Ameris Bancorp (NASDAQ:ABCB) Shares Sold by Vestcor Inc

Key Points

• Vestcor Inc has reduced its stake in Ameris Bancorp by 66.5%, now owning 4,898 shares valued at approximately $282,000.
• Analysts have mixed opinions on Ameris Bancorp, with a consensus rating of "Moderate Buy" and an average price target of $72.14.
• Ameris Bancorp recently declared a quarterly dividend of $0.20, representing an annual yield of 1.2% and a dividend payout ratio of 14.08%.

Vestcor Inc trimmed its position in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 66.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,898 shares of the bank's stock after selling 9,737 shares during the period. Vestcor Inc's holdings in Ameris Bancorp were worth $282,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Park Square Financial Group LLC bought a new position in Ameris Bancorp in the fourth quarter worth approximately $37,000. Versant Capital Management Inc boosted its stake in shares of Ameris Bancorp by 84.1% during the 1st quarter. Versant Capital Management Inc now owns 731 shares of the bank's stock worth $42,000 after purchasing an additional 334 shares during the period. Optimum Investment Advisors purchased a new stake in Ameris Bancorp in the 1st quarter valued at about $128,000. Sterling Capital Management LLC lifted its position in shares of Ameris Bancorp by 836.7% in the 4th quarter. Sterling Capital Management LLC now owns 2,117 shares of the bank's stock worth $132,000 after purchasing an additional 1,891 shares during the period. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Ameris Bancorp by 1,120.2% during the 1st quarter. Meeder Asset Management Inc. now owns 2,904 shares of the bank's stock valued at $167,000 after purchasing an additional 2,666 shares during the last quarter. 91.64% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. DA Davidson set a $81.00 price objective on shares of Ameris Bancorp and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Piper Sandler Companies raised their price objective on shares of Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a research report on Monday, April 7th. Stephens restated an "equal weight" rating and set a $63.00 price objective on shares of Ameris Bancorp in a research report on Tuesday, April 29th. Finally, Raymond James Financial dropped their price target on shares of Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $72.14.

Ameris Bancorp Stock Performance

ABCB stock traded up $0.59 on Tuesday, hitting $67.19. The company's stock had a trading volume of 459,102 shares, compared to its average volume of 429,658. The firm has a 50 day moving average of $64.67 and a two-hundred day moving average of $61.74. Ameris Bancorp has a 1 year low of $48.27 and a 1 year high of $74.56. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of 12.90 and a beta of 0.96. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11.

Ameris Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were given a $0.20 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.80 annualized dividend and a yield of 1.2%. Ameris Bancorp's dividend payout ratio is 14.08%.

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.