Bank of New York Mellon Corp Takes $47.29 Million Position in Ameris Bancorp $ABCB

Key Points

• Bank of New York Mellon purchased 523,943 Ameris Bancorp shares worth approximately $47.29 million, taking a 0.78% stake. Institutional investors collectively own 91.60% of ABCB.
• Ameris Bancorp’s shares opened at $85.44, while the bank’s latest quarterly results missed expectations: EPS was $1.60 versus a $1.66 consensus, and revenue was $317.78 million versus $323.78 million expected.
• The company declared a quarterly dividend of $0.20, or $0.80 annualized, implying a 0.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $91.67.

Bank of New York Mellon Corp purchased a new position in Ameris Bancorp (NASDAQ:ABCB - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 523,943 shares of the bank's stock, valued at approximately $47,291,000. Bank of New York Mellon Corp owned 0.78% of Ameris Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC grew its position in Ameris Bancorp by 5.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,546 shares of the bank's stock valued at $230,000 after acquiring an additional 125 shares during the last quarter. Inspire Investing LLC lifted its position in shares of Ameris Bancorp by 2.0% during the fourth quarter. Inspire Investing LLC now owns 6,308 shares of the bank's stock worth $468,000 after purchasing an additional 125 shares during the last quarter. Maryland State Retirement & Pension System lifted its position in shares of Ameris Bancorp by 1.4% during the fourth quarter. Maryland State Retirement & Pension System now owns 9,365 shares of the bank's stock worth $696,000 after purchasing an additional 133 shares during the last quarter. HighTower Advisors LLC boosted its stake in shares of Ameris Bancorp by 1.6% during the fourth quarter. HighTower Advisors LLC now owns 9,054 shares of the bank's stock valued at $672,000 after purchasing an additional 143 shares during the period. Finally, Lido Advisors LLC boosted its stake in shares of Ameris Bancorp by 2.6% during the fourth quarter. Lido Advisors LLC now owns 6,456 shares of the bank's stock valued at $476,000 after purchasing an additional 162 shares during the period. 91.60% of the stock is owned by institutional investors.

Ameris Bancorp Trading Down 0.5%

NASDAQ:ABCB opened at $85.44 on Friday. The firm has a 50-day simple moving average of $88.83 and a 200-day simple moving average of $84.52. Ameris Bancorp has a one year low of $68.80 and a one year high of $93.22. The firm has a market cap of $5.73 billion, a P/E ratio of 16.40 and a beta of 0.92. 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 (NASDAQ:ABCB - Get Free Report) last released its quarterly earnings data 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 business had revenue of $317.78 million for the quarter, compared to the consensus estimate of $323.78 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. During the same quarter in the prior year, the business posted $1.59 earnings per share. Equities analysts anticipate that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Tuesday, June 30th were issued a $0.20 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. Ameris Bancorp's dividend payout ratio (DPR) is currently 14.47%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ABCB shares. Stephens set a $88.00 price target on shares of Ameris Bancorp in a research note on Monday, July 27th. DA Davidson upped their target price on shares of Ameris Bancorp from $98.00 to $100.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Raymond James Financial downgraded shares of Ameris Bancorp from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st. Truist Financial reduced their target price on shares of Ameris Bancorp from $92.00 to $90.00 and set a "hold" rating on the stock in a research report on Tuesday, July 28th. Finally, Piper Sandler decreased their price target on shares of Ameris Bancorp from $96.00 to $92.00 and set a "neutral" rating for the company in a research note on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average 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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