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Amalgamated Bank Cuts Stake in Glacier Bancorp, Inc. (NASDAQ:GBCI)

Defense World ·  09/23/2022 18:02

Amalgamated Bank reduced its stake in shares of Glacier Bancorp, Inc. (NASDAQ:GBCI – Get Rating) by 4.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,913 shares of the bank's stock after selling 3,057 shares during the quarter. Amalgamated Bank owned about 0.06% of Glacier Bancorp worth $3,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Glacier Bancorp by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 10,944,370 shares of the bank's stock valued at $550,283,000 after buying an additional 96,588 shares in the last quarter. State Street Corp lifted its position in Glacier Bancorp by 7.8% in the first quarter. State Street Corp now owns 4,807,832 shares of the bank's stock worth $241,738,000 after buying an additional 346,492 shares during the last quarter. Neuberger Berman Group LLC lifted its position in Glacier Bancorp by 1.3% in the first quarter. Neuberger Berman Group LLC now owns 3,822,413 shares of the bank's stock worth $192,193,000 after buying an additional 49,527 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Glacier Bancorp by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,214,075 shares of the bank's stock worth $111,328,000 after buying an additional 18,945 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Glacier Bancorp by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 1,551,368 shares of the bank's stock worth $78,003,000 after buying an additional 10,129 shares during the last quarter. 69.88% of the stock is owned by hedge funds and other institutional investors.

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Glacier Bancorp Stock Down 1.2 %

Shares of GBCI opened at $50.93 on Friday. The firm has a market capitalization of $5.64 billion, a P/E ratio of 19.97 and a beta of 0.81. Glacier Bancorp, Inc. has a 12-month low of $44.43 and a 12-month high of $60.69. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.27. The firm has a fifty day moving average price of $51.03 and a 200-day moving average price of $49.23.

Glacier Bancorp (NASDAQ:GBCI – Get Rating) last issued its earnings results on Thursday, July 21st. The bank reported $0.69 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.69. The firm had revenue of $221.72 million during the quarter, compared to analyst estimates of $225.85 million. Glacier Bancorp had a net margin of 30.72% and a return on equity of 9.50%. During the same period in the previous year, the firm earned $0.81 earnings per share. Equities research analysts expect that Glacier Bancorp, Inc. will post 2.81 earnings per share for the current year.

Glacier Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 21st. Investors of record on Tuesday, July 12th were issued a $0.33 dividend. This is an increase from Glacier Bancorp's previous quarterly dividend of $0.10. This represents a $1.32 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Monday, July 11th. Glacier Bancorp's payout ratio is presently 51.76%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. StockNews.com downgraded Glacier Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 28th. Truist Financial boosted their target price on shares of Glacier Bancorp from $53.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday, September 14th.

About Glacier Bancorp

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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. It offers non-interest bearing deposit and interest bearing deposit accounts, such as negotiable order of withdrawal and demand deposit accounts, savings accounts, money market deposit accounts, fixed rate certificates of deposit, negotiated-rate jumbo certificates, and individual retirement accounts.

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