Arrowstreet Capital Limited Partnership Lowers Stock Position in Ameris Bancorp $ABCB

Key Points

• Arrowstreet Capital cut its Ameris Bancorp stake by 42.7% in the first quarter, selling 30,236 shares and retaining 40,521 shares valued at approximately $3.16 million. Institutional investors collectively own 91.6% of ABCB.
• Ameris Bancorp reported quarterly EPS of $1.60, below analysts’ $1.66 estimate, while revenue of $317.78 million also fell short of expectations. The stock opened at $89.43, near its 52-week high of $93.22.
• Analyst sentiment is mixed, with three Buy ratings and four Holds, producing a consensus “Hold” rating and a $91.67 price target. The company also declared a quarterly dividend of $0.20 per share, representing a 0.9% annualized yield.

Arrowstreet Capital Limited Partnership trimmed its holdings in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 42.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,521 shares of the bank's stock after selling 30,236 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.06% of Ameris Bancorp worth $3,160,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ABCB. Artemis Investment Management LLP acquired a new stake in Ameris Bancorp during the 4th quarter worth approximately $1,667,000. Jennison Associates LLC increased its holdings in shares of Ameris Bancorp by 31.3% in the fourth quarter. Jennison Associates LLC now owns 1,741,214 shares of the bank's stock valued at $129,320,000 after purchasing an additional 414,920 shares during the period. UBS Group AG increased its holdings in shares of Ameris Bancorp by 10.7% in the fourth quarter. UBS Group AG now owns 271,568 shares of the bank's stock valued at $20,169,000 after purchasing an additional 26,320 shares during the period. M&T Bank Corp purchased a new stake in shares of Ameris Bancorp during the fourth quarter worth approximately $8,262,000. Finally, Impax Asset Management Group plc purchased a new stake in shares of Ameris Bancorp during the fourth quarter worth approximately $7,427,000. Hedge funds and other institutional investors own 91.60% of the company's stock.

Ameris Bancorp Stock Up 1.4%

ABCB stock opened at $89.43 on Wednesday. The company has a market cap of $6.02 billion, a P/E ratio of 17.17 and a beta of 0.91. Ameris Bancorp has a 52 week low of $65.47 and a 52 week high of $93.22. The company's 50-day moving average price is $88.25 and its 200 day moving average price is $83.79. 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 (NASDAQ:ABCB - Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $1.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.66 by ($0.06). The company had revenue of $317.78 million during the quarter, compared to analysts' expectations of $323.78 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. During the same period last year, the business posted $1.59 earnings per share. On average, research analysts expect that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Ameris Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 30th were paid 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 dividend payout ratio (DPR) is presently 14.47%.

Wall Street Analyst Weigh In

ABCB has been the subject of a number of analyst reports. DA Davidson upped their price objective on shares of Ameris Bancorp from $98.00 to $100.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. Piper Sandler lowered their target price on shares of Ameris Bancorp from $96.00 to $92.00 and set a "neutral" rating on the stock in a report on Monday, July 27th. Morgan Stanley upgraded shares of Ameris Bancorp to an "overweight" rating in a research note on Wednesday, June 24th. Raymond James Financial cut shares of Ameris Bancorp from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Finally, Truist Financial reduced their price objective on shares of Ameris Bancorp from $92.00 to $90.00 and set a "hold" rating for the company in a research report on Tuesday, July 28th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $91.67.

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.

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