Advisor Resource Council Takes $590,000 Position in Ameris Bancorp (NASDAQ:ABCB)

Advisor Resource Council acquired a new stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,736 shares of the bank's stock, valued at approximately $590,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vicus Capital boosted its holdings in shares of Ameris Bancorp by 16.9% in the first quarter. Vicus Capital now owns 3,780 shares of the bank's stock valued at $218,000 after acquiring an additional 546 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Ameris Bancorp by 12.3% in the first quarter. QRG Capital Management Inc. now owns 5,206 shares of the bank's stock valued at $300,000 after acquiring an additional 569 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Ameris Bancorp by 7.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,479 shares of the bank's stock valued at $776,000 after acquiring an additional 922 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Ameris Bancorp by 408.0% in the first quarter. SG Americas Securities LLC now owns 15,800 shares of the bank's stock valued at $910,000 after acquiring an additional 12,690 shares in the last quarter. Finally, Portside Wealth Group LLC lifted its stake in Ameris Bancorp by 14.5% during the first quarter. Portside Wealth Group LLC now owns 4,870 shares of the bank's stock valued at $280,000 after purchasing an additional 617 shares during the last quarter. 91.64% of the stock is currently owned by institutional investors.

Ameris Bancorp Price Performance

ABCB opened at $60.96 on Monday. The stock has a fifty day moving average of $59.76 and a 200-day moving average of $61.09. The firm has a market capitalization of $4.20 billion, a P/E ratio of 11.70 and a beta of 0.93. Ameris Bancorp has a 12-month low of $47.65 and a 12-month high of $74.56. 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 released its earnings results on Monday, April 28th. The bank reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.16. The company had revenue of $285.86 million during the quarter, compared to analyst estimates of $276.06 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%. The company's revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.10 earnings per share. Equities analysts forecast that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 7th. Shareholders of record on Monday, June 30th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.80 dividend on an annualized basis and a yield of 1.31%. Ameris Bancorp's payout ratio is 14.81%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Piper Sandler Companies increased their target price on shares of Ameris Bancorp to $74.00 and gave the company a "buy" rating in a research note on Monday, April 7th. Stephens reissued an "equal weight" rating and set a $63.00 target price on shares of Ameris Bancorp in a research note on Tuesday, April 29th. Raymond James Financial cut their target price on shares of Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, Piper Sandler assumed coverage on shares of Ameris Bancorp in a research note on Friday, April 4th. They set an "overweight" rating and a $74.00 target price for the company. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $71.43.

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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