California State Teachers Retirement System Has $6.65 Million Stake in Ameris Bancorp $ABCB

Key Points

• California State Teachers Retirement System reduced its Ameris Bancorp stake by 2.2% in the second quarter, retaining 73,683 shares worth approximately $6.65 million. Institutional investors collectively own 91.6% of the bank.
• Ameris Bancorp reported quarterly EPS of $1.60, below the $1.66 analyst consensus, while revenue of $317.78 million also missed estimates. The bank maintains a $0.20 quarterly dividend, equivalent to a 0.9% yield.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $91.67, compared with a reported share price of $84.91.

California State Teachers Retirement System lessened its holdings in Ameris Bancorp (NYSE:ABCB - Free Report) by 2.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 73,683 shares of the bank's stock after selling 1,663 shares during the quarter. California State Teachers Retirement System owned 0.11% of Ameris Bancorp worth $6,650,628 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ABCB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Ameris Bancorp during the second quarter worth approximately $34,000. Public Employees Retirement System of Ohio bought a new stake in Ameris Bancorp in the second quarter worth $66,000. Allworth Financial LP bought a new stake in shares of Ameris Bancorp during the second quarter valued at approximately $67,000. Caitong International Asset Management Co. Ltd raised its stake in Ameris Bancorp by 316.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank's stock valued at $79,000 after buying an additional 805 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its position in shares of Ameris Bancorp by 113.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,865 shares of the bank's stock valued at $139,000 after buying an additional 992 shares during the last quarter. Institutional investors own 91.60% of the company's stock.

Ameris Bancorp Stock Performance

Shares of NYSE:ABCB traded up $0.09 during trading on Tuesday, hitting $84.91. The company's stock had a trading volume of 206,251 shares, compared to its average volume of 498,632. The firm has a market cap of $5.70 billion, a price-to-earnings ratio of 15.35 and a beta of 0.91. The company has a 50-day moving average of $87.69 and a 200-day moving average of $84.67. Ameris Bancorp has a 12 month low of $68.80 and a 12 month high of $93.22. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.04 and a quick ratio of 1.02.

Ameris Bancorp (NYSE:ABCB - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.06). Ameris Bancorp had a net margin of 21.98% and a return on equity of 10.62%. The firm had revenue of $317.78 million during the quarter, compared to analyst estimates of $323.78 million. During the same period in the previous year, the company earned $1.59 earnings per share. On average, sell-side analysts expect that Ameris Bancorp will post 6.58 earnings per share for the current year.

Ameris Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Tuesday, June 30th were given a $0.20 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.80 annualized dividend and a yield of 0.9%. Ameris Bancorp's payout ratio is 14.47%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Weiss Ratings assumed coverage on shares of Ameris Bancorp in a research report on Wednesday, September 2nd. They set a "buy (b)" rating for the company. Morgan Stanley raised shares of Ameris Bancorp to an "overweight" rating in a research report on Wednesday, June 24th. Truist Financial cut their price objective on shares of Ameris Bancorp from $92.00 to $90.00 and set a "hold" rating on the stock in a research note on Tuesday, July 28th. Piper Sandler decreased their price target on Ameris Bancorp from $96.00 to $92.00 and set a "neutral" rating for the company in a research note on Monday, July 27th. Finally, DA Davidson lifted their target price on Ameris Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $91.67.

About Ameris Bancorp

Ameris Bancorp is the bank holding company for Ameris Bank, a full-service community bank headquartered in Atlanta, Georgia. Through its banking subsidiary, the company provides financial products and services to individuals, families, businesses and institutions.

Ameris Bank offers deposit accounts, commercial and consumer loans, residential mortgages, home equity financing, treasury management and payment services. The bank also provides wealth management, investment and insurance-related services, along with digital and mobile banking capabilities.

Founded in 1971, Ameris Bank serves communities primarily across the southeastern United States, including Georgia, Alabama, Florida, South Carolina and North Carolina.

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