Ameriprise Financial Inc. Raises Stake in Ameris Bancorp (NASDAQ:ABCB)

Ameriprise Financial Inc. boosted its holdings in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 10.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 680,198 shares of the bank's stock after acquiring an additional 65,855 shares during the period. Ameriprise Financial Inc. owned 0.98% of Ameris Bancorp worth $42,563,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of ABCB. Norges Bank purchased a new position in Ameris Bancorp in the fourth quarter worth about $48,380,000. JPMorgan Chase & Co. raised its holdings in Ameris Bancorp by 30.7% in the fourth quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank's stock worth $59,570,000 after buying an additional 223,805 shares during the last quarter. North Reef Capital Management LP raised its holdings in Ameris Bancorp by 8.9% in the fourth quarter. North Reef Capital Management LP now owns 2,533,000 shares of the bank's stock worth $158,490,000 after buying an additional 208,000 shares during the last quarter. Jennison Associates LLC purchased a new position in Ameris Bancorp in the fourth quarter worth about $10,856,000. Finally, Algert Global LLC raised its holdings in Ameris Bancorp by 136.2% in the fourth quarter. Algert Global LLC now owns 196,964 shares of the bank's stock worth $12,324,000 after buying an additional 113,571 shares during the last quarter. 91.64% of the stock is owned by hedge funds and other institutional investors.

Ameris Bancorp Stock Performance

Shares of ABCB stock opened at $60.43 on Monday. The company has a 50 day moving average price of $56.31 and a 200-day moving average price of $62.37. Ameris Bancorp has a 52 week low of $45.89 and a 52 week high of $74.56. The firm has a market capitalization of $4.16 billion, a PE ratio of 11.60 and a beta of 0.91. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The bank reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.12 by $0.16. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The firm had revenue of $285.86 million during the quarter, compared to analyst estimates of $276.06 million. During the same period in the previous year, the business posted $1.10 earnings per share. The business's revenue for the quarter was up 7.0% on a year-over-year basis. As a group, equities research analysts expect that Ameris Bancorp will post 4.99 earnings per share for the current year.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.32%. Ameris Bancorp's dividend payout ratio is presently 14.81%.

Analysts Set New Price Targets

ABCB has been the subject of several recent analyst reports. Raymond James decreased their target price on shares of Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Stephens reaffirmed an "equal weight" rating and issued a $63.00 target price on shares of Ameris Bancorp in a report on Tuesday, April 29th. Piper Sandler initiated coverage on shares of Ameris Bancorp in a report on Friday, April 4th. They issued an "overweight" rating and a $74.00 target price for the company. Finally, Piper Sandler Companies lifted their target price on shares of Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a report on Monday, April 7th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $71.43.

Insider Activity at Ameris Bancorp

In other Ameris Bancorp news, insider Douglas D. Strange bought 1,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the completion of the transaction, the insider now owns 19,403 shares of the company's stock, valued at $1,105,000.85. This represents a 5.43% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.40% of the stock is currently owned by company insiders.

Ameris Bancorp Profile

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides range of banking services to retail and commercial customers. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. The company offers commercial and retail checking, regular interest-bearing savings, money market, individual retirement, and certificates of deposit accounts.

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