KALISPELL, Mont. – Glacier Bancorp , Inc. (NYSE: NYSE:GBCI), the parent company of Glacier Bank and its bank divisions, announced today that its Board of Directors has declared a quarterly dividend of $0.33 per share. This dividend is payable on October 17, 2024, to shareholders of record as of October 8, 2024.
The company has a long-standing history of providing dividends, with this announcement marking the 158th consecutive quarterly dividend. Additionally, this dividend represents the 49th increase since the company began its dividend program.
Glacier Bancorp, Inc. operates a range of bank divisions across multiple states, including Altabank in Utah, Bank of the San Juans in Colorado, and others in Idaho, Montana, Wyoming, Nevada, Arizona, and Washington. The financial institution has a significant presence in the banking sector of the Western United States.
The declaration of dividends is a common practice among publicly-traded companies, serving as a way to return profits back to shareholders. Glacier Bancorp's consistent history of quarterly dividends reflects its financial stability and commitment to shareholder returns.
The announcement of the dividend payment is based on a press release statement from Glacier Bancorp, Inc. and reflects the company's latest financial decisions as of the date of the meeting held on September 24, 2024. Investors and shareholders of Glacier Bancorp can anticipate the dividend payment in mid-October following the record date in early October.
In other recent news, Glacier Bancorp has seen significant developments in its financial performance and strategic direction. The company's second-quarter earnings report showed a substantial increase in net income, rising by 37% to $44.7 million. In a strategic move to boost future net interest income growth, the bank also successfully completed the acquisition of six branches from Heartland Bank.
Several analyst firms have revised their price targets for Glacier Bancorp. Piper Sandler maintained a Neutral rating, adjusting the price target to $38. Keefe, Bruyette & Woods, citing a shift in the company's strategy from strong growth to balance sheet restructuring, lowered their price target to $44. Truist Securities and DA Davidson raised their price targets to $46 and $49 respectively, despite decreases in earnings per share forecasts due to anticipated net interest income decline.
These recent developments highlight Glacier Bancorp's strategic focus on maintaining a specific dividend payout and improving core efficiency ratios as part of its long-term financial planning. The management team confirmed their interest in further mergers and acquisitions, which is seen as a strategy to strengthen the bank's earnings over time. These are the latest updates in the company's ongoing efforts to enhance shareholder value.
InvestingPro Insights
As Glacier Bancorp, Inc. (NYSE: GBCI) announces its latest quarterly dividend, it's important for investors to consider the company's financial health and market performance. According to InvestingPro data, Glacier Bancorp has a market capitalization of $5.13 billion and a price-to-earnings (P/E) ratio of 27.47, which adjusts slightly to 26.83 when looking at the last twelve months as of Q2 2024. Despite a revenue decline of 10.43% over the last twelve months as of Q2 2024, the company has demonstrated a strong return on assets of 0.67% in the same period.
InvestingPro Tips highlight that Glacier Bancorp has maintained its dividend payments for 40 consecutive years, underscoring its commitment to delivering shareholder value. This is consistent with the company's latest announcement of its 158th consecutive quarterly dividend. Moreover, the company has experienced a high return over the last year, with a 70.35% one-year price total return as of the latest data available. This robust performance is also reflected in the impressive 27.85% price total return over the last three months.
For investors looking for more insights, there are additional InvestingPro Tips available for Glacier Bancorp, providing a comprehensive analysis of the company's financials and market position. For instance, while six analysts have revised their earnings downwards for the upcoming period, the company is still expected to be profitable this year, with a history of profitability over the last twelve months. These insights and more can be found at InvestingPro for a deeper dive into Glacier Bancorp's financial outlook.
As shareholders anticipate the upcoming dividend payment, these InvestingPro metrics and tips offer a glimpse into the company's financial stability and market performance, which are crucial factors to consider in any investment decision.
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