Point72 Asset Management L.P. Raises Position in Ameris Bancorp (NASDAQ:ABCB)

Point72 Asset Management L.P. increased its position in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 150.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 288,300 shares of the bank's stock after buying an additional 173,106 shares during the period. Point72 Asset Management L.P. owned 0.42% of Ameris Bancorp worth $18,039,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Picton Mahoney Asset Management lifted its position in shares of Ameris Bancorp by 2,436.8% during the 4th quarter. Picton Mahoney Asset Management now owns 482 shares of the bank's stock valued at $30,000 after acquiring an additional 463 shares during the period. R Squared Ltd bought a new position in shares of Ameris Bancorp during the 4th quarter worth about $51,000. Blue Trust Inc. grew its stake in shares of Ameris Bancorp by 56.1% in the 4th quarter. Blue Trust Inc. now owns 1,113 shares of the bank's stock valued at $69,000 after buying an additional 400 shares during the period. Smartleaf Asset Management LLC increased its position in Ameris Bancorp by 167.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,431 shares of the bank's stock valued at $90,000 after buying an additional 896 shares in the last quarter. Finally, Venturi Wealth Management LLC acquired a new position in Ameris Bancorp during the 4th quarter worth approximately $105,000. Institutional investors and hedge funds own 91.64% of the company's stock.

Ameris Bancorp Stock Down 1.9%

ABCB traded down $1.20 during mid-day trading on Wednesday, reaching $61.64. 586,470 shares of the stock were exchanged, compared to its average volume of 403,105. Ameris Bancorp has a 1 year low of $45.89 and a 1 year high of $74.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. The stock has a market capitalization of $4.25 billion, a PE ratio of 11.83 and a beta of 0.91. The company has a 50 day moving average price of $57.08 and a two-hundred day moving average price of $62.41.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The bank reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.16. The business had revenue of $285.86 million for the quarter, compared to analysts' expectations of $276.06 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The firm's revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.10 earnings per share. As a group, research analysts anticipate that Ameris Bancorp will post 4.99 EPS for the current year.

Ameris Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.80 dividend on an annualized basis and a yield of 1.30%. Ameris Bancorp's dividend payout ratio (DPR) is currently 14.81%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Piper Sandler Companies increased their target price on Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a report on Monday, April 7th. Raymond James dropped their price objective on shares of 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 reiterated an "equal weight" rating and set a $63.00 price objective on shares of Ameris Bancorp in a report on Tuesday, April 29th. Finally, Piper Sandler assumed coverage on shares of Ameris Bancorp in a report on Friday, April 4th. They issued an "overweight" rating and a $74.00 target price on the stock. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Ameris Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.43.

Insiders Place Their Bets

In other news, insider Douglas D. Strange acquired 1,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $56.95 per share, for a total transaction of $56,950.00. Following the completion of the purchase, the insider now owns 19,403 shares in the company, valued at approximately $1,105,000.85. This trade represents a 5.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 5.40% of the company's stock.

About Ameris Bancorp

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.