Banking Sector Panic Affected Glacier Bancorp (GBCI) in Q1

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 5.3% compared to a 4.1% return for the Russell Midcap Index benchmark.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Mid Cap Fund highlighted stocks like Glacier Bancorp, Inc. (NYSE:GBCI) in the first quarter 2023 investor letter. Headquartered in Kalispell, Montana, Glacier Bancorp, Inc. (NYSE:GBCI) is a bank holding company. On April 17, 2023, Glacier Bancorp, Inc. (NYSE:GBCI) stock closed at $39.03 per share. One-month return of Glacier Bancorp, Inc. (NYSE:GBCI) was -11.32%, and its shares lost 18.48% of their value over the last 52 weeks. Glacier Bancorp, Inc. (NYSE:GBCI) has a market capitalization of $4.327 billion.

Madison Mid Cap Fund made the following comment about Glacier Bancorp, Inc. (NYSE:GBCI) in its Q1 2023 investor letter:

“The bottom five contributors for the quarter were Ross Stores, W.R. Berkley, Gartner, Glacier Bancorp, Inc. (NYSE:GBCI), and Carlisle. We added to Glacier and Carlisle in the quarter. Both are being caught up in temporary situations that we believe will resolve over time: Glacier in the mini-panic among banks, and Carlisle in the commercial real estate downturn triggered by rising rates.”

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Glacier Bancorp, Inc. (NYSE:GBCI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Glacier Bancorp, Inc. (NYSE:GBCI) at the end of the fourth quarter which was 16 in the previous quarter.

We discussed Glacier Bancorp, Inc. (NYSE:GBCI) in another article and shared Diamond Hill Capital’s views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.