Multiple Factors Pushed Glacier Bancorp (GBCI)

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund (Class Y) returned 14.3% compared to a 12.8% return for the Russell Midcap Index. The fund returned 26.5% for the full year compared to 17.2% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Madison Mid Cap Fund featured stocks such as Glacier Bancorp, Inc. (NYSE:GBCI) in the fourth quarter 2023 investor letter. Headquartered in Kalispell, Montana, Glacier Bancorp, Inc. (NYSE:GBCI) is a bank holding company for Glacier Bank.  On January 12, 2024, Glacier Bancorp, Inc. (NYSE:GBCI) stock closed at $39.89 per share. One-month return of Glacier Bancorp, Inc. (NYSE:GBCI) was -5.38%, and its shares lost 19.84% of their value over the last 52 weeks. Glacier Bancorp, Inc. (NYSE:GBCI) has a market capitalization of $4.423 billion.

Madison Mid Cap Fund stated the following regarding Glacier Bancorp, Inc. (NYSE:GBCI) in its fourth quarter 2023 investor letter:

“The top five contributors for the quarter were Gartner, Dollar Tree, Arista Networks, Glacier Bancorp, Inc. (NYSE:GBCI), and Ross Stores. Shares of Glacier Bancorp rallied in conjunction with interest rates falling and the potential for improved profitability for banks.”

A banking specialist consulting with a customer on the benefits of a certificate of deposit.

Glacier Bancorp, Inc. (NYSE:GBCI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Glacier Bancorp, Inc. (NYSE:GBCI) at the end of third quarter which was 15 in the previous quarter.

We discussed Glacier Bancorp, Inc. (NYSE:GBCI) in another article and shared Mairs & Power’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.