In Premarket, What Has Been Causing AmeriServ Financial (ASRV) Stock To Increase 100%?

PLAG Stock
PLAG Stock

AmeriServ Financial, Inc. (NASDAQ: ASRV) has been seeing price of its share rising more than 100% in pre-market session today. The holding firm of AmeriServ Financial Bank has closed the last session at $4.11, up 1.99% from its previous close after surfacing of an insider trading news.

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What is happening?

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AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank as well as Johnstown, PA-based AmeriServ Trust and Financial Services Company.

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A network of 16 community banks and wealth management companies provides full-range banking and financial services from southwestern Pennsylvania to Hagerstown, Maryland. Additionally, Altoona and Monroeville, Pennsylvania are also home to a loan production offices of AmeriServ.

AmeriServ recently reported fourth quarter results posting a net income of $692,000, or $0.04 per share that came $23,000, or 3.4%, more than that of the same quarter of prior year.

For the full year 2020, the company reported a rise of 22.9% in net income of $4,598,000, or $0.27 per share against year-ago net income of $6,028,000, or $0.35 per share.

Averaging $970 million, total loans reached a new record level in the fourth quarter of 2020 that represented an increase of $93.3 million, or 10.6% from $877 million average in the year ago quarter.

For the full year 2020, that amount remained $48.1 million, a rise of 5.5% compared to that of previous year.

AmeriServ last month entered into a definitive agreement with Riverview Financial Corporation to acquire Citizen’s Neighborhood Bank’s (CNB) branch and deposit customers in Meyersdale, as well as the deposit customers of CNB’s leased branch in the Borough of Somerset.

CNB is an operating division of Riverview Bank, and both of its locations are in Somerset County in southwestern Pennsylvania.

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News of insider selling seems to be raising the stock price up as Huerth James T, President & CEO of Trust Company, sold 3000 shares yesterday at per share price of $4.12 for a total of $12,360, an amount that is more than the closing price of stock in last session.


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