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Glacier Bancorp Rewards Investors With 7.41% Dividend Hike

Zacks Equity Research

Glacier Bancorp, Inc. GBCI has raised its quarterly common stock dividend by about 7.41% to 29 cents per share. The dividend will be paid on Oct 17, to shareholders of record as of Oct 8, 2019. Notably, this is the 45th time that the company has increased its dividend.

Glacier Bancorp’s robust business model highlights the company’s commitment toward returning value to shareholders with its strong cash-generation capabilities. Prior to the latest revision, the company had raised its quarterly dividend to 27 cents per share this June, marking a 3.8% hike.

Considering last day’s closing price of $40.59 per share, the dividend yield is currently valued at 2.86%.

We believe, despite active competition, the company has a significant long-term upside potential based on its focused diversified portfolios, style consistency and fundamental research.

As of Jun 30, 2019, Glacier Bancorp has substantial liquidity with cash and cash equivalents of about $231.2 million, which supports its ability to continue investing in the future. Since 2014, the company has entered into a number of acquisitions as it expands through internal growth and selective acquisitions.

Notably, Glacier Bancorp continues to explore opportunities, mainly in existing and new markets, in the Rocky Mountain States. The company’s shares have gained around 2.8% in the past six months as against the 0.6% decline recorded by the industry.

Currently, the stock carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some other finance stocks which raised their dividends during the past three months include SunTrust Banks, Inc. STI, Virtus Investment Partners, Inc. VRTS and Northern Trust NTRS.  SunTrust Banks raised its quarterly dividend by 12%, while Virtus Investment increased by 22%. Northern Trust has also announced a 17% rise in its common stock dividend.

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