Intech Investment Management LLC Has $3.61 Million Stake in Ameris Bancorp $ABCB

Key Points

• Intech Investment Management LLC increased its holdings in Ameris Bancorp by 55.6%, owning 62,656 shares worth approximately $3.6 million at the end of the first quarter.
• The stock currently has a market capitalization of $5.1 billion and an average price target of $72.14, with a consensus rating of "Moderate Buy" from analysts.
• Institutional investors own 91.64% of Ameris Bancorp's stock, indicating strong institutional support for the company.

Intech Investment Management LLC lifted its holdings in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 55.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,656 shares of the bank's stock after purchasing an additional 22,377 shares during the quarter. Intech Investment Management LLC owned approximately 0.09% of Ameris Bancorp worth $3,607,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ABCB. Nuveen LLC acquired a new position in shares of Ameris Bancorp during the 1st quarter worth $56,202,000. FJ Capital Management LLC increased its stake in shares of Ameris Bancorp by 311.3% during the 1st quarter. FJ Capital Management LLC now owns 785,288 shares of the bank's stock worth $45,209,000 after purchasing an additional 594,340 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Ameris Bancorp by 36.2% during the 1st quarter. American Century Companies Inc. now owns 1,875,194 shares of the bank's stock worth $107,955,000 after purchasing an additional 498,604 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Ameris Bancorp by 189.7% during the 1st quarter. Jennison Associates LLC now owns 502,690 shares of the bank's stock worth $28,940,000 after purchasing an additional 329,196 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Ameris Bancorp during the 1st quarter worth $10,528,000. Institutional investors and hedge funds own 91.64% of the company's stock.

Ameris Bancorp Price Performance

ABCB traded up $2.32 during midday trading on Thursday, hitting $76.47. The company had a trading volume of 512,367 shares, compared to its average volume of 424,500. 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 company has a market capitalization of $5.24 billion, a PE ratio of 14.68 and a beta of 0.97. Ameris Bancorp has a twelve month low of $48.27 and a twelve month high of $76.58. The firm's 50-day simple moving average is $70.21 and its 200-day simple moving average is $63.20.

Ameris Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 6th. Shareholders of record on Tuesday, September 30th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, September 30th. Ameris Bancorp's dividend payout ratio (DPR) is presently 14.08%.

Analysts Set New Price Targets

Separately, DA Davidson set a $81.00 target price on shares of Ameris Bancorp and gave the company a "buy" rating in a research note on Wednesday, July 30th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, Ameris Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $72.14.

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.