The warmth has been turned up for Pennsylvania headquartered financial institution AmeriServ Monetary (US:ASRV) this week because the banking sector targeted hedge fund Driver Administration Co has taken intention on the group’s administration staff.
Earlier as we speak, Fintel reported that Driver Administration Co LLC filed a 13D/A type with the SEC disclosing possession of 1,477,419 shares of AmeriServ Monetary, Inc. (ASRV). representing 8.6% possession of the corporate. Within the final submitting dated January 19, 2023 they reported proudly owning 8.60% of the corporate, indicating no change of their holdings.
Driver Administration, based and run by Abbott Cooper, filed two 13D/A types this week highlighting letters that had been despatched to AmeriServ’s board.
Within the first submitting on Thursday, Abbott Cooper disclosed that he despatched a letter to AmeriServ’s Chairman Allan Dennison, calling out the administration staff for poor monetary efficiency that was blamed on “distinctive financial realities”.
Driver Administration believes ASRV’s Board must be reconstituted due to the numerous underperformance and beneficial the nomination of three new administrators on the upcoming 20203 annual normal assembly that may decide to placing shareholders first.
Within the newest submitting on Friday, Driver Administration determined to train its proper to examine particular books and data of AmeriServ regarding the next paperwork.
Cooper is in search of to view the paperwork that describe and summarize the info surrounding the “distinctive financial realities” and any additional paperwork that references administration steps taken to mitigate these impacts.
The hedge fund is planning on utilizing these paperwork and references to find out whether or not AmeriServ was being poorly managed in gentle of the challenges confronted.
Driver Administration first disclosed its place within the firm on the 18th of October with a 7.0% stake. Information of the activist becoming a member of the shareholder register boosted the inventory by nearly 10% greater.
AmeriServ at the moment has a $68.5 million market cap and trades on an 8.2x PE ratio with a 3% annualized dividend yield. The ASRV share value has traded broadly flat during the last 5 years when excluding the share value dip in the course of the pandemic.
Fintel’s administration effectiveness chart beneath from the financial metrics and ratios web page for ASRV highlights a big decline within the CROIC (money return on investor capital) over 2022.
AmeriServ Monetary, Inc. is the guardian of AmeriServ Monetary Financial institution and AmeriServ Belief and Monetary Companies Firm in Johnstown, PA. The Firm’s subsidiaries present full-service banking and wealth administration companies via sixteen neighborhood workplaces in southwestern Pennsylvania and Hagerstown, Maryland. The Firm additionally operates mortgage manufacturing workplaces in Altoona and Monroeville, Pennsylvania. At September 30, 2020, AmeriServ had complete belongings of $1.3 billion and a tangible e-book worth of $5.36 per widespread share.
What are different massive shareholders doing?
Gendell Jeffrey L holds 1,054,816 shares representing 6.16% possession of the corporate. No change within the final quarter.
M3F, Inc. holds 945,074 shares representing 5.52% possession of the corporate. In it is prior submitting, the agency reported proudly owning 986,762 shares, representing a lower of 4.41%. The agency decreased its portfolio allocation in ASRV by 0.22% during the last quarter.
Renaissance Applied sciences Llc holds 658,684 shares representing 3.85% possession of the corporate. In it is prior submitting, the agency reported proudly owning 684,351 shares, representing a lower of three.90%. The agency elevated its portfolio allocation in ASRV by 10.94% during the last quarter.
West Chester Capital Advisors, Inc holds 611,927 shares representing 3.58% possession of the corporate. In it is prior submitting, the agency reported proudly owning 609,258 shares, representing a rise of 0.44%. The agency decreased its portfolio allocation in ASRV by 22.48% during the last quarter.
Bridgeway Capital Administration Inc holds 261,771 shares representing 1.53% possession of the corporate. No change within the final quarter.
What’s the total Fund Sentiment?
There are 63 funds or establishments reporting positions in AmeriServ Monetary, Inc.. This can be a lower of 0 proprietor(s) or 0.00%.
Common portfolio weight of all funds devoted to AmeriServ Monetary, Inc. is 0.1322%, a lower of 8.8243%. Complete shares owned by establishments decreased within the final three months by 2.28% to 7,178,039 shares.
Fintel’s Fund Sentiment Rating is a quantitative mannequin that ranks corporations from zero to 100 primarily based on Fund Sentiment. Fund Sentiment is essential as a result of it tells you if funds are shopping for or promoting – and specifically how the corporate ranks in comparison with different corporations within the investing universe. Click on to see the Fintel Fund Sentiment Rating for ASRV / AmeriServ Monetary, Inc..
This story initially appeared on Fintel.
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