Ameris Bancorp $ABCB Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Ameris Bancorp stake by 16.2% in the first quarter, selling 61,133 shares and retaining 317,269 shares worth approximately $24.7 million. Institutional investors collectively own 91.6% of ABCB.
• Ameris Bancorp reported quarterly EPS of $1.60, below the $1.66 analyst consensus, while revenue of $317.8 million also fell short of expectations. The stock opened at $89.05, near its 50-day average, with a 12-month range of $68.80 to $93.22.
• The company paid a quarterly dividend of $0.20, equivalent to an annualized $0.80 and a 0.9% yield. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $91.67.

Bank of America Corp DE lowered its position in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 16.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 317,269 shares of the bank's stock after selling 61,133 shares during the quarter. Bank of America Corp DE owned approximately 0.47% of Ameris Bancorp worth $24,744,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Inspire Investing LLC lifted its position in shares of Ameris Bancorp by 2.0% during the 4th quarter. Inspire Investing LLC now owns 6,308 shares of the bank's stock worth $468,000 after purchasing an additional 125 shares during the last quarter. Maryland State Retirement & Pension System lifted its holdings in Ameris Bancorp by 1.4% during the 4th quarter. Maryland State Retirement & Pension System now owns 9,365 shares of the bank's stock worth $696,000 after buying an additional 133 shares during the last quarter. HighTower Advisors LLC lifted its holdings in Ameris Bancorp by 1.6% during the 4th quarter. HighTower Advisors LLC now owns 9,054 shares of the bank's stock worth $672,000 after buying an additional 143 shares during the last quarter. Lido Advisors LLC boosted its position in shares of Ameris Bancorp by 2.6% during the 4th quarter. Lido Advisors LLC now owns 6,456 shares of the bank's stock worth $476,000 after acquiring an additional 162 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of Ameris Bancorp by 1.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 14,639 shares of the bank's stock worth $1,087,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company's stock.

Ameris Bancorp Stock Performance

Shares of Ameris Bancorp stock opened at $89.05 on Tuesday. The firm's fifty day simple moving average is $88.98 and its 200-day simple moving average is $84.30. Ameris Bancorp has a 12 month low of $68.80 and a 12 month high of $93.22. The stock has a market capitalization of $5.98 billion, a price-to-earnings ratio of 17.09 and a beta of 0.92. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $1.60 EPS for the quarter, missing analysts' consensus estimates of $1.66 by ($0.06). The business had revenue of $317.78 million during the quarter, compared to analysts' expectations of $323.78 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. During the same period in the previous year, the company posted $1.59 earnings per share. As a group, equities analysts forecast that Ameris Bancorp will post 4.99 earnings per share for the current year.

Ameris Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Tuesday, June 30th were issued 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 dividend yield of 0.9%. Ameris Bancorp's payout ratio is presently 14.47%.

Analyst Upgrades and Downgrades

ABCB has been the subject of several recent analyst reports. Morgan Stanley upgraded Ameris Bancorp to an "overweight" rating in a research note 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 report on Tuesday, July 28th. Raymond James Financial downgraded shares of Ameris Bancorp from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 1st. DA Davidson increased their target price on shares of Ameris Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Finally, Stephens set a $88.00 price target on shares of Ameris Bancorp in a research note on Monday, July 27th. 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, Ameris Bancorp currently has an average rating of "Hold" and a consensus target price of $91.67.

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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