On Apr 2, Zacks Investment Research upgraded
Glacier Bancorp Inc.
) to Zacks Rank #1 (Strong Buy).
EVANS BANCORP (EVBN): Get Free Report
FIRST CT BANCRP (FBNK): Free Stock Analysis
GLACIER BANCORP (GBCI): Free Stock Analysis
BANCORP BNK/THE (TBBK): Free Stock Analysis
To read this article on Zacks.com click here.
Why the Upgrade?
Glacier Bancorp has been witnessing rising earnings estimates
owing to the announcement of two major acquisition deals.
Moreover, this regional bank has a long-term earnings growth
forecast of 9.0%.
In Mar 2013, Glacier Bancorp announced an agreement to acquire
Chelan, Wash. based North Cascades National Bank in a cash and
stock deal, valued at $29.3 million in total. The deal is
expected to close in the third quarter of 2013.
Earlier in February, Glacier Bancorp announced the signing of a
definitive agreement to acquire Wheatland, Wyo. based First State
Bank. The cash and stock deal is expected to close in the second
quarter of 2013.
The Zacks Consensus Estimate for 2013 increased 5.3% to $1.19 per
share over the last 60 days. Similarly, for 2014, over the same
time frame, the Zacks Consensus Estimate moved north by 6.5% to
$1.32 per share.
Moreover, Glacier Bancorp is scheduled to announce its first
quarter 2013 results on Apr 18. The Zacks Consensus Estimate for
the quarter is 28 cents per share. The Zacks Earnings ESP (Read:
Zacks Earnings ESP: A Better Method
) for the company is a positive 3.57% for the first quarter.
This, along with its Zacks Rank #1 (Strong Buy), makes us
confident about a positive earnings surprise call.
Other Stocks to Consider
Besides Glacier Bancorp, other regional banks such as,
The Bancorp Inc.
First Connecticut Bancorp, Inc.
Evans Bancorp Inc.
) carry a Zacks Rank #1 and are worth considering.