BIP Wealth LLC Acquires Shares of 11,361 Ameris Bancorp $ABCB

Key Points

• BIP Wealth LLC acquired 11,361 shares of Ameris Bancorp, valued at approximately $1.03 million. Institutional investors collectively own 91.6% of the bank’s outstanding shares.
• Ameris Bancorp’s stock was trading at $89.79, near its 52-week high, after the company reported quarterly revenue of $317.78 million and earnings of $1.60 per share—both below analyst expectations.
• The company declared a quarterly dividend of $0.20 per share, equivalent to an annualized payout of $0.80 and a 0.9% yield. Analysts’ consensus rating remains “Hold”, with an average price target of $91.67.

BIP Wealth LLC purchased a new position in Ameris Bancorp (NASDAQ:ABCB - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,361 shares of the bank's stock, valued at approximately $1,025,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ABCB. North Reef Capital Management LP boosted its holdings in shares of Ameris Bancorp by 25.1% during the 1st quarter. North Reef Capital Management LP now owns 3,423,243 shares of the bank's stock valued at $266,979,000 after acquiring an additional 686,215 shares during the last quarter. State Street Corp lifted its holdings in Ameris Bancorp by 0.4% during the fourth quarter. State Street Corp now owns 3,199,365 shares of the bank's stock valued at $238,250,000 after purchasing an additional 12,475 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Ameris Bancorp by 31.3% during the 4th quarter. Jennison Associates LLC now owns 1,741,214 shares of the bank's stock valued at $129,320,000 after buying an additional 414,920 shares in the last quarter. Nuveen LLC lifted its position in shares of Ameris Bancorp by 1.4% in the fourth quarter. Nuveen LLC now owns 1,083,272 shares of the bank's stock valued at $80,455,000 after acquiring an additional 14,735 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Ameris Bancorp by 9.4% in the 1st quarter. Principal Financial Group Inc. now owns 1,057,347 shares of the bank's stock worth $82,463,000 after purchasing an additional 90,883 shares during the period. Institutional investors own 91.60% of the company's stock.

Ameris Bancorp Trading Up 0.4%

ABCB stock opened at $89.79 on Friday. 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 has a 52-week low of $68.80 and a 52-week high of $93.22. The company's 50-day simple moving average is $88.91 and its 200-day simple moving average is $84.21. The firm has a market cap of $6.03 billion, a P/E ratio of 17.23 and a beta of 0.92.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.06). Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The business had revenue of $317.78 million for the quarter, compared to analyst estimates of $323.78 million. During the same period in the previous year, the company earned $1.59 earnings per share. As a group, equities analysts forecast that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Ameris Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Shareholders 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 yield of 0.9%. Ameris Bancorp's dividend payout ratio (DPR) is presently 14.47%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. DA Davidson raised their price objective on Ameris Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Stephens set a $88.00 target price on shares of Ameris Bancorp in a report on Monday, July 27th. Morgan Stanley upgraded Ameris Bancorp to an "overweight" rating in a report on Wednesday, June 24th. Piper Sandler dropped their target price on shares of Ameris Bancorp from $96.00 to $92.00 and set a "neutral" rating on the stock in a research note on Monday, July 27th. Finally, Raymond James Financial lowered Ameris Bancorp from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Ameris Bancorp 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.

Want to see what other hedge funds are holding ABCB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameris Bancorp (NASDAQ:ABCB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source