Allspring Global Investments Holdings LLC Sells 83,312 Shares of Ameris Bancorp $ABCB

Key Points

• Allspring Global Investments cut its Ameris Bancorp stake by 23.5% in the first quarter, selling 83,312 shares and leaving it with 270,762 shares valued at about $21.3 million.
• Ameris Bancorp beat quarterly earnings expectations, reporting $1.63 EPS versus $1.54 expected, while revenue came in at $314.36 million, slightly above estimates.
• The bank recently paid a quarterly dividend of $0.20 per share and now yields about 0.9%; analysts currently have a consensus Hold rating with an average price target of $92.67.

Allspring Global Investments Holdings LLC lowered its stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 23.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 270,762 shares of the bank's stock after selling 83,312 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.40% of Ameris Bancorp worth $21,255,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also bought and sold shares of ABCB. Royal Bank of Canada raised its holdings in Ameris Bancorp by 9.5% during the first quarter. Royal Bank of Canada now owns 29,288 shares of the bank's stock valued at $1,687,000 after acquiring an additional 2,546 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Ameris Bancorp by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,181 shares of the bank's stock valued at $2,256,000 after acquiring an additional 1,703 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Ameris Bancorp by 36.7% in the 1st quarter. NewEdge Advisors LLC now owns 11,651 shares of the bank's stock worth $671,000 after purchasing an additional 3,129 shares in the last quarter. United Services Automobile Association bought a new position in shares of Ameris Bancorp during the 1st quarter valued at about $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Ameris Bancorp by 7.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 187,024 shares of the bank's stock valued at $10,767,000 after purchasing an additional 13,633 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company's stock.

Ameris Bancorp Trading Down 1.5%

Shares of NASDAQ ABCB opened at $90.88 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. The business's 50 day moving average price is $87.30 and its 200-day moving average price is $82.92. Ameris Bancorp has a fifty-two week low of $64.64 and a fifty-two week high of $93.22. The company has a market cap of $6.12 billion, a price-to-earnings ratio of 17.44 and a beta of 0.91.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $1.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.09. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The company had revenue of $314.36 million during the quarter, compared to analysts' expectations of $309.58 million. During the same quarter in the previous year, the business earned $1.28 EPS. On average, sell-side analysts expect 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. Stockholders of record on Tuesday, June 30th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. Ameris Bancorp's dividend payout ratio (DPR) is 12.58%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ABCB. Stephens lifted their target price on Ameris Bancorp from $87.00 to $90.00 and gave the stock an "equal weight" rating in a report on Monday, April 27th. Morgan Stanley upgraded Ameris Bancorp to an "overweight" rating in a research report on Wednesday, June 24th. DA Davidson upped their target price on shares of Ameris Bancorp from $94.00 to $98.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. Piper Sandler downgraded shares of Ameris Bancorp from an "overweight" rating to a "neutral" rating and set a $96.00 price target for the company. in a report on Sunday, July 12th. Finally, Raymond James Financial lowered Ameris Bancorp from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 1st. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $92.67.

Ameris Bancorp 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.

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