Ameris Bancorp $ABCB Shares Purchased by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its Ameris Bancorp stake by 129.9% in the first quarter, owning 44,069 shares worth approximately $3.44 million. Institutional investors and hedge funds collectively hold 91.6% of the stock.
• Ameris Bancorp reported quarterly EPS of $1.60, missing the $1.66 consensus estimate, while revenue of $317.78 million also fell short of expectations. The bank maintained a quarterly dividend of $0.20 per share, equivalent to a 0.9% annualized yield.
• Analyst sentiment remains mixed, with three Buy ratings and four Holds, resulting in a consensus Hold rating and a $91.67 price target versus the stock’s $87.79 opening price.

Renaissance Technologies LLC boosted its stake in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 129.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 44,069 shares of the bank's stock after acquiring an additional 24,900 shares during the quarter. Renaissance Technologies LLC owned 0.07% of Ameris Bancorp worth $3,437,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Sound Income Strategies LLC acquired a new stake in shares of Ameris Bancorp during the 4th quarter worth approximately $29,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Ameris Bancorp in the 3rd quarter valued at $45,000. Danske Bank A S acquired a new position in shares of Ameris Bancorp in the 3rd quarter valued at $51,000. Torren Management LLC purchased a new stake in Ameris Bancorp during the fourth quarter worth $76,000. Finally, Caitong International Asset Management Co. Ltd boosted 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 worth $79,000 after buying an additional 805 shares in the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

Ameris Bancorp Stock Performance

NASDAQ:ABCB opened at $87.79 on Friday. 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 fifty day moving average of $88.47 and a two-hundred day moving average of $83.93. The stock has a market capitalization of $5.91 billion, a PE ratio of 16.85 and a beta of 0.92. Ameris Bancorp has a fifty-two week low of $65.98 and a fifty-two week high of $93.22.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last posted its quarterly earnings data 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 21.46% and a return on equity of 9.57%. The company had revenue of $317.78 million for the quarter, compared to analysts' expectations of $323.78 million. During the same period in the previous year, the business earned $1.59 earnings per share. As a group, research analysts forecast 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, July 6th. Investors of record on Tuesday, June 30th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Ameris Bancorp's dividend payout ratio (DPR) is currently 14.47%.

Analysts Set New Price Targets

ABCB has been the topic of several analyst reports. DA Davidson lifted their price objective on shares of Ameris Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a report on Monday, July 27th. Morgan Stanley raised shares of Ameris Bancorp to an "overweight" rating in a research note on Wednesday, June 24th. Piper Sandler cut 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. Raymond James Financial cut Ameris Bancorp from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Finally, Truist Financial lowered their price target on Ameris Bancorp from $92.00 to $90.00 and set a "hold" rating on the stock in a research report on Tuesday, July 28th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $91.67.

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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