Rhumbline Advisers Cuts Stock Holdings in Ameris Bancorp (NASDAQ:ABCB)

Rhumbline Advisers decreased its stake in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 3.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 196,912 shares of the bank's stock after selling 7,057 shares during the quarter. Rhumbline Advisers owned about 0.29% of Ameris Bancorp worth $11,336,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ABCB. GAMMA Investing LLC lifted its stake in Ameris Bancorp by 4,935.2% in the first quarter. GAMMA Investing LLC now owns 67,069 shares of the bank's stock worth $3,861,000 after purchasing an additional 65,737 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of Ameris Bancorp by 84.1% in the first quarter. Versant Capital Management Inc now owns 731 shares of the bank's stock worth $42,000 after purchasing an additional 334 shares during the last quarter. Park Square Financial Group LLC bought a new stake in Ameris Bancorp during the 4th quarter valued at about $37,000. GTS Securities LLC bought a new position in Ameris Bancorp in the 4th quarter worth about $287,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Ameris Bancorp by 16.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 173,391 shares of the bank's stock worth $10,849,000 after acquiring an additional 25,010 shares during the period. 91.64% of the stock is owned by hedge funds and other institutional investors.

Ameris Bancorp Stock Performance

Shares of ABCB stock traded down $1.69 during mid-day trading on Friday, hitting $60.67. 418,513 shares of the stock were exchanged, compared to its average volume of 405,085. The stock's fifty day simple moving average is $58.77 and its two-hundred day simple moving average is $61.60. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. Ameris Bancorp has a 12-month low of $46.49 and a 12-month high of $74.56. The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of 11.64 and a beta of 0.93.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The bank reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.12 by $0.16. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%. The business had revenue of $285.86 million during the quarter, compared to analysts' expectations of $276.06 million. During the same quarter last year, the business posted $1.10 earnings per share. The business's revenue for the quarter was up 7.0% on a year-over-year basis. On average, analysts forecast that Ameris Bancorp will post 4.99 EPS for the current year.

Ameris Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 7th. Shareholders of record on Monday, June 30th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date is Monday, June 30th. Ameris Bancorp's payout ratio is 14.81%.

Analyst Upgrades and Downgrades

ABCB has been the subject of several research reports. Piper Sandler Companies upped their price target on shares of Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a research report on Monday, April 7th. Stephens reaffirmed an "equal weight" rating and set a $63.00 target price on shares of Ameris Bancorp in a research report on Tuesday, April 29th. Piper Sandler began coverage on shares of Ameris Bancorp in a research note on Friday, April 4th. They set an "overweight" rating and a $74.00 price target on the stock. Finally, Raymond James dropped their target price on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $71.43.

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.