Raymond James has raised its price target on Glacier Bancorp to $55.00 from $49.00 and maintained an Outperform rating in the wake of the bank's reported fourth-quarter 2025 results. The new target implies roughly a 15% upside from the cited current share price of $48, with analyst targets spanning $51 to $58 based on InvestingPro data.
The brokerage firm pointed to robust margin expansion and a constructive earnings profile as central drivers behind the increase. Raymond James expects Glacier Bancorp's net interest margin - a key profitability measure for banks - to rise above 4% by the end of 2026, up from 3.58% in the fourth quarter of 2025, and suggested there is potential for the margin to move into the mid-4% range over time.
In its analysis, Raymond James highlighted Glacier's geographic expansion into Texas as a meaningful source of organic loan and deposit growth. The firm projects that this expansion will help the bank achieve growth toward the higher end of its previously stated low-to-mid single-digit targets for loans and deposits. That growth, in turn, is expected to generate material positive operating leverage through 2027 and to support a return of profitability to normalized premium levels by late 2026.
Financial projections included in the research note set a four-year earnings per share compound annual growth rate of 15% through 2027. Alongside the growth outlook, Raymond James emphasized Glacier Bancorp's defensive attributes: a history of solid asset quality, disciplined underwriting practices, reserves of 1.22%, and a strong capital base.
Those characteristics are consistent with InvestingPro data cited in the report that show GBCI has paid dividends for 41 consecutive years and currently yields 2.75%. Raymond James acknowledged that Glacier Bancorp trades at a premium relative to many peers, but argued that the premium is justified by the bank's growth profile and the possibility of multiple expansion as consolidation in the industry accelerates. InvestingPro metrics referenced by the firm include a PEG ratio of 0.99, which the analysis interprets as reasonable relative to the bank's expected growth. A Fair Value assessment noted in the report shows the stock as slightly undervalued within a Pro Research Report that covers the regional bank, which the research places at a $6.24 billion market capitalization.
Separately, Glacier Bancorp's fourth-quarter 2025 financials matched analyst expectations on earnings and slightly outperformed revenue estimates. The company reported adjusted earnings per share of $0.49, in line with consensus forecasts, while revenue of $306.51 million marginally exceeded the anticipated $304.82 million. Those results underline the company's ability to meet market expectations for earnings performance.
Investor reaction to the reported results and the subsequent price target adjustment was described as cautious. Analysts had anticipated the financial outcomes and the company delivered accordingly, leaving investors to weigh the bank's near-term results against the forward-looking assumptions in the Raymond James analysis.
Key takeaways
- Raymond James raised its Glacier Bancorp price target to $55 from $49 and maintained an Outperform rating.
- The firm expects net interest margin to rise above 4% by year-end 2026 and projects a 15% EPS CAGR through 2027.
- Glacier's expansion into Texas and defensive credit metrics - including 1.22% reserves - underpin the positive outlook.
Risks and uncertainties
- Valuation risk - the shares trade at a premium relative to peers, which could pressure returns if growth or multiple expansion does not materialize.
- Execution risk tied to expansion - achieving higher-end low-to-mid single-digit loan and deposit growth depends on successful integration of Texas expansion efforts.
- Market and investor sentiment - cautious investor reaction to reported results indicates sensitivity to short-term performance despite the forward-looking projections.