Wedge Capital Management L L P NC Cuts Holdings in German American Bancorp, Inc. (NASDAQ:GABC)

Wedge Capital Management L L P NC lessened its position in shares of German American Bancorp, Inc. (NASDAQ:GABC) by 30.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 80,609 shares of the bank’s stock after selling 35,668 shares during the period. Wedge Capital Management L L P NC owned approximately 0.27% of German American Bancorp worth $3,124,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EntryPoint Capital LLC grew its holdings in shares of German American Bancorp by 186.2% during the 1st quarter. EntryPoint Capital LLC now owns 2,058 shares of the bank’s stock worth $71,000 after purchasing an additional 1,339 shares during the period. Renaissance Technologies LLC purchased a new stake in German American Bancorp during the second quarter worth approximately $207,000. SG Americas Securities LLC acquired a new stake in shares of German American Bancorp in the third quarter worth $247,000. Virtu Financial LLC purchased a new position in shares of German American Bancorp in the 4th quarter valued at $251,000. Finally, LSV Asset Management lifted its holdings in shares of German American Bancorp by 96.4% during the 1st quarter. LSV Asset Management now owns 7,265 shares of the bank’s stock valued at $252,000 after acquiring an additional 3,565 shares in the last quarter. 46.90% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Thomas W. Seger purchased 3,000 shares of German American Bancorp stock in a transaction dated Friday, August 9th. The shares were acquired at an average price of $36.80 per share, with a total value of $110,400.00. Following the completion of the transaction, the director now owns 484,342 shares of the company’s stock, valued at approximately $17,823,785.60. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other German American Bancorp news, Director Diane B. Medley acquired 710 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was purchased at an average price of $36.37 per share, with a total value of $25,822.70. Following the completion of the acquisition, the director now directly owns 4,370 shares in the company, valued at $158,936.90. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Thomas W. Seger bought 3,000 shares of the stock in a transaction on Friday, August 9th. The shares were acquired at an average price of $36.80 per share, with a total value of $110,400.00. Following the purchase, the director now owns 484,342 shares of the company’s stock, valued at $17,823,785.60. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 6.16% of the stock is owned by company insiders.

German American Bancorp Stock Up 1.8 %

Shares of NASDAQ GABC opened at $40.26 on Wednesday. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 14.13 and a beta of 0.61. German American Bancorp, Inc. has a 1 year low of $24.85 and a 1 year high of $42.78. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.83 and a current ratio of 0.83. The stock’s 50-day simple moving average is $38.77 and its 200-day simple moving average is $35.77.

German American Bancorp (NASDAQ:GABC) last posted its quarterly earnings data on Monday, July 29th. The bank reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.08. The company had revenue of $64.89 million for the quarter, compared to the consensus estimate of $60.20 million. German American Bancorp had a return on equity of 12.97% and a net margin of 24.44%. As a group, equities analysts anticipate that German American Bancorp, Inc. will post 2.7 earnings per share for the current fiscal year.

German American Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Saturday, August 10th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.08 dividend on an annualized basis and a yield of 2.68%. German American Bancorp’s dividend payout ratio (DPR) is 37.89%.

Analysts Set New Price Targets

Several brokerages recently issued reports on GABC. Raymond James increased their price target on German American Bancorp from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Piper Sandler raised their target price on German American Bancorp from $34.00 to $44.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. StockNews.com lowered German American Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 30th. Finally, Stephens started coverage on shares of German American Bancorp in a research report on Tuesday. They issued an “overweight” rating and a $45.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $41.75.

About German American Bancorp

German American Bancorp, Inc operates as a financial holding company for German American Bank that provides retail and commercial banking services. The company operates through three segments: Core Banking, Wealth Management Services, and Insurance Operations. The Core Banking segment accepts deposits from the general public; and originates consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, as well as sells residential mortgage loans in the secondary market.