Franklin Resources Inc. Makes New Investment in Ameris Bancorp (NASDAQ:ABCB)

Franklin Resources Inc. purchased a new stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 6,229 shares of the bank's stock, valued at approximately $390,000.

Other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings 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 acquiring an additional 223,805 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Ameris Bancorp by 4.6% during the third quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank's stock worth $78,829,000 after buying an additional 55,473 shares in the last quarter. William Blair Investment Management LLC grew its position in shares of Ameris Bancorp by 2.5% during the fourth quarter. William Blair Investment Management LLC now owns 789,271 shares of the bank's stock worth $49,385,000 after buying an additional 19,150 shares in the last quarter. Stifel Financial Corp grew its position in shares of Ameris Bancorp by 13.9% during the third quarter. Stifel Financial Corp now owns 21,107 shares of the bank's stock worth $1,317,000 after buying an additional 2,575 shares in the last quarter. Finally, Intech Investment Management LLC grew its position in shares of Ameris Bancorp by 158.2% during the fourth quarter. Intech Investment Management LLC now owns 40,279 shares of the bank's stock worth $2,520,000 after buying an additional 24,680 shares in the last quarter. 91.64% of the stock is currently owned by hedge funds and other institutional investors.

Ameris Bancorp Stock Up 4.4 %

NASDAQ:ABCB traded up $2.37 during trading hours on Wednesday, hitting $56.38. 22,679 shares of the stock traded hands, compared to its average volume of 386,030. The firm has a 50 day moving average price of $57.75 and a 200 day moving average price of $62.76. 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 has a fifty-two week low of $45.89 and a fifty-two week high of $74.56. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of 10.82 and a beta of 0.87.

Ameris Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend was Monday, March 31st. Ameris Bancorp's dividend payout ratio (DPR) is currently 15.36%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Stephens restated an "equal weight" rating and set a $71.00 target price on shares of Ameris Bancorp in a research note on Friday, January 31st. Piper Sandler initiated coverage on Ameris Bancorp in a research report on Friday, April 4th. They issued an "overweight" rating and a $74.00 price objective for the company. Raymond James restated an "outperform" rating and set a $71.00 price objective (up from $67.00) on shares of Ameris Bancorp in a research report on Monday, February 3rd. Finally, Piper Sandler Companies upped their target price on shares of Ameris Bancorp to $74.00 and gave the company a "buy" rating in a report on Monday, April 7th. Two equities research 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 stock currently has an average rating of "Moderate Buy" and an average target price of $73.43.

Insider Buying and Selling at Ameris Bancorp

In related news, insider Douglas D. Strange purchased 1,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the acquisition, the insider now directly owns 19,403 shares in the company, valued at approximately $1,105,000.85. The trade was a 5.43 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 5.50% of the company's stock.

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.