Stifel Nicolaus has a Hold rating on shares of Glacier Bancorp (NASDAQ: GBCI), but as a result of a secondary offering, which raised $132 million in common stock, the firm has lowered their 2009 and 2010 EPS estimates. Stifel's revised 2009 EPS is $0.65, down from $0.69 and the 2010 EPS estimate was lowered from $1.13 to $1.02.