Pallas Capital Advisors LLC Invests $245,000 in Ameris Bancorp $ABCB

Key Points

• Pallas Capital Advisors LLC invested $245,000 in Ameris Bancorp, acquiring 3,788 shares during the second quarter.
• A quarterly dividend of $0.20 per share will be paid on October 6th, reflecting an annualized dividend of $0.80 and a yield of 1.1%.
• Ameris Bancorp has received a "buy" rating from six analysts and has a consensus target price of $72.14.

Pallas Capital Advisors LLC bought a new position in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,788 shares of the bank's stock, valued at approximately $245,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its position in shares of Ameris Bancorp by 7.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,479 shares of the bank's stock worth $776,000 after purchasing an additional 922 shares in the last quarter. Foundry Partners LLC increased its position in shares of Ameris Bancorp by 53.5% during the first quarter. Foundry Partners LLC now owns 110,911 shares of the bank's stock worth $6,385,000 after purchasing an additional 38,650 shares in the last quarter. KBC Group NV increased its position in shares of Ameris Bancorp by 8.8% during the first quarter. KBC Group NV now owns 3,251 shares of the bank's stock worth $187,000 after purchasing an additional 264 shares in the last quarter. Advisor Resource Council acquired a new stake in shares of Ameris Bancorp during the first quarter worth about $590,000. Finally, MQS Management LLC acquired a new stake in shares of Ameris Bancorp during the first quarter worth about $517,000. Institutional investors and hedge funds own 91.64% of the company's stock.

Ameris Bancorp Trading Down 0.9%

Shares of Ameris Bancorp stock opened at $75.24 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. Ameris Bancorp has a 1 year low of $48.27 and a 1 year high of $76.58. The company has a market capitalization of $5.16 billion, a P/E ratio of 14.44 and a beta of 0.97. The business has a 50 day moving average price of $70.52 and a 200 day moving average price of $63.46.

Ameris Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 6th. Investors of record on Tuesday, September 30th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Tuesday, September 30th. Ameris Bancorp's payout ratio is currently 14.08%.

Analyst Ratings Changes

Separately, DA Davidson set a $81.00 target price on Ameris Bancorp and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently 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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