Ameris Bancorp $ABCB Shares Bought by Bessemer Group Inc.

Key Points

• Bessemer Group Inc. increased its stake in Ameris Bancorp by 8.5% in Q1, buying 41,046 additional shares and bringing its total holding to 523,030 shares worth about $40.8 million.
• Ameris Bancorp reported better-than-expected quarterly earnings, posting $1.63 EPS versus the $1.54 estimate and revenue of $314.36 million, while analysts now expect full-year EPS of 4.99.
• The company recently paid a quarterly dividend of $0.20 per share, and analysts currently have a mixed view with an average rating of “Hold” and an average price target of $92.67.

Bessemer Group Inc. grew its holdings in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 8.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 523,030 shares of the bank's stock after buying an additional 41,046 shares during the quarter. Bessemer Group Inc. owned 0.77% of Ameris Bancorp worth $40,791,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ABCB. Sound Income Strategies LLC acquired a new stake in Ameris Bancorp in the 4th quarter valued at $29,000. Measured Wealth Private Client Group LLC acquired a new position in Ameris Bancorp during the third quarter worth $45,000. Danske Bank A S acquired a new position in Ameris Bancorp during the third quarter worth $51,000. Torren Management LLC purchased a new position in Ameris Bancorp during the fourth quarter valued at $76,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Ameris Bancorp by 316.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank's stock valued at $79,000 after purchasing an additional 805 shares in the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

Ameris Bancorp Stock Down 1.1%

ABCB stock opened at $92.17 on Friday. The company has a market cap of $6.20 billion, a price-to-earnings ratio of 17.69 and a beta of 0.91. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. Ameris Bancorp has a 12 month low of $64.64 and a 12 month high of $93.22. The firm has a 50-day moving average of $87.18 and a two-hundred day moving average of $82.76.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $1.63 EPS for the quarter, beating the consensus estimate of $1.54 by $0.09. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The firm had revenue of $314.36 million during the quarter, compared to analysts' expectations of $309.58 million. During the same quarter last year, the firm earned $1.28 earnings per share. As a group, analysts forecast that Ameris Bancorp will post 4.99 earnings per share for the current fiscal 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 issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Ameris Bancorp's dividend payout ratio is presently 12.58%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Morgan Stanley raised shares of Ameris Bancorp to an "overweight" rating in a research note on Wednesday, June 24th. Stephens raised their price target on shares of Ameris Bancorp from $87.00 to $90.00 and gave the company an "equal weight" rating in a research note on Monday, April 27th. Piper Sandler lowered shares of Ameris Bancorp from an "overweight" rating to a "neutral" rating and set a $96.00 price target on the stock. in a research note on Sunday, July 12th. Raymond James Financial lowered Ameris Bancorp from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st. Finally, Truist Financial increased their target price on Ameris Bancorp from $89.00 to $92.00 and gave the company a "hold" rating in a report on Friday, July 10th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $92.67.

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.

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