Millennium Management LLC Sells 261,491 Shares of Ameris Bancorp (NASDAQ:ABCB)

Millennium Management LLC decreased its holdings in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 33.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 511,914 shares of the bank's stock after selling 261,491 shares during the quarter. Millennium Management LLC owned approximately 0.74% of Ameris Bancorp worth $32,030,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Picton Mahoney Asset Management raised its position in Ameris Bancorp by 2,436.8% during the fourth quarter. Picton Mahoney Asset Management now owns 482 shares of the bank's stock worth $30,000 after acquiring an additional 463 shares in the last quarter. R Squared Ltd bought a new stake in Ameris Bancorp during the fourth quarter worth $51,000. Blue Trust Inc. raised its position in Ameris Bancorp by 56.1% during the fourth quarter. Blue Trust Inc. now owns 1,113 shares of the bank's stock worth $69,000 after acquiring an additional 400 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Ameris Bancorp by 167.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,431 shares of the bank's stock worth $90,000 after acquiring an additional 896 shares in the last quarter. Finally, Venturi Wealth Management LLC bought a new stake in Ameris Bancorp during the fourth quarter worth $105,000. Institutional investors and hedge funds own 91.64% of the company's stock.

Ameris Bancorp Stock Performance

Shares of ABCB traded down $0.12 during trading hours on Friday, hitting $61.19. The company had a trading volume of 370,169 shares, compared to its average volume of 404,720. The firm has a market cap of $4.22 billion, a price-to-earnings ratio of 11.74 and a beta of 0.91. The business has a fifty day moving average of $57.30 and a 200-day moving average of $62.34. Ameris Bancorp has a 12 month low of $45.89 and a 12 month high of $74.56. 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 (NASDAQ:ABCB - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The bank reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.12 by $0.16. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The business had revenue of $285.86 million for the quarter, compared to analyst estimates of $276.06 million. During the same period last year, the firm earned $1.10 earnings per share. Ameris Bancorp's revenue for the quarter was up 7.0% compared to the same quarter last year. Equities analysts anticipate that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend was Monday, March 31st. Ameris Bancorp's dividend payout ratio is 14.81%.

Insider Buying and Selling

In other news, insider Douglas D. Strange bought 1,000 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $56.95 per share, with a total value of $56,950.00. Following the acquisition, the insider now directly owns 19,403 shares in the company, valued at $1,105,000.85. This represents a 5.43% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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