Public Sector Pension Investment Board Buys 43,998 Shares of Ameris Bancorp (NASDAQ:ABCB)

Key Points

• Public Sector Pension Investment Board increased its stake in Ameris Bancorp by 27.3%, acquiring a total of 205,132 shares valued at approximately $11.8 million.
• A quarterly dividend of $0.20 was declared, bringing the annualized dividend to $0.80 with a dividend yield of 1.1%.
• Ameris Bancorp's average price target is set at $72.14, with an overall rating of "Moderate Buy" from analysts.

Public Sector Pension Investment Board raised its stake in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 27.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 205,132 shares of the bank's stock after acquiring an additional 43,998 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.30% of Ameris Bancorp worth $11,809,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. North Reef Capital Management LP grew its stake in Ameris Bancorp by 8.9% during the fourth quarter. North Reef Capital Management LP now owns 2,533,000 shares of the bank's stock worth $158,490,000 after buying an additional 208,000 shares during the last quarter. Nuveen LLC bought a new stake in Ameris Bancorp during the 1st quarter worth approximately $56,202,000. Congress Asset Management Co. increased its holdings in Ameris Bancorp by 13.6% during the 1st quarter. Congress Asset Management Co. now owns 933,493 shares of the bank's stock valued at $53,741,000 after purchasing an additional 111,939 shares in the last quarter. Northern Trust Corp increased its holdings in Ameris Bancorp by 7.8% during the 4th quarter. Northern Trust Corp now owns 711,481 shares of the bank's stock valued at $44,517,000 after purchasing an additional 51,178 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Ameris Bancorp by 10.7% during the 4th quarter. Ameriprise Financial Inc. now owns 680,198 shares of the bank's stock valued at $42,563,000 after purchasing an additional 65,855 shares in the last quarter. Institutional investors and hedge funds own 91.64% of the company's stock.

Ameris Bancorp Trading Down 1.8%

Shares of NASDAQ ABCB traded down $1.26 during midday trading on Friday, hitting $70.02. The stock had a trading volume of 427,337 shares, compared to its average volume of 428,239. The company's 50-day simple moving average is $65.86 and its 200 day simple moving average is $61.98. The firm has a market cap of $4.80 billion, a P/E ratio of 13.44 and a beta of 0.96. Ameris Bancorp has a fifty-two week low of $48.27 and a fifty-two week high of $74.56. 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 Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ABCB shares. Stephens reaffirmed an "equal weight" rating and set a $63.00 price target on shares of Ameris Bancorp in a report on Tuesday, April 29th. DA Davidson set a $81.00 price target on Ameris Bancorp and gave the company a "buy" rating in a report on Wednesday, July 30th. Finally, Raymond James Financial dropped their price target on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.14.

Ameris Bancorp Company 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.