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, HoldingsChannel.com reports. The institutional investor owned 263,199 shares of the bank’s stock after selling 117,123 shares during the period. Principal Financial Group Inc.’s holdings in Glacier Bancorp were worth $12,028,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of Glacier Bancorp by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,902,373 shares of the bank’s stock valued at $132,662,000 after acquiring an additional 41,160 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Glacier Bancorp by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,611,345 shares of the bank’s stock valued at $97,450,000 after purchasing an additional 103,374 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Glacier Bancorp by 19.8% during the third quarter. Thrivent Financial for Lutherans now owns 1,694,409 shares of the bank’s stock valued at $77,435,000 after purchasing an additional 280,255 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Glacier Bancorp by 3.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,628,055 shares of the bank’s stock valued at $74,402,000 after purchasing an additional 49,006 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Glacier Bancorp by 0.4% during the third quarter. Victory Capital Management Inc. now owns 1,534,667 shares of the bank’s stock worth $70,134,000 after purchasing an additional 6,394 shares during the last quarter. Institutional investors own 80.17% of the company’s stock.

Glacier Bancorp Price Performance

GBCI stock opened at $50.29 on Monday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.62. The company’s fifty day simple moving average is $54.16 and its 200 day simple moving average is $46.73. Glacier Bancorp, Inc. has a 12-month low of $34.35 and a 12-month high of $60.67. The firm has a market cap of $5.70 billion, a price-to-earnings ratio of 31.04 and a beta of 0.79.

Glacier Bancorp (NASDAQ:GBCI) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $0.45 EPS for the quarter, topping 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 company had revenue of $324.28 million during the quarter, compared to the consensus estimate of $212.57 million. During the same quarter last year, the firm posted $0.47 EPS. On average, analysts expect that Glacier Bancorp, Inc. will post 1.7 earnings per share for the current year.

Glacier Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Tuesday, December 10th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Tuesday, December 10th. Glacier Bancorp’s dividend payout ratio is currently 81.48%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Raymond James raised their price objective on shares of Glacier Bancorp from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Piper Sandler raised their price target on shares of Glacier Bancorp from $42.00 to $45.00 and gave the company a “neutral” rating in a research note on Monday, October 28th. Keefe, Bruyette & Woods boosted their price objective on shares of Glacier Bancorp from $50.00 to $62.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, Truist Financial increased their price objective on Glacier Bancorp from $50.00 to $53.00 and gave the company a “hold” rating in a report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $48.83.

Glacier Bancorp Profile

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.