Rafferty Asset Management LLC Cuts Position in Glacier Bancorp, Inc. $GBCI

Rafferty Asset Management LLC lessened its position in shares of Glacier Bancorp, Inc. (NASDAQ:GBCI) by 14.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,544 shares of the bank’s stock after selling 17,396 shares during the quarter. Rafferty Asset Management LLC owned about 0.09% of Glacier Bancorp worth $4,402,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of GBCI. Millennium Management LLC boosted its holdings in shares of Glacier Bancorp by 4,600.1% in the 4th quarter. Millennium Management LLC now owns 936,079 shares of the bank’s stock worth $47,010,000 after purchasing an additional 916,163 shares during the period. Nuveen LLC bought a new stake in Glacier Bancorp during the 1st quarter valued at $21,220,000. Jane Street Group LLC increased its holdings in shares of Glacier Bancorp by 464.3% in the 1st quarter. Jane Street Group LLC now owns 287,773 shares of the bank’s stock valued at $12,725,000 after acquiring an additional 236,781 shares during the period. Peregrine Capital Management LLC purchased a new position in shares of Glacier Bancorp in the 1st quarter valued at $7,754,000. Finally, GAMMA Investing LLC increased its holdings in shares of Glacier Bancorp by 4,580.7% in the 1st quarter. GAMMA Investing LLC now owns 142,388 shares of the bank’s stock valued at $6,296,000 after acquiring an additional 139,346 shares during the period. Hedge funds and other institutional investors own 80.17% of the company’s stock.

Glacier Bancorp Stock Up 0.5%

Shares of GBCI stock opened at $48.79 on Friday. Glacier Bancorp, Inc. has a 1-year low of $36.76 and a 1-year high of $60.67. The stock’s fifty day moving average price is $45.32 and its 200 day moving average price is $43.98. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $5.78 billion, a price-to-earnings ratio of 29.21 and a beta of 0.79.

Glacier Bancorp (NASDAQ:GBCI) last announced its earnings results on Thursday, July 24th. The bank reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.04). Glacier Bancorp had a return on equity of 5.98% and a net margin of 14.99%.During the same period in the previous year, the company earned $0.39 EPS. On average, research analysts expect that Glacier Bancorp, Inc. will post 2.45 earnings per share for the current fiscal year.

Glacier Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 17th. Investors of record on Tuesday, July 8th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.7%. The ex-dividend date was Tuesday, July 8th. Glacier Bancorp’s payout ratio is 68.75%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GBCI. DA Davidson reiterated a “buy” rating and issued a $50.00 price target on shares of Glacier Bancorp in a report on Wednesday, June 25th. Janney Montgomery Scott upgraded Glacier Bancorp from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Thursday, June 5th. Raymond James Financial reiterated an “outperform” rating and issued a $48.00 price target (up from $45.00) on shares of Glacier Bancorp in a report on Thursday, June 26th. Keefe, Bruyette & Woods lifted their price target on Glacier Bancorp from $52.00 to $55.00 and gave the company a “market perform” rating in a report on Thursday. Finally, Piper Sandler lifted their price target on Glacier Bancorp from $47.00 to $49.00 and gave the company a “neutral” rating in a report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.50.

Insiders Place Their Bets

In other Glacier Bancorp news, insider Lee Kenneth Groom sold 800 shares of the business’s stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $44.24, for a total transaction of $35,392.00. Following the sale, the insider owned 11,918 shares in the company, valued at approximately $527,252.32. The trade was a 6.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.53% of the company’s stock.

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.