Principal Financial Group Inc. Invests $597,000 in German American Bancorp, Inc. (NASDAQ:GABC)

Principal Financial Group Inc. acquired a new stake in shares of German American Bancorp, Inc. (NASDAQ:GABC) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 15,411 shares of the bank’s stock, valued at approximately $597,000.

Other hedge funds have also recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new stake in shares of German American Bancorp during the second quarter valued at about $207,000. SG Americas Securities LLC acquired a new stake in shares of German American Bancorp during the 3rd quarter worth approximately $247,000. Pettinga Financial Advisors LLC grew 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 valued at $258,000 after acquiring an additional 443 shares during the period. Semanteon Capital Management LP acquired a new stake in German American Bancorp in the 3rd quarter valued at $346,000. Finally, AQR Capital Management LLC lifted its holdings in German American Bancorp by 180.9% in the 2nd quarter. AQR Capital Management LLC now owns 17,761 shares of the bank’s stock valued at $628,000 after purchasing an additional 11,439 shares in the last quarter. 46.90% of the stock is currently owned by institutional investors.

German American Bancorp Price Performance

GABC stock opened at $45.96 on Monday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.27. German American Bancorp, Inc. has a 52-week low of $27.23 and a 52-week high of $46.75. The stock’s 50 day moving average is $41.07 and its two-hundred day moving average is $37.80. The company has a market capitalization of $1.36 billion, a PE ratio of 16.59 and a beta of 0.61.

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 the consensus estimate 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 company had revenue of $62.40 million for the quarter, compared to the consensus estimate of $62.80 million. Analysts predict that German American Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

German American Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Investors of record on Sunday, November 10th were given a dividend of $0.27 per share. The ex-dividend date was Friday, November 8th. This represents a $1.08 dividend on an annualized basis and a yield of 2.35%. German American Bancorp’s dividend payout ratio is currently 38.99%.

Analysts Set New Price Targets

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

German American Bancorp Company 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.