Congress Asset Management Co. Has $53.74 Million Stock Position in Ameris Bancorp (NASDAQ:ABCB)

Congress Asset Management Co. increased its position in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 13.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 933,493 shares of the bank's stock after acquiring an additional 111,939 shares during the quarter. Congress Asset Management Co. owned 1.35% of Ameris Bancorp worth $53,741,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Blue Trust Inc. boosted its holdings in Ameris Bancorp by 56.1% during the fourth quarter. Blue Trust Inc. now owns 1,113 shares of the bank's stock valued at $69,000 after acquiring an additional 400 shares during the period. Entropy Technologies LP raised its holdings in Ameris Bancorp by 12.4% during the 4th quarter. Entropy Technologies LP now owns 9,002 shares of the bank's stock worth $563,000 after purchasing an additional 995 shares during the last quarter. Savant Capital LLC increased its position in shares of Ameris Bancorp by 3.8% during the fourth quarter. Savant Capital LLC now owns 7,371 shares of the bank's stock worth $461,000 after acquiring an additional 267 shares in the last quarter. Vicus Capital bought a new position in shares of Ameris Bancorp during the 4th quarter worth approximately $202,000. Finally, Sanctuary Advisors LLC grew its holdings in shares of Ameris Bancorp by 13.6% in the 4th quarter. Sanctuary Advisors LLC now owns 3,819 shares of the bank's stock valued at $250,000 after acquiring an additional 457 shares in the last quarter. Hedge funds and other institutional investors own 91.64% of the company's stock.

Insider Transactions at Ameris Bancorp

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

Wall Street Analyst Weigh In

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

Ameris Bancorp Trading Up 1.2%

ABCB traded up $0.75 during trading hours on Tuesday, reaching $63.15. 211,193 shares of the company's stock traded hands, compared to its average volume of 405,120. The firm has a market capitalization of $4.35 billion, a PE ratio of 12.12 and a beta of 0.93. 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 $45.90 and a 52-week high of $74.56. The firm has a 50-day moving average price of $58.30 and a 200 day moving average price of $61.67.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The bank reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.12 by $0.16. The business had revenue of $285.86 million for the quarter, compared to analysts' expectations of $276.06 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The business's revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the company earned $1.10 EPS. As a group, sell-side analysts predict that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 7th. Shareholders of record on Monday, June 30th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.80 annualized dividend and a dividend yield of 1.27%. Ameris Bancorp's dividend payout ratio (DPR) is currently 14.81%.

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.