Ameris Bancorp $ABCB Shares Sold by Edgestream Partners L.P.

Key Points

• Edgestream Partners reduced its Ameris Bancorp stake by 40.5% in the first quarter, selling 42,063 shares and retaining 61,884 shares valued at approximately $4.83 million. Institutional investors and hedge funds collectively own 91.6% of ABCB.
• Analyst sentiment is mixed, with three Buy ratings and four Hold ratings. The stock has an average rating of Hold and a consensus price target of $91.67.
• Ameris Bancorp reported quarterly EPS of $1.60, below the $1.66 consensus estimate, while revenue of $317.78 million also missed expectations. The company declared a quarterly dividend of $0.20, equal to an annualized yield of about 0.9%.

Edgestream Partners L.P. lessened its stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 40.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 61,884 shares of the bank's stock after selling 42,063 shares during the quarter. Edgestream Partners L.P. owned 0.09% of Ameris Bancorp worth $4,826,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in ABCB. Artemis Investment Management LLP acquired a new stake in Ameris Bancorp in the fourth quarter valued at approximately $1,667,000. Jennison Associates LLC grew its holdings in Ameris Bancorp by 31.3% during the 4th quarter. Jennison Associates LLC now owns 1,741,214 shares of the bank's stock worth $129,320,000 after acquiring an additional 414,920 shares in the last quarter. UBS Group AG grew its holdings in Ameris Bancorp by 10.7% during the 4th quarter. UBS Group AG now owns 271,568 shares of the bank's stock worth $20,169,000 after acquiring an additional 26,320 shares in the last quarter. M&T Bank Corp acquired a new position in Ameris Bancorp during the 4th quarter worth approximately $8,262,000. Finally, Impax Asset Management Group plc acquired a new stake in shares of Ameris Bancorp in the 4th quarter valued at $7,427,000. 91.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ABCB has been the subject of several recent analyst reports. Morgan Stanley raised shares of Ameris Bancorp to an "overweight" rating in a research report on Wednesday, June 24th. Stephens set a $88.00 target price on Ameris Bancorp in a report on Monday. Piper Sandler cut their price target on Ameris Bancorp from $96.00 to $92.00 and set a "neutral" rating on the stock in a research note on Monday. DA Davidson lifted their price target on Ameris Bancorp from $98.00 to $100.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Finally, Truist Financial lowered their price objective on Ameris Bancorp from $92.00 to $90.00 and set a "hold" rating for the company in a research report on Tuesday. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $91.67.

Ameris Bancorp Stock Down 0.2%

ABCB stock opened at $87.41 on Friday. The stock has a market cap of $5.88 billion, a P/E ratio of 16.78 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 twelve month low of $65.43 and a twelve month high of $93.22. The company's 50 day moving average is $88.11 and its two-hundred day moving average is $83.62.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last issued 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). The company had revenue of $317.78 million during the quarter, compared to analyst estimates of $323.78 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. During the same quarter in the previous year, the company posted $1.59 EPS. Research analysts expect that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 30th were given 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 payout ratio is 14.47%.

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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