Management LLC grew its holdings in Glacier Bancorp by 19.9% during the 4th quarter. Fisher Asset Management LLC now owns 984,056 shares of the bank’s stock worth $49,419,000 after acquiring an additional 163,061 shares during the last quarter. Pier Capital LLC acquired a new stake in shares of Glacier Bancorp in the third quarter valued at approximately $7,443,000. Finally, Royce & Associates LP increased its stake in shares of Glacier Bancorp by 98.0% in the 4th quarter. Royce & Associates LP now owns 243,024 shares of the bank’s stock valued at $12,205,000 after buying an additional 120,267 shares during the period. 80.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GBCI. Piper Sandler cut their price target on Glacier Bancorp from $57.00 to $54.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Stephens raised Glacier Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 3rd. Keefe, Bruyette & Woods lifted their price target on shares of Glacier Bancorp from $50.00 to $62.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, Raymond James reissued an “outperform” rating and set a $55.00 price objective (up previously from $52.00) on shares of Glacier Bancorp in a research report on Wednesday, January 15th. One analyst has rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Glacier Bancorp presently has an average rating of “Hold” and an average target price of $51.50.

Glacier Bancorp Stock Down 2.2 %

Shares of GBCI stock opened at $43.81 on Friday. The firm’s fifty day moving average price is $47.99 and its two-hundred day moving average price is $49.88. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.63. Glacier Bancorp, Inc. has a 1 year low of $34.35 and a 1 year high of $60.67. The firm has a market capitalization of $4.97 billion, a P/E ratio of 26.23 and a beta of 0.77.

Glacier Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 17th. Investors of record on Tuesday, April 8th will be issued a dividend of $0.33 per share. The ex-dividend date is Tuesday, April 8th. This represents a $1.32 annualized dividend and a yield of 3.01%. Glacier Bancorp’s payout ratio is presently 79.04%.

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.