Townsquare Capital LLC Purchases 7,372 Shares of Ameris Bancorp (NASDAQ:ABCB)

Key Points

• Townsquare Capital LLC increased its stake in Ameris Bancorp by 16.3% in the first quarter, bringing its total to approximately 52,693 shares valued at about $3.03 million.
• Ameris Bancorp has received positive ratings from analysts, with a consensus rating of "Moderate Buy" and an average price target of $72.14.
• The company recently declared a quarterly dividend of $0.20 per share, representing an annualized payout of $0.80 and a dividend yield of 1.2%.

Townsquare Capital LLC grew its position in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 16.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,693 shares of the bank's stock after acquiring an additional 7,372 shares during the quarter. Townsquare Capital LLC owned 0.08% of Ameris Bancorp worth $3,034,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ABCB. LPL Financial LLC raised its holdings in shares of Ameris Bancorp by 11.1% in the 4th quarter. LPL Financial LLC now owns 7,215 shares of the bank's stock worth $451,000 after buying an additional 721 shares in the last quarter. Franklin Resources Inc. acquired a new position in shares of Ameris Bancorp in the 4th quarter worth approximately $390,000. Wells Fargo & Company MN raised its holdings in shares of Ameris Bancorp by 41.6% in the 4th quarter. Wells Fargo & Company MN now owns 44,237 shares of the bank's stock worth $2,768,000 after buying an additional 12,989 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Ameris Bancorp by 7.3% in the 4th quarter. Invesco Ltd. now owns 429,895 shares of the bank's stock worth $26,899,000 after buying an additional 29,281 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Ameris Bancorp in the 4th quarter worth approximately $2,016,000. Institutional investors own 91.64% of the company's stock.

Wall Street Analyst Weigh In

ABCB has been the subject of a number of recent analyst reports. DA Davidson set a $81.00 price target on Ameris Bancorp and gave the company a "buy" rating in a report on Wednesday, July 30th. Raymond James Financial dropped their price target on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, Stephens reaffirmed an "equal weight" rating and set a $63.00 price target on shares of Ameris Bancorp in a report on Tuesday, April 29th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $72.14.

Ameris Bancorp Stock Performance

NASDAQ ABCB traded down $1.10 during trading on Friday, reaching $70.19. 160,425 shares of the company's stock were exchanged, compared to its average volume of 426,467. The business has a 50 day moving average price of $65.69 and a 200-day moving average price of $61.94. The stock has a market capitalization of $4.81 billion, a P/E ratio of 13.48 and a beta of 0.96. 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 fifty-two week low of $48.27 and a fifty-two week high of $74.56.

Ameris Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Monday, June 30th. Ameris Bancorp's payout ratio is currently 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.