Algert Global LLC Has $12.32 Million Holdings in Ameris Bancorp (NASDAQ:ABCB)

Algert Global LLC boosted its holdings in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 136.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 196,964 shares of the bank's stock after purchasing an additional 113,571 shares during the period. Algert Global LLC owned 0.29% of Ameris Bancorp worth $12,324,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABCB. North Reef Capital Management LP increased its holdings in shares of 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 valued at $158,490,000 after purchasing an additional 208,000 shares in the last quarter. Principal Financial Group Inc. boosted its position in Ameris Bancorp by 4.6% in the 3rd quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank's stock valued at $78,829,000 after buying an additional 55,473 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Ameris Bancorp by 30.7% in the 4th quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank's stock valued at $59,570,000 after buying an additional 223,805 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Ameris Bancorp by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 917,396 shares of the bank's stock worth $57,401,000 after acquiring an additional 10,256 shares during the last quarter. Finally, Congress Asset Management Co. lifted its stake in shares of Ameris Bancorp by 1.5% during the fourth quarter. Congress Asset Management Co. now owns 821,554 shares of the bank's stock valued at $51,405,000 after acquiring an additional 12,216 shares during the period. 91.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, insider Douglas D. Strange purchased 1,000 shares of Ameris Bancorp stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the purchase, the insider now owns 19,403 shares in the company, valued at approximately $1,105,000.85. This trade represents a 5.43 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.50% of the company's stock.

Ameris Bancorp Stock Performance

Shares of NASDAQ ABCB traded down $0.38 during midday trading on Tuesday, hitting $59.78. 275,937 shares of the company's stock were exchanged, compared to its average volume of 397,093. Ameris Bancorp has a 12 month low of $45.89 and a 12 month high of $74.56. The company's 50 day moving average price is $56.49 and its 200 day moving average price is $62.42. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $4.12 billion, a PE ratio of 11.47 and a beta of 0.91.

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

Ameris Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were given a dividend of $0.20 per share. The ex-dividend date was Monday, March 31st. This represents a $0.80 annualized dividend and a yield of 1.34%. Ameris Bancorp's dividend payout ratio is 14.81%.

Ameris Bancorp Company 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.