Principal Financial Group Inc. Sells 117,123 Shares of Glacier Bancorp, Inc. (NASDAQ:GBCI)

Principal Financial Group Inc. lowered its stake in Glacier Bancorp, Inc. (NASDAQ:GBCI) by 30.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 263,199 shares of the bank’s stock after selling 117,123 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of Glacier Bancorp worth $12,028,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in GBCI. QRG Capital Management Inc. raised its position in shares of Glacier Bancorp by 20.7% in the 3rd quarter. QRG Capital Management Inc. now owns 7,668 shares of the bank’s stock valued at $350,000 after acquiring an additional 1,316 shares during the period. Ceredex Value Advisors LLC increased its stake in Glacier Bancorp by 4.2% in the third quarter. Ceredex Value Advisors LLC now owns 321,500 shares of the bank’s stock valued at $14,693,000 after purchasing an additional 13,000 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in Glacier Bancorp by 7.2% in the third quarter. State of Alaska Department of Revenue now owns 13,216 shares of the bank’s stock worth $603,000 after purchasing an additional 890 shares during the period. Argent Capital Management LLC raised its holdings in Glacier Bancorp by 15.1% in the third quarter. Argent Capital Management LLC now owns 12,558 shares of the bank’s stock worth $574,000 after purchasing an additional 1,645 shares during the period. Finally, Creative Planning boosted its position in shares of Glacier Bancorp by 19.0% during the third quarter. Creative Planning now owns 43,794 shares of the bank’s stock worth $2,001,000 after purchasing an additional 7,002 shares in the last quarter. 80.17% of the stock is currently owned by institutional investors.

Glacier Bancorp Stock Performance

GBCI opened at $56.24 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $6.38 billion, a price-to-earnings ratio of 34.72 and a beta of 0.77. The business’s 50-day moving average price is $48.41 and its two-hundred day moving average price is $43.05. Glacier Bancorp, Inc. has a 1 year low of $32.00 and a 1 year high of $59.19.

Glacier Bancorp (NASDAQ:GBCI) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.03. Glacier Bancorp had a net margin of 14.69% and a return on equity of 5.84%. The firm had revenue of $324.28 million for the quarter, compared to analyst estimates of $212.57 million. During the same period in the previous year, the business earned $0.47 EPS. Equities analysts expect that Glacier Bancorp, Inc. will post 1.67 EPS for the current fiscal year.

Glacier Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 17th. Stockholders of record on Tuesday, October 8th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date was Tuesday, October 8th. Glacier Bancorp’s dividend payout ratio is currently 81.48%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on GBCI shares. Raymond James upped their price objective on shares of Glacier Bancorp from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Piper Sandler increased their price target on Glacier Bancorp from $42.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday, October 28th. Finally, Truist Financial raised their price target on Glacier Bancorp from $50.00 to $53.00 and gave the stock a “hold” rating in a research report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Glacier Bancorp presently has a consensus rating of “Hold” and an average target price of $46.20.

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.