Wellington Management Group LLP Sells 150,669 Shares of Ameris Bancorp $ABCB

Key Points

• Wellington Management Group LLP reduced its holdings in Ameris Bancorp by 4.4%, now owning 3,242,528 shares valued at approximately $186.67 million.
• Ameris Bancorp announced a quarterly dividend of $0.20, resulting in an annualized dividend yield of 1.1% and a payout ratio of 14.08%.
• Analysts have set varied price targets for Ameris Bancorp, with a consensus target price of $72.14, categorized as a "Moderate Buy" by six analysts.

Wellington Management Group LLP decreased its stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,242,528 shares of the bank's stock after selling 150,669 shares during the period. Wellington Management Group LLP owned 4.71% of Ameris Bancorp worth $186,672,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC bought a new stake in Ameris Bancorp during the 4th quarter valued at $37,000. Versant Capital Management Inc grew its holdings in shares of Ameris Bancorp by 84.1% in the 1st quarter. Versant Capital Management Inc now owns 731 shares of the bank's stock worth $42,000 after acquiring an additional 334 shares during the last quarter. Optimum Investment Advisors acquired a new position in shares of Ameris Bancorp in the 1st quarter worth $128,000. Meeder Asset Management Inc. boosted its position in shares of Ameris Bancorp by 1,120.2% in the first quarter. Meeder Asset Management Inc. now owns 2,904 shares of the bank's stock worth $167,000 after buying an additional 2,666 shares during the period. Finally, KBC Group NV boosted its position in shares of Ameris Bancorp by 8.8% in the first quarter. KBC Group NV now owns 3,251 shares of the bank's stock worth $187,000 after buying an additional 264 shares during the period. Institutional investors own 91.64% of the company's stock.

Ameris Bancorp Stock Up 1.8%

Shares of NASDAQ:ABCB traded up $1.29 on Tuesday, reaching $73.14. The company had a trading volume of 408,976 shares, compared to its average volume of 427,780. Ameris Bancorp has a twelve month low of $48.27 and a twelve month high of $74.56. The stock has a 50-day moving average price of $67.15 and a 200 day moving average price of $62.16. The stock has a market capitalization of $5.02 billion, a P/E ratio of 14.04 and a beta of 0.96. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were given a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. Ameris Bancorp's payout ratio is currently 14.08%.

Wall Street Analyst Weigh In

Several analysts have recently commented on ABCB shares. Raymond James Financial decreased their target price on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Stephens reissued an "equal weight" rating and set a $63.00 price objective on shares of Ameris Bancorp in a research report on Tuesday, April 29th. Finally, DA Davidson set a $81.00 price objective on Ameris Bancorp and gave the company a "buy" rating in a research report on Wednesday, July 30th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Ameris Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $72.14.

Ameris Bancorp Profile

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides range of banking services to retail and commercial customers. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. The company offers commercial and retail checking, regular interest-bearing savings, money market, individual retirement, and certificates of deposit accounts.