Algert Global LLC Increases Holdings in Ameris Bancorp $ABCB

Key Points

• Algert Global LLC raised its stake in Ameris Bancorp by 11.5% during Q3 to 271,689 shares (adding 27,940 shares), a position worth about $19.9 million and roughly 0.40% ownership.
• Ameris Bancorp's most recent quarter (reported Jan. 29) showed EPS of $1.59 versus a $1.56 consensus while revenue was $309.92M (slightly under estimates); the bank pays a $0.20 quarterly dividend (1.1% yield) and carries a consensus “Moderate Buy” rating with a $86.50 target.

Algert Global LLC lifted its position in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 11.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 271,689 shares of the bank's stock after buying an additional 27,940 shares during the period. Algert Global LLC owned approximately 0.40% of Ameris Bancorp worth $19,918,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. grew its position in shares of Ameris Bancorp by 3.0% during the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 5,231 shares of the bank's stock valued at $384,000 after acquiring an additional 153 shares during the period. Inspire Investing LLC lifted its position in Ameris Bancorp by 3.0% during the third quarter. Inspire Investing LLC now owns 6,183 shares of the bank's stock valued at $453,000 after purchasing an additional 181 shares in the last quarter. Covestor Ltd lifted its position in Ameris Bancorp by 51.5% during the third quarter. Covestor Ltd now owns 547 shares of the bank's stock valued at $40,000 after purchasing an additional 186 shares in the last quarter. Journey Strategic Wealth LLC grew its holdings in Ameris Bancorp by 5.0% during the second quarter. Journey Strategic Wealth LLC now owns 4,095 shares of the bank's stock valued at $265,000 after purchasing an additional 194 shares during the period. Finally, Verdence Capital Advisors LLC increased its position in Ameris Bancorp by 2.0% in the third quarter. Verdence Capital Advisors LLC now owns 9,730 shares of the bank's stock worth $724,000 after buying an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company's stock.

Ameris Bancorp Trading Down 0.3%

Shares of ABCB opened at $75.10 on Friday. The stock has a market capitalization of $5.10 billion, a PE ratio of 14.41 and a beta of 0.97. The company's fifty day moving average is $80.42 and its 200 day moving average is $76.50. 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 $48.27 and a fifty-two week high of $87.98.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The bank reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.03. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The business had revenue of $309.92 million during the quarter, compared to analyst estimates of $310.48 million. During the same period last year, the company earned $1.38 EPS. Sell-side analysts expect that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Ameris Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, January 5th. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Ameris Bancorp's payout ratio is currently 13.33%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Truist Financial raised their target price on shares of Ameris Bancorp from $83.00 to $86.00 and gave the stock a "hold" rating in a research note on Monday, February 2nd. Keefe, Bruyette & Woods upped their price target on shares of Ameris Bancorp from $82.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, February 2nd. Stephens increased their price objective on shares of Ameris Bancorp from $79.00 to $87.00 and gave the stock an "equal weight" rating in a research note on Monday, February 2nd. Finally, DA Davidson set a $94.00 price objective on shares of Ameris Bancorp in a research report on Monday, February 2nd. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Ameris Bancorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $86.50.

About Ameris Bancorp

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.

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