Bank of America Corp DE Grows Stake in Ameris Bancorp (NASDAQ:ABCB)

Bank of America Corp DE grew its stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 4.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 379,934 shares of the bank's stock after purchasing an additional 14,898 shares during the quarter. Bank of America Corp DE owned approximately 0.55% of Ameris Bancorp worth $23,772,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ABCB. Norges Bank bought a new position in shares of Ameris Bancorp in the fourth quarter valued at approximately $48,380,000. JPMorgan Chase & Co. lifted its holdings in Ameris Bancorp by 30.7% during the fourth quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank's stock worth $59,570,000 after acquiring an additional 223,805 shares during the period. North Reef Capital Management LP lifted its holdings 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 acquiring an additional 208,000 shares during the period. Jennison Associates LLC bought a new stake in Ameris Bancorp during the fourth quarter worth $10,856,000. Finally, Algert Global LLC lifted its holdings in Ameris Bancorp by 136.2% during the fourth quarter. Algert Global LLC now owns 196,964 shares of the bank's stock worth $12,324,000 after acquiring an additional 113,571 shares during the period. Institutional investors own 91.64% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ABCB. Stephens reiterated an "equal weight" rating and set a $63.00 price target on shares of Ameris Bancorp in a report on Tuesday, April 29th. Piper Sandler Companies lifted their price target on Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a report on Monday, April 7th. Piper Sandler began coverage on Ameris Bancorp in a report on Friday, April 4th. They set an "overweight" rating and a $74.00 price target on the stock. Finally, Raymond James dropped their price target on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $71.43.

Insiders Place Their Bets

In other news, insider Douglas D. Strange purchased 1,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $56.95 per share, for a total transaction of $56,950.00. Following the purchase, the insider now directly owns 19,403 shares in the company, valued at approximately $1,105,000.85. This trade represents a 5.43% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.40% of the company's stock.

Ameris Bancorp Stock Performance

Shares of NASDAQ ABCB traded down $0.12 during mid-day trading on Friday, hitting $61.19. The company had a trading volume of 370,169 shares, compared to its average volume of 404,720. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of 11.74 and a beta of 0.91. Ameris Bancorp has a 1 year low of $45.89 and a 1 year high of $74.56. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The stock's 50-day moving average price is $57.30 and its 200-day moving average price is $62.34.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The bank reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.16. The company had revenue of $285.86 million during the quarter, compared to analyst estimates of $276.06 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%. The firm's quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the company earned $1.10 earnings per share. On average, sell-side analysts forecast that Ameris Bancorp will post 4.99 earnings per share for the current 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 issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.80 dividend on an annualized basis and a yield of 1.31%. Ameris Bancorp's dividend payout ratio is presently 14.81%.

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.