Connor Clark & Lunn Investment Management Ltd. Acquires New Stake in Ameris Bancorp (NASDAQ:ABCB)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has acquired a new stake in Ameris Bancorp, purchasing 30,807 shares valued at approximately $1.77 million.
• A quarterly dividend of $0.20 per share was recently announced, representing an annualized dividend yield of 1.1%.
• Ameris Bancorp has received a consensus rating of "Moderate Buy" from analysts, with an average price target of $72.14.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 30,807 shares of the bank's stock, valued at approximately $1,774,000.

Several other hedge funds have also bought and sold shares of ABCB. Captrust Financial Advisors lifted its position in shares of Ameris Bancorp by 4.6% in the fourth quarter. Captrust Financial Advisors now owns 3,975 shares of the bank's stock worth $249,000 after buying an additional 175 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in shares of Ameris Bancorp by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,887 shares of the bank's stock worth $431,000 after buying an additional 218 shares in the last quarter. KBC Group NV lifted its position in shares of Ameris Bancorp by 8.8% in the first quarter. KBC Group NV now owns 3,251 shares of the bank's stock worth $187,000 after buying an additional 264 shares in the last quarter. Xponance Inc. lifted its position in shares of Ameris Bancorp by 5.8% in the first quarter. Xponance Inc. now owns 5,001 shares of the bank's stock worth $288,000 after buying an additional 276 shares in the last quarter. Finally, HB Wealth Management LLC lifted its position in shares of Ameris Bancorp by 5.7% in the first quarter. HB Wealth Management LLC now owns 5,941 shares of the bank's stock worth $342,000 after buying an additional 319 shares in the last quarter. Institutional investors own 91.64% of the company's stock.

Ameris Bancorp Stock Down 1.8%

Shares of NASDAQ ABCB opened at $70.02 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $4.80 billion, a PE ratio of 13.44 and a beta of 0.96. The stock's fifty day simple moving average is $65.86 and its two-hundred day simple moving average is $61.98. Ameris Bancorp has a 12-month low of $48.27 and a 12-month high of $74.56.

Ameris Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Monday, June 30th. Ameris Bancorp's dividend payout ratio (DPR) is 14.08%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ABCB shares. Stephens restated an "equal weight" rating and set a $63.00 price objective on shares of Ameris Bancorp in a research report on Tuesday, April 29th. DA Davidson set a $81.00 price objective on Ameris Bancorp and gave the company a "buy" rating in a research report on Wednesday, July 30th. Finally, Raymond James Financial decreased their price objective on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Ameris Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $72.14.

Ameris Bancorp Company 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.

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