German American Bancorp, Inc. (NASDAQ:GABC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of German American Bancorp, Inc. (NASDAQ:GABC - Free Report) by 4.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 187,221 shares of the bank's stock after selling 9,126 shares during the quarter. Bank of New York Mellon Corp owned 0.50% of German American Bancorp worth $7,021,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in GABC. Silver Oak Securities Incorporated purchased a new stake in shares of German American Bancorp in the 1st quarter valued at approximately $28,000. Cubist Systematic Strategies LLC purchased a new stake in shares of German American Bancorp in the 4th quarter valued at approximately $35,000. Sterling Capital Management LLC increased its position in shares of German American Bancorp by 821.2% in the 4th quarter. Sterling Capital Management LLC now owns 912 shares of the bank's stock valued at $37,000 after purchasing an additional 813 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of German American Bancorp by 399.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 969 shares of the bank's stock valued at $39,000 after purchasing an additional 775 shares during the last quarter. Finally, KBC Group NV purchased a new stake in shares of German American Bancorp in the 1st quarter valued at approximately $55,000. 46.90% of the stock is currently owned by institutional investors and hedge funds.

German American Bancorp Stock Performance

German American Bancorp stock traded down $0.03 during midday trading on Friday, hitting $39.92. 122,411 shares of the company's stock were exchanged, compared to its average volume of 192,101. German American Bancorp, Inc. has a 12-month low of $32.75 and a 12-month high of $47.08. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 16.10 and a beta of 0.59. The firm's 50 day simple moving average is $39.05 and its 200 day simple moving average is $38.68.

German American Bancorp (NASDAQ:GABC - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The bank reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.07. The company had revenue of $81.41 million for the quarter, compared to the consensus estimate of $79.60 million. German American Bancorp had a net margin of 19.78% and a return on equity of 11.53%. Equities research analysts predict that German American Bancorp, Inc. will post 3.06 EPS for the current year.

German American Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 20th. Shareholders of record on Saturday, May 10th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.16 annualized dividend and a yield of 2.91%. German American Bancorp's payout ratio is currently 46.77%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler dropped their price objective on shares of German American Bancorp from $44.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $45.20.

Insiders Place Their Bets

In other German American Bancorp news, Director Jason M. Kelly sold 2,515 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $39.55, for a total transaction of $99,468.25. Following the transaction, the director directly owned 11,673 shares in the company, valued at approximately $461,667.15. This represents a 17.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have bought 2,785 shares of company stock worth $112,078 in the last quarter. Corporate insiders own 6.16% of the company's stock.

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.