Congress Asset Management Co. Boosts Stake in Ameris Bancorp $ABCB

Key Points

• Congress Asset Management Co. increased its stake in Ameris Bancorp by 1.0%, now owning 943,041 shares valued at approximately $61 million.
• Ameris Bancorp has a current market cap of $5.13 billion and recently announced a quarterly dividend of $0.20 per share, representing an annualized yield of 1.1%.
• Analysts maintain a positive outlook on Ameris Bancorp with a consensus rating of "Moderate Buy" and a target price averaging $72.14.

Congress Asset Management Co. grew its stake in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 943,041 shares of the bank's stock after buying an additional 9,548 shares during the period. Congress Asset Management Co. owned 1.37% of Ameris Bancorp worth $61,015,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in ABCB. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Ameris Bancorp by 7.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,479 shares of the bank's stock valued at $776,000 after acquiring an additional 922 shares during the last quarter. Foundry Partners LLC lifted its holdings in Ameris Bancorp by 53.5% in the 1st quarter. Foundry Partners LLC now owns 110,911 shares of the bank's stock valued at $6,385,000 after purchasing an additional 38,650 shares in the last quarter. KBC Group NV boosted its stake in shares of Ameris Bancorp by 8.8% during the 1st quarter. KBC Group NV now owns 3,251 shares of the bank's stock worth $187,000 after purchasing an additional 264 shares during the last quarter. Advisor Resource Council acquired a new stake in shares of Ameris Bancorp during the 1st quarter worth about $590,000. Finally, MQS Management LLC purchased a new stake in shares of Ameris Bancorp during the first quarter worth about $517,000. 91.64% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, DA Davidson set a $81.00 target price on shares of Ameris Bancorp and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Ameris Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $72.14.

Ameris Bancorp Trading Up 0.0%

Shares of ABCB stock opened at $74.75 on Friday. The firm's 50-day simple moving average is $71.02 and its 200-day simple moving average is $63.74. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. Ameris Bancorp has a 1-year low of $48.27 and a 1-year high of $76.58. The firm has a market cap of $5.13 billion, a P/E ratio of 14.35 and a beta of 0.97.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 6th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. Ameris Bancorp's dividend payout ratio (DPR) is currently 14.08%.

About Ameris Bancorp

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.