621,800 Shares in Ameris Bancorp $ABCB Bought by Davis Asset Management L.P.

Key Points

• Davis Asset Management acquired 621,800 shares of Ameris Bancorp in the second quarter, valued at approximately $56.1 million. The position represents about 0.92% of Ameris Bancorp and 1.4% of the fund’s portfolio.
• Institutional ownership remains high at 91.6%, with several other investment firms also establishing new positions in the bank.
• Ameris Bancorp’s latest quarterly results fell short of analyst expectations, with EPS of $1.60 versus $1.66 expected and revenue of $317.8 million versus $323.8 million. Analysts have a consensus “Hold” rating and an average price target of $91.67.

Davis Asset Management L.P. purchased a new stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 621,800 shares of the bank's stock, valued at approximately $56,124,000. Ameris Bancorp comprises approximately 1.4% of Davis Asset Management L.P.'s portfolio, making the stock its 25th largest holding. Davis Asset Management L.P. owned about 0.92% of Ameris Bancorp as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Ameris Bancorp during the second quarter worth about $34,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Ameris Bancorp in the 3rd quarter valued at about $45,000. Danske Bank A S acquired a new stake in shares of Ameris Bancorp in the 3rd quarter valued at about $51,000. Allworth Financial LP acquired a new stake in shares of Ameris Bancorp in the 2nd quarter valued at about $67,000. Finally, Torren Management LLC purchased a new position in Ameris Bancorp during the 4th quarter worth approximately $76,000. Institutional investors and hedge funds own 91.60% of the company's stock.

Ameris Bancorp Price Performance

Shares of ABCB opened at $86.14 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. Ameris Bancorp has a fifty-two week low of $68.80 and a fifty-two week high of $93.22. The firm has a 50-day simple moving average of $88.96 and a 200-day simple moving average of $84.45. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of 16.53 and a beta of 0.92.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.06). The company had revenue of $317.78 million during the quarter, compared to analyst estimates of $323.78 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. During the same quarter last year, the firm earned $1.59 EPS. On average, equities research analysts anticipate that Ameris Bancorp will post 4.99 earnings per share for the current year.

Ameris Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Tuesday, June 30th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Ameris Bancorp's dividend payout ratio (DPR) is 14.47%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ABCB shares. Stephens set a $88.00 price target on Ameris Bancorp in a research report on Monday, July 27th. Truist Financial decreased their price objective on Ameris Bancorp from $92.00 to $90.00 and set a "hold" rating for the company in a report on Tuesday, July 28th. Raymond James Financial lowered shares of Ameris Bancorp from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 1st. Piper Sandler cut their target price on shares of Ameris Bancorp from $96.00 to $92.00 and set a "neutral" rating on the stock in a report on Monday, July 27th. Finally, DA Davidson upped their price target on shares of Ameris Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Ameris Bancorp currently has an average rating of "Hold" and a consensus target price of $91.67.

Ameris Bancorp Company Profile

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its principal subsidiary, Ameris Bank, the company offers a broad range of commercial and retail banking services to individuals, small businesses, middle market companies and agricultural customers. Its core business lines encompass deposit services, lending solutions, treasury management, mortgage origination and servicing, insurance products and wealth management.

Ameris Bancorp operates a network of branches and loan production offices across the southeastern United States, including Georgia, Alabama, Florida, North Carolina, South Carolina and Tennessee.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source