Bank of America Corp DE Acquires Shares of 313,639 Ameris Bancorp $ABCB

Key Points

• Bank of America acquired 313,639 shares of Ameris Bancorp in the second quarter, valued at approximately $28.3 million and representing a 0.47% stake. Institutional investors collectively own 91.6% of the company.
• Analysts maintain a generally positive outlook, with Ameris Bancorp carrying a “Moderate Buy” consensus rating and an average price target of $91.67. The stock recently traded at $82.73, below the consensus target.
• Ameris Bancorp reported quarterly EPS of $1.60, missing the $1.66 consensus estimate, while revenue of $317.78 million also fell short of expectations. The company declared a quarterly dividend of $0.20 per share, equivalent to a 1.0% annualized yield.

Bank of America Corp DE bought a new position in Ameris Bancorp (NYSE:ABCB - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 313,639 shares of the bank's stock, valued at approximately $28,309,000. Bank of America Corp DE owned 0.47% of Ameris Bancorp as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in Ameris Bancorp by 5.2% during the second quarter. GAMMA Investing LLC now owns 2,546 shares of the bank's stock worth $230,000 after buying an additional 125 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of Ameris Bancorp by 3.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 5,437 shares of the bank's stock valued at $404,000 after acquiring an additional 206 shares during the period. Inspire Investing LLC lifted its holdings in shares of Ameris Bancorp by 3.9% in the 1st quarter. Inspire Investing LLC now owns 6,554 shares of the bank's stock worth $511,000 after acquiring an additional 246 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Ameris Bancorp in the 2nd quarter worth about $34,000. Finally, ProShare Advisors LLC boosted its stake in shares of Ameris Bancorp by 3.3% during the 4th quarter. ProShare Advisors LLC now owns 12,853 shares of the bank's stock worth $955,000 after purchasing an additional 415 shares during the period. Hedge funds and other institutional investors own 91.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Weiss Ratings initiated coverage on Ameris Bancorp in a research note on Wednesday, September 2nd. They set a "buy (b)" rating on the stock. Truist Financial decreased their price target on Ameris Bancorp from $92.00 to $90.00 and set a "hold" rating for the company in a research note on Tuesday, July 28th. Raymond James Financial cut Ameris Bancorp from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Stephens set a $88.00 price objective on Ameris Bancorp in a research report on Monday, July 27th. Finally, Piper Sandler reduced their target price on Ameris Bancorp from $96.00 to $92.00 and set a "neutral" rating on the stock in a research note on Monday, July 27th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $91.67.

Ameris Bancorp Stock Performance

ABCB stock opened at $82.73 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.04 and a quick ratio of 1.02. The business has a 50-day moving average price of $86.93 and a 200 day moving average price of $84.82. The company has a market capitalization of $5.55 billion, a P/E ratio of 14.96 and a beta of 0.91. Ameris Bancorp has a 1-year low of $68.80 and a 1-year high of $93.22.

Ameris Bancorp (NYSE: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 the consensus estimate of $1.66 by ($0.06). Ameris Bancorp had a return on equity of 10.62% and a net margin of 21.98%.The business had revenue of $317.78 million for the quarter, compared to the consensus estimate of $323.78 million. During the same quarter in the previous year, the company earned $1.59 earnings per share. As a group, equities research analysts forecast that Ameris Bancorp will post 6.58 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 5th. Stockholders of record on Wednesday, September 30th will be paid a $0.20 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. Ameris Bancorp's dividend payout ratio is presently 14.47%.

Ameris Bancorp Profile

Ameris Bancorp is the bank holding company for Ameris Bank, a full-service community bank headquartered in Atlanta, Georgia. Through its banking subsidiary, the company provides financial products and services to individuals, families, businesses and institutions.

Ameris Bank offers deposit accounts, commercial and consumer loans, residential mortgages, home equity financing, treasury management and payment services. The bank also provides wealth management, investment and insurance-related services, along with digital and mobile banking capabilities.

Founded in 1971, Ameris Bank serves communities primarily across the southeastern United States, including Georgia, Alabama, Florida, South Carolina and North Carolina.

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