Ameris Bancorp $ABCB Stock Position Raised by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its stake in Ameris Bancorp by 9.4% in Q1, adding 90,883 shares and bringing its total holding to 1,057,347 shares, worth about $82.5 million.
• Ameris Bancorp reported better-than-expected quarterly earnings, posting $1.63 EPS versus the $1.54 estimate, while revenue also slightly topped forecasts at $314.36 million.
• The bank paid a quarterly dividend of $0.20 per share, and analysts currently have a Hold consensus on the stock with an average price target of $92.67.

Principal Financial Group Inc. increased its position in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 9.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,057,347 shares of the bank's stock after purchasing an additional 90,883 shares during the period. Principal Financial Group Inc. owned about 1.55% of Ameris Bancorp worth $82,463,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABCB. Sound Income Strategies LLC purchased a new stake in shares of Ameris Bancorp in the fourth quarter valued at $29,000. Measured Wealth Private Client Group LLC acquired a new position in Ameris Bancorp during the third quarter valued at $45,000. Danske Bank A S acquired a new position in Ameris Bancorp during the third quarter valued at $51,000. Torren Management LLC purchased a new stake in Ameris Bancorp in the 4th quarter worth about $76,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Ameris Bancorp by 316.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank's stock worth $79,000 after acquiring an additional 805 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Ameris Bancorp Stock Up 2.7%

Shares of Ameris Bancorp stock opened at $93.09 on Friday. The firm has a market cap of $6.26 billion, a price-to-earnings ratio of 17.87 and a beta of 0.91. 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 has a 52-week low of $64.64 and a 52-week high of $93.22. The stock has a 50-day simple moving average of $87.07 and a 200-day simple moving average of $82.69.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $1.63 EPS for the quarter, topping analysts' consensus estimates of $1.54 by $0.09. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The firm had revenue of $314.36 million for the quarter, compared to the consensus estimate of $309.58 million. During the same quarter in the prior year, the company posted $1.28 earnings per share. On average, equities research analysts expect 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, July 6th. Shareholders of record on Tuesday, June 30th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Ameris Bancorp's payout ratio is currently 12.58%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ABCB shares. Piper Sandler downgraded Ameris Bancorp from an "overweight" rating to a "neutral" rating and set a $96.00 target price on the stock. in a report on Sunday. DA Davidson raised their price target on shares of Ameris Bancorp from $94.00 to $98.00 and gave the stock a "buy" rating in a report on Tuesday, April 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. Morgan Stanley upgraded shares of Ameris Bancorp to an "overweight" rating in a research note on Wednesday, June 24th. Finally, Truist Financial increased their target price on shares of Ameris Bancorp from $89.00 to $92.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $92.67.

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.

Want to see what other hedge funds are holding ABCB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameris Bancorp (NASDAQ:ABCB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.