State of New Jersey Common Pension Fund D Cuts Stock Holdings in German American Bancorp, Inc. (NASDAQ:GABC)

State of New Jersey Common Pension Fund D lowered its stake in German American Bancorp, Inc. (NASDAQ:GABC) by 13.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 52,170 shares of the bank’s stock after selling 8,312 shares during the period. State of New Jersey Common Pension Fund D’s holdings in German American Bancorp were worth $2,022,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pettinga Financial Advisors LLC increased its stake in German American Bancorp by 6.5% in the 2nd quarter. Pettinga Financial Advisors LLC now owns 7,291 shares of the bank’s stock worth $258,000 after purchasing an additional 443 shares during the period. Chatham Capital Group Inc. raised its holdings in German American Bancorp by 1.7% during the 2nd quarter. Chatham Capital Group Inc. now owns 50,316 shares of the bank’s stock valued at $1,779,000 after buying an additional 840 shares during the last quarter. Valeo Financial Advisors LLC boosted its position in German American Bancorp by 5.6% during the 3rd quarter. Valeo Financial Advisors LLC now owns 20,610 shares of the bank’s stock valued at $799,000 after buying an additional 1,097 shares during the period. Rhumbline Advisers boosted its position in German American Bancorp by 2.6% during the 2nd quarter. Rhumbline Advisers now owns 47,992 shares of the bank’s stock valued at $1,697,000 after buying an additional 1,214 shares during the period. Finally, Rosenthal Henry Capital Advisors Inc. grew its holdings in German American Bancorp by 2.1% in the 3rd quarter. Rosenthal Henry Capital Advisors Inc. now owns 62,415 shares of the bank’s stock worth $2,419,000 after acquiring an additional 1,290 shares during the last quarter. Institutional investors own 46.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Hovde Group raised shares of German American Bancorp from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $41.00 to $48.00 in a research note on Wednesday, October 30th. StockNews.com lowered German American Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 30th. Raymond James boosted their target price on German American Bancorp from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Piper Sandler upped 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. Finally, Stephens assumed coverage on shares of German American Bancorp in a report on Tuesday, October 15th. They issued an “overweight” rating and a $45.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, German American Bancorp has a consensus rating of “Hold” and an average price target of $45.25.

German American Bancorp Stock Down 0.3 %

Shares of NASDAQ:GABC opened at $45.61 on Friday. The firm has a market capitalization of $1.35 billion, a P/E ratio of 16.47 and a beta of 0.61. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.83 and a current ratio of 0.81. The stock has a 50 day moving average price of $40.39 and a 200-day moving average price of $37.29. German American Bancorp, Inc. has a 52-week low of $27.23 and a 52-week high of $46.75.

German American Bancorp (NASDAQ:GABC) last posted its quarterly earnings data on Monday, October 28th. The bank reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.01. German American Bancorp had a return on equity of 11.94% and a net margin of 23.75%. The business had revenue of $62.40 million during the quarter, compared to the consensus estimate of $62.80 million. As a group, equities research analysts anticipate that German American Bancorp, Inc. will post 2.74 EPS for the current fiscal year.

German American Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Sunday, November 10th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Friday, November 8th. German American Bancorp’s payout ratio is currently 38.99%.

German American Bancorp Profile

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.