Glacier Bancorp (GBCI – Free Report) came out with quarterly earnings of $0.81 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.66 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 10.96%. A quarter ago, it was expected that this bank holding company would post earnings of $0.75 per share when it actually produced earnings of $0.85, delivering a surprise of 13.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Glacier Bancorp, which belongs to the Zacks Banks – West industry, posted revenues of $190.99 million for the quarter ended June 2021, missing the Zacks Consensus Estimate by 0.21%. This compares to year-ago revenues of $189.44 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock’s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management’s commentary on the earnings call.
Glacier Bancorp shares have added about 14.2% since the beginning of the year versus the S&P 500’s gain of 16%.
What’s Next for Glacier Bancorp?
While Glacier Bancorp has underperformed the market so far this year, the question that comes to investors’ minds is: what’s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company’s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Glacier Bancorp was mixed. While the magnitude and direction of estimate revisions could change following the company’s just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.67 on $185.15 million in revenues for the coming quarter and $2.67 on $778.65 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks – West is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
KALISPELL, Mont., April 01, 2021 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (Nasdaq GS: GBCI) will report first quarter financial results after the market closes on April 22, 2021. A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, April 23, 2021.
The conference call will be accessible by telephone and webcast. Interested individuals are invited to listen to the call by dialing 877-561-2748 and conference ID 8356937. To participate on the webcast, log on to: https://edge.media-server.com/mmc/p/2wjr73e8
If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com, or by calling 855-859-2056 with the ID 8356937 by April 30, 2021.
Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions: Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), North Cascades Bank (Chelan, WA), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), and Western Security Bank (Billings, MT).
Randall M. Chesler, CEO
Ron J. Copher, CFO