Northern Trust Corp Raises Position in Ameris Bancorp $ABCB

Key Points

• Northern Trust Corp has increased its stake in Ameris Bancorp by 2.9%, acquiring an additional 20,355 shares during the first quarter, bringing its total ownership to 731,836 shares valued at approximately $42.1 million.
• Ameris Bancorp recently declared a quarterly dividend of $0.20 per share, with a yield of 1.1% and a payout ratio of 14.08%.
• DA Davidson has set a target price of $81.00 for Ameris Bancorp's stock, which currently has a consensus rating of "Moderate Buy" and a target price of $72.14 among analysts.

Northern Trust Corp grew its stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 2.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 731,836 shares of the bank's stock after buying an additional 20,355 shares during the quarter. Northern Trust Corp owned approximately 1.06% of Ameris Bancorp worth $42,132,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its position in Ameris Bancorp by 7.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,479 shares of the bank's stock worth $776,000 after buying an additional 922 shares in the last quarter. Foundry Partners LLC increased its position in Ameris Bancorp by 53.5% in the first quarter. Foundry Partners LLC now owns 110,911 shares of the bank's stock worth $6,385,000 after buying an additional 38,650 shares in the last quarter. KBC Group NV increased its position in 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. Advisor Resource Council purchased a new stake in Ameris Bancorp in the first quarter worth about $590,000. Finally, MQS Management LLC purchased a new stake in Ameris Bancorp in the first quarter worth about $517,000. Hedge funds and other institutional investors own 91.64% of the company's stock.

Ameris Bancorp Price Performance

Ameris Bancorp stock traded down $0.78 during midday trading on Tuesday, reaching $72.50. 84,376 shares of the stock traded hands, compared to its average volume of 424,542. The stock's fifty day moving average is $68.14 and its 200-day moving average is $62.30. Ameris Bancorp has a 12 month low of $48.27 and a 12 month high of $74.56. The stock has a market cap of $4.97 billion, a P/E ratio of 13.92 and a beta of 0.96. 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 Announces Dividend

The business also recently disclosed 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. The ex-dividend date was Monday, June 30th. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. Ameris Bancorp's dividend payout ratio is 14.08%.

Analysts Set New Price Targets

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

Ameris Bancorp 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.