Twinbeech Capital LP Makes New Investment in Ameris Bancorp (NASDAQ:ABCB)

Twinbeech Capital LP purchased a new stake in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 36,762 shares of the bank's stock, valued at approximately $2,300,000. Twinbeech Capital LP owned 0.05% of Ameris Bancorp at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of ABCB. Norges Bank purchased a new position in shares of Ameris Bancorp during the 4th quarter worth approximately $48,380,000. JPMorgan Chase & Co. boosted its holdings 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 purchasing an additional 223,805 shares during the last quarter. North Reef Capital Management LP boosted its holdings in shares of Ameris Bancorp by 8.9% in the 4th 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 during the last quarter. Jennison Associates LLC acquired a new position in shares of Ameris Bancorp in the 4th quarter valued at $10,856,000. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Ameris Bancorp by 150.3% in the 4th quarter. Point72 Asset Management L.P. now owns 288,300 shares of the bank's stock valued at $18,039,000 after purchasing an additional 173,106 shares during the last quarter. 91.64% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Douglas D. Strange bought 1,000 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was purchased at an average price of $56.95 per share, for a total transaction of $56,950.00. Following the transaction, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 5.40% of the stock is owned by insiders.

Ameris Bancorp Stock Performance

Shares of NASDAQ:ABCB traded up $1.04 during trading on Tuesday, reaching $62.26. 35,211 shares of the company's stock traded hands, compared to its average volume of 442,610. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. Ameris Bancorp has a 12 month low of $45.89 and a 12 month high of $74.56. The company has a 50 day moving average of $57.36 and a 200-day moving average of $62.23. The stock has a market capitalization of $4.29 billion, a P/E ratio of 11.94 and a beta of 0.91.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The bank reported $1.28 earnings per share for the quarter, beating 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 business had revenue of $285.86 million during the quarter, compared to the consensus estimate of $276.06 million. During the same quarter in the prior year, the firm earned $1.10 EPS. The company's revenue for the quarter was up 7.0% compared to the same quarter last year. On average, equities analysts expect that Ameris Bancorp will post 4.99 EPS for the current year.

Ameris Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend was Monday, March 31st. Ameris Bancorp's dividend payout ratio (DPR) is 14.81%.

Analyst Ratings Changes

ABCB has been the topic of several recent research reports. Raymond James reduced their target price on shares of Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. 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 boosted their target price on shares of Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a research report on Monday, April 7th. Finally, Piper Sandler began coverage on shares of Ameris Bancorp in a research report on Friday, April 4th. They set an "overweight" rating and a $74.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $71.43.

About Ameris Bancorp

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.