Legal & General Group Plc Takes $13.08 Million Position in Ameris Bancorp $ABCB

Key Points

• Legal & General Group Plc acquired 144,977 shares of Ameris Bancorp worth approximately $13.08 million, giving it a 0.22% stake. Institutional investors collectively own 91.60% 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 versus $323.78 million expected.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $91.67. The company also maintains a quarterly dividend of $0.20, equivalent to a 0.9% annual yield.

Legal & General Group Plc purchased a new stake in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 144,977 shares of the bank's stock, valued at approximately $13,077,000. Legal & General Group Plc owned 0.22% of Ameris Bancorp as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of ABCB. GAMMA Investing LLC boosted its stake in Ameris Bancorp by 5.2% during the second quarter. GAMMA Investing LLC now owns 2,546 shares of the bank's stock worth $230,000 after buying an additional 125 shares during the period. Inspire Investing LLC raised its stake in shares of Ameris Bancorp by 2.0% in the fourth quarter. Inspire Investing LLC now owns 6,308 shares of the bank's stock valued at $468,000 after acquiring an additional 125 shares during the period. Maryland State Retirement & Pension System lifted its holdings in shares of Ameris Bancorp by 1.4% in the 4th quarter. Maryland State Retirement & Pension System now owns 9,365 shares of the bank's stock worth $696,000 after acquiring an additional 133 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of Ameris Bancorp by 1.6% in the 4th quarter. HighTower Advisors LLC now owns 9,054 shares of the bank's stock worth $672,000 after acquiring an additional 143 shares during the last quarter. Finally, Lido Advisors LLC boosted its stake in shares of Ameris Bancorp by 2.6% during the 4th quarter. Lido Advisors LLC now owns 6,456 shares of the bank's stock worth $476,000 after purchasing an additional 162 shares during the period. 91.60% of the stock is currently owned by institutional investors.

Ameris Bancorp Stock Down 1.4%

Shares of ABCB opened at $84.43 on Tuesday. The firm has a fifty day moving average price of $88.73 and a 200-day moving average price of $84.52. 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 firm has a market capitalization of $5.67 billion, a P/E ratio of 16.21 and a beta of 0.92. Ameris Bancorp has a 12-month low of $68.80 and a 12-month high of $93.22.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last posted its quarterly 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). Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The company had revenue of $317.78 million during the quarter, compared to analysts' expectations of $323.78 million. During the same period in the prior year, the business earned $1.59 EPS. Equities research analysts expect that Ameris Bancorp will post 4.99 earnings per share for the current year.

Ameris Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Tuesday, June 30th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis 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

Several brokerages recently commented on ABCB. DA Davidson upped their price target on shares of Ameris Bancorp from $98.00 to $100.00 and gave the company a "buy" rating in a report on Monday, July 27th. Morgan Stanley raised shares of Ameris Bancorp to an "overweight" rating in a research note on Wednesday, June 24th. Piper Sandler dropped their target price on Ameris Bancorp from $96.00 to $92.00 and set a "neutral" rating for the company in a research report on Monday, July 27th. Truist Financial cut their target price on Ameris Bancorp from $92.00 to $90.00 and set a "hold" rating on the stock in a research note on Tuesday, July 28th. Finally, Raymond James Financial downgraded Ameris Bancorp from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Ameris Bancorp currently has a consensus rating of "Hold" and a consensus price target of $91.67.

Ameris Bancorp Profile

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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