Principal Financial Group Inc. Invests $199,000 in Atlantic Capital (ACBI) Stock
Principal Financial Group Inc. bought a new position in shares of Atlantic Capital (NASDAQ:ACBI) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 10,977 shares of the bank’s stock, valued at approximately $199,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Federated Investors Inc. PA increased its position in Atlantic Capital by 158.4% during the 1st quarter. Federated Investors Inc. PA now owns 7,853 shares of the bank’s stock worth $142,000 after purchasing an additional 4,814 shares during the period. MetLife Investment Advisors LLC acquired a new position in Atlantic Capital during the 4th quarter worth approximately $184,000. California Public Employees Retirement System increased its position in Atlantic Capital by 26.7% during the 1st quarter. California Public Employees Retirement System now owns 23,134 shares of the bank’s stock worth $419,000 after purchasing an additional 4,876 shares during the period. Monarch Partners Asset Management LLC acquired a new position in Atlantic Capital during the 1st quarter worth approximately $542,000. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of Atlantic Capital in the 4th quarter worth approximately $574,000. Institutional investors own 81.20% of the company’s stock.
In related news, insider Richard A. Jr. Oglesby sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, July 9th. The stock was sold at an average price of $20.10, for a total value of $40,200.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kurt A. Shreiner sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $19.78, for a total value of $49,450.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,920 shares of company stock worth $577,102. 3.40% of the stock is owned by corporate insiders.
Atlantic Capital (NASDAQ:ACBI) last released its quarterly earnings results on Thursday, April 26th. The bank reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $25.60 million for the quarter, compared to analysts’ expectations of $24.97 million. Atlantic Capital had a positive return on equity of 4.92% and a negative net margin of 1.65%. equities research analysts forecast that Atlantic Capital will post 0.98 earnings per share for the current fiscal year.
A number of research firms recently weighed in on ACBI. Zacks Investment Research upgraded Atlantic Capital from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Wednesday, July 11th. BidaskClub upgraded Atlantic Capital from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 4th. Finally, Sandler O’Neill set a $19.00 price target on Atlantic Capital and gave the stock a “hold” rating in a report on Wednesday, March 28th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $19.75.
About Atlantic Capital
Atlantic Capital Bancshares, Inc operates as the holding company for Atlantic Capital Bank, N.A. that provides commercial banking products and services in the United States. The company offers NOW, money market, savings, checking, time, Internet and brokered, and demand deposits; working capital and equipment loans, loans supported by owner-occupied real estate, revolving lines of credit, term loans, letters of credit, installment and term loans, and home equity lines of credit; residential mortgage loans; and commercial real estate loans, including secured construction loans, secured mini-permanent loans, and secured or unsecured lines of credit.
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