Millennium Management LLC Has $624,000 Stake in German American Bancorp, Inc. (NASDAQ:GABC)

Millennium Management LLC trimmed its position in shares of German American Bancorp, Inc. (NASDAQ:GABC - Free Report) by 31.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,516 shares of the bank's stock after selling 7,193 shares during the period. Millennium Management LLC owned approximately 0.05% of German American Bancorp worth $624,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Cubist Systematic Strategies LLC acquired a new stake in shares of German American Bancorp in the 4th quarter valued at approximately $35,000. Sterling Capital Management LLC boosted its stake 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 in the last quarter. Tower Research Capital LLC TRC boosted its stake 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 in the last quarter. Quantbot Technologies LP boosted its stake in shares of German American Bancorp by 15.2% in the 4th quarter. Quantbot Technologies LP now owns 2,952 shares of the bank's stock valued at $119,000 after purchasing an additional 389 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of German American Bancorp in the 4th quarter valued at approximately $201,000. 46.90% of the stock is currently owned by institutional investors and hedge funds.

German American Bancorp Stock Up 1.8%

Shares of NASDAQ GABC opened at $38.25 on Friday. The company has a 50 day simple moving average of $37.35 and a 200 day simple moving average of $39.51. The firm has a market cap of $1.43 billion, a PE ratio of 13.56 and a beta of 0.59. German American Bancorp, Inc. has a 1 year low of $31.06 and a 1 year high of $47.08. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.81 and a quick ratio of 0.81.

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, beating analysts' consensus estimates of $0.72 by $0.07. The business had revenue of $81.41 million during the quarter, compared to analyst estimates of $79.60 million. German American Bancorp had a net margin of 23.69% and a return on equity of 12.04%. On average, research analysts forecast that German American Bancorp, Inc. will post 3.06 EPS for the current year.

German American Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 20th. Shareholders of record on Saturday, May 10th were issued 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 3.03%. German American Bancorp's payout ratio is 46.77%.

Insiders Place Their Bets

In other German American Bancorp news, Director Jason M. Kelly sold 2,515 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $39.55, for a total transaction of $99,468.25. Following the completion of the transaction, the director now owns 11,673 shares in the company, valued at approximately $461,667.15. This trade represents a 17.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders bought 135 shares of company stock worth $5,246. 6.16% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

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.

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