Vestcor Inc Sells 9,737 Shares of Ameris Bancorp (NASDAQ:ABCB)

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

Several other large investors have also recently added to or reduced their stakes in ABCB. Park Square Financial Group LLC acquired a new stake in shares of Ameris Bancorp during the fourth quarter valued at about $37,000. Versant Capital Management Inc increased its holdings in Ameris Bancorp by 84.1% in the first quarter. Versant Capital Management Inc now owns 731 shares of the bank's stock valued at $42,000 after buying an additional 334 shares during the last quarter. Optimum Investment Advisors bought a new stake in Ameris Bancorp in the first quarter valued at about $128,000. Sterling Capital Management LLC increased its holdings in Ameris Bancorp by 836.7% in the fourth quarter. Sterling Capital Management LLC now owns 2,117 shares of the bank's stock valued at $132,000 after buying an additional 1,891 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in Ameris Bancorp by 1,120.2% in the first quarter. Meeder Asset Management Inc. now owns 2,904 shares of the bank's stock valued at $167,000 after buying an additional 2,666 shares during the last quarter. 91.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ABCB shares. 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. DA Davidson set a $81.00 price objective on shares of Ameris Bancorp and gave the company a "buy" rating in a research note on Wednesday, July 30th. Finally, Raymond James Financial lowered 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. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.14.

Ameris Bancorp Trading Up 1.5%

Shares of ABCB traded up $1.02 on Friday, reaching $67.04. 163,863 shares of the company's stock were exchanged, compared to its average volume of 427,404. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $4.62 billion, a P/E ratio of 12.86 and a beta of 0.96. The business has a 50 day moving average price of $64.86 and a two-hundred day moving average price of $61.78. Ameris Bancorp has a 12 month low of $48.27 and a 12 month high of $74.56.

Ameris Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were issued a dividend of $0.20 per share. 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 presently 14.08%.

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.