German American Bancorp (GABC) Lifted to “Buy” at Zacks Investment Research

German American Bancorp (NASDAQ:GABC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $39.00 price objective on the bank’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.45% from the stock’s current price.

According to Zacks, “GERMAN AMERICAN BANCORP is a multi-bank holding company. Through its subsidiaries, they operate affiliated community banks with banking offices and full-service independent insurance agencies in the eight contiguous Southwestern Indiana counties of Daviess, Dubois, Gibson, Knox, Martin, Perry, Pike andS pencer. Their lines of business include retail and commercial banking, mortgage banking, trust and brokerage services, title insurance, and a full range of personal and corporate property and casualty insurance products. “

A number of other research firms have also issued reports on GABC. Sandler O’Neill set a $38.00 target price on German American Bancorp and gave the company a “hold” rating in a report on Wednesday, January 3rd. BidaskClub lowered German American Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, December 9th. Finally, Hovde Group reiterated a “hold” rating on shares of German American Bancorp in a report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. German American Bancorp has a consensus rating of “Hold” and an average price target of $39.25.

German American Bancorp (NASDAQ GABC) opened at $35.31 on Tuesday. The company has a market capitalization of $809.64, a price-to-earnings ratio of 20.65 and a beta of 1.12. German American Bancorp has a 52-week low of $28.71 and a 52-week high of $39.02. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.88 and a current ratio of 0.88.

In other German American Bancorp news, Director Chris A. Ramsey purchased 2,852 shares of the firm’s stock in a transaction on Tuesday, December 11th. The stock was bought at an average cost of $35.13 per share, with a total value of $100,190.76. Following the acquisition, the director now directly owns 16,969 shares of the company’s stock, valued at $596,120.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Chris A. Ramsey purchased 3,055 shares of the firm’s stock in a transaction on Wednesday, December 26th. The shares were acquired at an average cost of $36.00 per share, with a total value of $109,980.00. Following the completion of the acquisition, the director now directly owns 16,969 shares in the company, valued at $610,884. The disclosure for this purchase can be found here. Insiders have acquired a total of 19,847 shares of company stock valued at $709,556 over the last ninety days. 8.51% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its holdings in German American Bancorp by 54.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 252,169 shares of the bank’s stock worth $8,596,000 after buying an additional 88,447 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in German American Bancorp by 106.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 9,254 shares of the bank’s stock worth $315,000 after buying an additional 4,763 shares during the last quarter. California State Teachers Retirement System lifted its holdings in German American Bancorp by 34.4% during the 2nd quarter. California State Teachers Retirement System now owns 37,599 shares of the bank’s stock worth $1,282,000 after buying an additional 9,633 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in German American Bancorp by 112.3% during the 2nd quarter. Victory Capital Management Inc. now owns 48,555 shares of the bank’s stock worth $1,655,000 after buying an additional 25,680 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in German American Bancorp by 80.3% during the 2nd quarter. Swiss National Bank now owns 36,250 shares of the bank’s stock worth $1,236,000 after buying an additional 16,150 shares during the last quarter. 36.39% of the stock is owned by institutional investors.

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About German American Bancorp

German American Bancorp, Inc is a bank holding company. As of December 31, 2016, the Company, through its banking subsidiary German American Bancorp, operated 51 banking offices in 19 contiguous southern Indiana counties and one northern Kentucky county. Its segments are core banking, trust and investment advisory services, insurance, and other.

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