Ameris Bancorp $ABCB Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Ameris Bancorp by 12.2%, selling 49,369 shares and leaving it with 354,074 shares (about $26.2M); institutional investors now own roughly 91.6% of the company.
• Several analysts raised price targets this week (e.g., Keefe, Bruyette & Woods to $88 and DA Davidson to $94), leaving a consensus rating of Moderate Buy and an average price target of $86.50.
• Ameris slightly beat quarterly EPS estimates ($1.59 vs. $1.56) and declared a quarterly dividend of $0.20 per share (annualized $0.80, ~1.0% yield) with an ex-dividend date of March 31.

Allspring Global Investments Holdings LLC decreased its holdings in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 12.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 354,074 shares of the bank's stock after selling 49,369 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.52% of Ameris Bancorp worth $26,194,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in shares of Ameris Bancorp by 3.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,436 shares of the bank's stock worth $92,256,000 after acquiring an additional 39,478 shares in the last quarter. North Reef Capital Management LP raised its position in shares of Ameris Bancorp by 4.8% during the 3rd quarter. North Reef Capital Management LP now owns 1,981,061 shares of the bank's stock worth $145,232,000 after acquiring an additional 91,043 shares in the last quarter. Congress Asset Management Co. raised its position in shares of Ameris Bancorp by 2.8% during the 4th quarter. Congress Asset Management Co. now owns 996,786 shares of the bank's stock worth $74,031,000 after acquiring an additional 27,106 shares in the last quarter. First Eagle Investment Management LLC lifted its stake in Ameris Bancorp by 8.3% during the third quarter. First Eagle Investment Management LLC now owns 196,564 shares of the bank's stock worth $14,410,000 after purchasing an additional 15,006 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its stake in Ameris Bancorp by 16.8% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 394,563 shares of the bank's stock worth $28,925,000 after purchasing an additional 56,852 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upped their target price on shares of Ameris Bancorp from $82.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, February 2nd. Stephens boosted their price target on shares of Ameris Bancorp from $79.00 to $87.00 and gave the company an "equal weight" rating in a research report on Monday, February 2nd. DA Davidson set a $94.00 price objective on Ameris Bancorp in a report on Monday, February 2nd. Finally, Truist Financial boosted their target price on Ameris Bancorp from $83.00 to $86.00 and gave the company a "hold" rating in a report on Monday, February 2nd. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Ameris Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $86.50.

Ameris Bancorp Price Performance

Ameris Bancorp stock opened at $78.34 on Friday. The firm has a market capitalization of $5.32 billion, a PE ratio of 15.04 and a beta of 0.93. Ameris Bancorp has a 52 week low of $48.27 and a 52 week high of $87.98. The firm's 50-day simple moving average is $79.55 and its 200 day simple moving average is $76.76. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last posted its earnings results on Thursday, January 29th. The bank reported $1.59 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.03. The firm had revenue of $309.92 million during the quarter, compared to the consensus estimate of $310.48 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. During the same period last year, the firm posted $1.38 EPS. On average, equities research analysts predict that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Ameris Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 6th. Investors of record on Tuesday, March 31st will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, March 31st. Ameris Bancorp's payout ratio is currently 13.33%.

About Ameris Bancorp

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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