Citigroup Inc. Has $10.83 Million Position in Ameris Bancorp $ABCB

Key Points

• Citigroup Inc. has increased its stake in Ameris Bancorp by 31.6%, owning 188,091 shares valued at approximately $10.83 million.
• Despite positive institutional interest, shares of Ameris Bancorp are currently down 1.8% and have experienced significant price fluctuations over the past year.
• Analysts have mixed ratings on Ameris Bancorp, with a consensus rating of "Moderate Buy" and an average price target of $72.14.

Citigroup Inc. boosted its stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 31.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 188,091 shares of the bank's stock after buying an additional 45,153 shares during the period. Citigroup Inc. owned 0.27% of Ameris Bancorp worth $10,828,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC acquired a new stake in Ameris Bancorp in the fourth quarter worth $37,000. Versant Capital Management Inc increased its position in Ameris Bancorp by 84.1% in the first quarter. Versant Capital Management Inc now owns 731 shares of the bank's stock worth $42,000 after buying an additional 334 shares during the period. Sterling Capital Management LLC increased its position in Ameris Bancorp by 836.7% in the fourth quarter. Sterling Capital Management LLC now owns 2,117 shares of the bank's stock worth $132,000 after buying an additional 1,891 shares during the period. Optimum Investment Advisors acquired a new stake in Ameris Bancorp in the first quarter worth $128,000. Finally, Meeder Asset Management Inc. increased its position in Ameris Bancorp by 1,120.2% in the first quarter. Meeder Asset Management Inc. now owns 2,904 shares of the bank's stock worth $167,000 after buying an additional 2,666 shares during the period. 91.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ABCB shares. DA Davidson set a $81.00 price target on shares of Ameris Bancorp and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Raymond James Financial cut their price objective on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Finally, Stephens restated an "equal weight" rating and set a $63.00 price objective on shares of Ameris Bancorp in a report on Tuesday, April 29th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Ameris Bancorp has a consensus rating of "Moderate Buy" and an average price target of $72.14.

Ameris Bancorp Stock Down 1.1%

Shares of NASDAQ ABCB traded down $0.7650 during trading hours on Wednesday, hitting $69.2550. The stock had a trading volume of 109,747 shares, compared to its average volume of 425,105. The company has a market capitalization of $4.75 billion, a P/E ratio of 13.29 and a beta of 0.96. The firm's 50-day moving average price is $66.15 and its two-hundred day moving average price is $62.02. Ameris Bancorp has a 52 week low of $48.27 and a 52 week high of $74.56. 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 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. Ameris Bancorp's payout ratio is presently 14.08%.

Ameris Bancorp 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.