Ameris Bancorp $ABCB Stake Lessened by Vanguard Group Inc.

Key Points

• Vanguard Group trimmed its stake in Ameris Bancorp by 1.6% in Q4, selling 115,730 shares and now holds 7,085,421 shares (about 10.37%) valued at $526.234 million.
• Ameris beat expectations last quarter with EPS of $1.63 versus $1.54 and revenue of $314.36 million, reporting a 9.57% return on equity and a 21.46% net margin.
• Institutional investors own 91.60% of the stock, and analysts have an average "Moderate Buy" rating with a consensus price target of $90.17 (market cap $5.81B, P/E 16.35).

Vanguard Group Inc. lowered its holdings in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,085,421 shares of the bank's stock after selling 115,730 shares during the period. Vanguard Group Inc. owned approximately 10.37% of Ameris Bancorp worth $526,234,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ABCB. Royal Bank of Canada lifted its holdings in shares of Ameris Bancorp by 9.5% in the first quarter. Royal Bank of Canada now owns 29,288 shares of the bank's stock valued at $1,687,000 after purchasing an additional 2,546 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Ameris Bancorp by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,181 shares of the bank's stock valued at $2,256,000 after purchasing an additional 1,703 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Ameris Bancorp by 36.7% in the first quarter. NewEdge Advisors LLC now owns 11,651 shares of the bank's stock valued at $671,000 after purchasing an additional 3,129 shares in the last quarter. United Services Automobile Association purchased a new stake in shares of Ameris Bancorp in the first quarter valued at $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Ameris Bancorp by 7.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 187,024 shares of the bank's stock valued at $10,767,000 after purchasing an additional 13,633 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company's stock.

Ameris Bancorp Price Performance

Shares of NASDAQ:ABCB opened at $85.16 on Tuesday. 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 1 year low of $58.91 and a 1 year high of $87.98. The business has a fifty day simple moving average of $79.80 and a 200 day simple moving average of $78.05. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of 16.35 and a beta of 0.93.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.09. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The business had revenue of $314.36 million during the quarter, compared to analyst estimates of $309.58 million. During the same period last year, the company earned $1.28 earnings per share. As a group, sell-side analysts predict that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Ameris Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 6th. Shareholders of record on Tuesday, March 31st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, March 31st. Ameris Bancorp's dividend payout ratio is presently 12.58%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ABCB. Truist Financial increased their target price on Ameris Bancorp from $85.00 to $89.00 and gave the company a "hold" rating in a report on Monday, April 27th. Raymond James Financial reiterated an "outperform" rating and set a $92.00 price objective on shares of Ameris Bancorp in a report on Monday, April 27th. Keefe, Bruyette & Woods increased their price objective on Ameris Bancorp from $82.00 to $88.00 and gave the stock an "outperform" rating in a report on Monday, February 2nd. DA Davidson increased their price objective on Ameris Bancorp from $94.00 to $98.00 and gave the stock a "buy" rating in a report on Tuesday, April 28th. Finally, Stephens increased their price objective on Ameris Bancorp from $87.00 to $90.00 and gave the stock an "equal weight" rating in a report on Monday, April 27th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Ameris Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $90.17.

Ameris Bancorp Company 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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