Stock market today: Stocks fall as investors rotate out of tech into Jackson Hole
Susan J. Ellspermann, a director at German American Bancorp, Inc. (NASDAQ:GABC), a regional bank with a $1.45 billion market capitalization, has purchased shares of the company’s common stock, according to a recent SEC filing. On March 15, Ellspermann acquired 43.6121 shares at a price of $38.98 per share, totaling approximately $1,699. According to InvestingPro analysis, the stock currently trades below its Fair Value, with analyst price targets suggesting further upside potential. This transaction was executed as part of her prior election to use a portion of her director compensation to buy shares through the company’s Dividend Reinvestment and Stock Purchase Plan. The company has maintained dividend payments for 33 consecutive years and currently offers a 2.99% yield. Following this transaction, Ellspermann’s total direct ownership stands at 8,793.633 shares. InvestingPro subscribers can access additional insights, including 5 more ProTips and comprehensive financial metrics about GABC’s performance and valuation.
In other recent news, German American Bancorp has secured the final regulatory approval for its merger with Heartland BancCorp (OTC:HLAN). This approval from the Indiana Department of Financial Institutions completes the regulatory process, which previously included endorsements from the Federal Deposit Insurance Corporation and a waiver from the Federal Reserve Board of Governors. The merger will result in Heartland Bancorp merging into German American Bancorp, with Heartland Bank also merging into German American Bank. Shareholders from both companies have already approved the merger, and the transaction is expected to become effective on February 1, 2025. The merger is anticipated to enhance the market presence and operational scale of the combined entity. German American Bancorp has noted that the completion of the merger is subject to customary closing conditions. The company has also issued a statement under safe harbor provisions, indicating that actual results may differ due to various factors. This information was disclosed in a recent SEC filing by German American Bancorp.
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