Phocas Financial Corp. Sells 9,903 Shares of Ameris Bancorp (NASDAQ:ABCB)

Key Points

• Phocas Financial Corp. reduced its stake in Ameris Bancorp by 5.5%, now holding 171,569 shares valued at approximately $9.88 million, which represents about 1.5% of its total portfolio.
• Analysts have a generally positive outlook on Ameris Bancorp, with target prices ranging from $63.00 to $81.00 and an average rating of "Moderate Buy".
• Ameris Bancorp declared a quarterly dividend of $0.20 per share, reflecting an annual dividend yield of 1.2% and a payout ratio of 14.08%.

Phocas Financial Corp. decreased its holdings in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 5.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 171,569 shares of the bank's stock after selling 9,903 shares during the quarter. Ameris Bancorp accounts for approximately 1.5% of Phocas Financial Corp.'s portfolio, making the stock its 13th largest position. Phocas Financial Corp. owned about 0.25% of Ameris Bancorp worth $9,877,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Norges Bank bought a new stake in Ameris Bancorp in the 4th quarter worth approximately $48,380,000. Jennison Associates LLC lifted its position in Ameris Bancorp by 189.7% in the first quarter. Jennison Associates LLC now owns 502,690 shares of the bank's stock valued at $28,940,000 after purchasing an additional 329,196 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Ameris Bancorp by 30.7% in the fourth quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank's stock valued at $59,570,000 after purchasing an additional 223,805 shares during the last quarter. North Reef Capital Management LP lifted its position in Ameris Bancorp by 8.9% in the fourth quarter. North Reef Capital Management LP now owns 2,533,000 shares of the bank's stock valued at $158,490,000 after purchasing an additional 208,000 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its position in Ameris Bancorp by 150.3% in the fourth quarter. Point72 Asset Management L.P. now owns 288,300 shares of the bank's stock valued at $18,039,000 after purchasing an additional 173,106 shares during the last quarter. Hedge funds and other institutional investors own 91.64% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Raymond James Financial reduced their target price on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Stephens reissued an "equal weight" rating and set a $63.00 target price on shares of Ameris Bancorp in a research note on Tuesday, April 29th. Piper Sandler Companies boosted their target price on Ameris Bancorp to $74.00 and gave the company a "buy" rating in a research note on Monday, April 7th. Finally, DA Davidson set a $81.00 target price on Ameris Bancorp and gave the company a "buy" rating in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $72.14.

Ameris Bancorp Price Performance

Shares of NASDAQ:ABCB traded down $0.36 during trading on Tuesday, hitting $66.25. 75,284 shares of the company's stock were exchanged, compared to its average volume of 426,898. The company has a market cap of $4.57 billion, a price-to-earnings ratio of 12.69 and a beta of 0.96. The business's 50-day simple moving average is $64.58 and its 200 day simple moving average is $61.70. 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 52-week low of $48.27 and a 52-week high of $74.56.

Ameris Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, June 30th. Ameris Bancorp's dividend payout ratio (DPR) is presently 14.08%.

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.