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

State of New Jersey Common Pension Fund D reduced its stake in shares of German American Bancorp, Inc. (NASDAQ:GABC) by 13.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm 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 owned about 0.18% of German American Bancorp worth $2,022,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. StockNews.com lowered shares of German American Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 30th. Piper Sandler raised their target price on German American Bancorp from $34.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Hovde Group upgraded German American Bancorp from a “market perform” rating to an “outperform” rating and upped their price target for the company from $41.00 to $48.00 in a research report on Wednesday, October 30th. Stephens began coverage on shares of German American Bancorp in a research report on Tuesday, October 15th. They issued an “overweight” rating and a $45.00 price objective for the company. Finally, Raymond James upped their target price on shares of German American Bancorp from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $45.25.

German American Bancorp Stock Down 0.3 %

Shares of NASDAQ GABC opened at $45.61 on Friday. The business has a 50-day moving average of $40.39 and a 200-day moving average of $37.29. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 16.47 and a beta of 0.61. The company has a current ratio of 0.81, a quick ratio of 0.83 and a debt-to-equity ratio of 0.27. German American Bancorp, Inc. has a 12 month low of $27.23 and a 12 month high of $46.75.

German American Bancorp (NASDAQ:GABC) last issued its quarterly earnings results on Monday, October 28th. The bank reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.01. German American Bancorp had a net margin of 23.75% and a return on equity of 11.94%. The firm had revenue of $62.40 million for the quarter, compared to analyst estimates of $62.80 million. Sell-side analysts expect that German American Bancorp, Inc. will post 2.74 earnings per share for the current fiscal year.

German American Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Sunday, November 10th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date 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.