Jupiter Topco LLC Invests $23.17 Million in Ameris Bancorp $ABCB

Key Points

• Jupiter Topco LLC acquired 256,639 shares of Ameris Bancorp in the second quarter, valued at approximately $23.17 million and representing a 0.38% stake. Institutional investors collectively own 91.6% of the company.
• Ameris Bancorp’s latest quarterly results fell short of expectations, with EPS of $1.60 versus the $1.66 consensus and revenue of $317.78 million compared with $323.78 million expected.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $91.67. Shares recently traded at $85.58, while the company maintains a quarterly dividend of $0.20 per share.

Jupiter Topco LLC acquired a new stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 256,639 shares of the bank's stock, valued at approximately $23,167,000. Jupiter Topco LLC owned 0.38% of Ameris Bancorp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. acquired a new position in Ameris Bancorp during the 2nd quarter valued at $881,798,000. North Reef Capital Management LP boosted its holdings in Ameris Bancorp by 25.1% in 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 purchasing an additional 686,215 shares during the period. State Street Corp grew its position in Ameris Bancorp by 0.4% in the 4th quarter. State Street Corp now owns 3,199,365 shares of the bank's stock worth $238,250,000 after purchasing an additional 12,475 shares during the last quarter. Nuveen LLC increased its holdings in shares of Ameris Bancorp by 1.4% during the 4th quarter. Nuveen LLC now owns 1,083,272 shares of the bank's stock worth $80,455,000 after purchasing an additional 14,735 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in shares of Ameris Bancorp by 9.4% during 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 and hedge funds own 91.60% of the company's stock.

Ameris Bancorp Trading Up 0.2%

ABCB stock opened at $85.58 on Friday. Ameris Bancorp has a 1-year low of $68.80 and a 1-year high of $93.22. 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 business's 50 day moving average is $88.79 and its 200-day moving average is $84.53. The firm has a market cap of $5.74 billion, a P/E ratio of 16.43 and a beta of 0.92.

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

Ameris Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Ameris Bancorp's dividend payout ratio is currently 14.47%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Truist Financial cut their price objective on shares of Ameris Bancorp from $92.00 to $90.00 and set a "hold" rating for the company in a research report on Tuesday, July 28th. Morgan Stanley raised Ameris Bancorp to an "overweight" rating in a research report on Wednesday, June 24th. Piper Sandler cut their price target on Ameris Bancorp from $96.00 to $92.00 and set a "neutral" rating for the company in a report on Monday, July 27th. Stephens set a $88.00 price objective on Ameris Bancorp in a research report on Monday, July 27th. Finally, Raymond James Financial lowered Ameris Bancorp from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, Ameris Bancorp currently has a consensus 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.

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