Glacier Bancorp has declared a special cash dividend of $0.15 a share. The commercial banking company will pay the dividend on Jan. 19 to shareholders of record date as of Jan. 8.
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Glacier Bancorp (GBCI) said that it “has declared 143 consecutive quarterly dividends and has increased the dividend 46 times.”
The move comes after the company on Dec. 17 paid a regular dividend of $0.30 per share, which translates into an annual dividend of $1.20 per share with a dividend yield of 2.64%.
Glacier Bancorp reported upbeat 3Q results in October, as its earnings of $0.81 jumped 42.1% year-over-year and beat the Street’s estimates of $0.63 per share. The company’s core deposits organically increased 26% year-over-year, while non-interest bearing deposits grew 41%. (See GBCI stock analysis on TipRanks).
On Nov. 16, Raymond James analyst David Feaster maintained a Hold rating on the stock. The analyst said, “While excess liquidity continues to weigh on the NIM [net interest margin] in the short-run, more important is the bank’s ability to drive NII [net interest income] growth ex-PPP [paycheck protection program], and improving pre-tax, pre-provision earnings ex-PPP.”
He added that “as a proven acquirer and the acquirer of choice in most of its markets, we expect the bank to remain active in M&A near-term.”
Overall, the rest of the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 1 Buy and 2 Holds. The average price target stands at $43, which implies downside potential of about 5.5% to current levels. Shares were down 1.1% year-to-date.
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