Regional banking company Glacier Bancorp (NYSE: GBCI) will be announcing earnings results this Thursday after market close. Here’s what to expect.
Glacier Bancorp met analysts’ revenue expectations last quarter, reporting revenues of $308.8 million, up 37.6% year on year. It was a mixed quarter for the company, with tangible book value per share in line with analysts’ estimates but a slight miss of analysts’ net interest income estimates.
Is Glacier Bancorp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Glacier Bancorp’s revenue to grow 32.7% year on year, improving from the 20.5% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Glacier Bancorp has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Glacier Bancorp’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.5%, beating analysts’ expectations by 3.9%, and BOK Financial reported revenues up 10.1%, topping estimates by 2.8%. BOK Financial’s stock price was unchanged following the results.
Read our full analysis of OFG Bancorp’s results here and BOK Financial’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 4.8% on average over the last month. Glacier Bancorp is up 8.5% during the same time and is heading into earnings with an average analyst price target of $56.58 (compared to the current share price of $53.10).
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