Geode Capital Management LLC Sells 11,694 Shares of Ameris Bancorp (NASDAQ:ABCB)

Geode Capital Management LLC reduced its holdings in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 0.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,493,064 shares of the bank's stock after selling 11,694 shares during the quarter. Geode Capital Management LLC owned approximately 2.16% of Ameris Bancorp worth $93,441,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Picton Mahoney Asset Management increased its position in Ameris Bancorp by 2,436.8% during the 4th quarter. Picton Mahoney Asset Management now owns 482 shares of the bank's stock worth $30,000 after buying an additional 463 shares during the period. R Squared Ltd bought a new position in Ameris Bancorp during the fourth quarter worth about $51,000. Blue Trust Inc. raised its stake in Ameris Bancorp by 56.1% in the 4th quarter. Blue Trust Inc. now owns 1,113 shares of the bank's stock worth $69,000 after purchasing an additional 400 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Ameris Bancorp by 17.9% in the 4th quarter. GAMMA Investing LLC now owns 1,332 shares of the bank's stock valued at $83,000 after purchasing an additional 202 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in shares of Ameris Bancorp by 167.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,431 shares of the bank's stock worth $90,000 after purchasing an additional 896 shares in the last quarter. Institutional investors and hedge funds own 91.64% of the company's stock.

Ameris Bancorp Price Performance

NASDAQ ABCB traded up $0.35 during trading on Wednesday, hitting $52.76. 74,237 shares of the company's stock were exchanged, compared to its average volume of 381,359. The company has a market cap of $3.64 billion, a PE ratio of 10.09 and a beta of 0.87. 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 $44.23 and a fifty-two week high of $74.56. The stock's 50 day moving average price is $59.19 and its two-hundred day moving average price is $63.03.

Ameris Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Monday, March 31st. Ameris Bancorp's dividend payout ratio is 15.36%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ABCB shares. Piper Sandler started coverage on shares of Ameris Bancorp in a research report on Friday, April 4th. They issued an "overweight" rating and a $74.00 price target for the company. Piper Sandler Companies upped their target price on Ameris Bancorp to $74.00 and gave the company a "buy" rating in a research report on Monday, April 7th. Stephens restated an "equal weight" rating and issued a $71.00 price target on shares of Ameris Bancorp in a research report on Friday, January 31st. Finally, Raymond James reiterated an "outperform" rating and set a $71.00 price objective (up from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Ameris Bancorp has a consensus rating of "Moderate Buy" and an average target price of $73.43.

Insider Buying and Selling at Ameris Bancorp

In other news, insider Douglas D. Strange purchased 1,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the purchase, the insider now owns 19,403 shares of the company's stock, valued at approximately $1,105,000.85. The trade was a 5.43 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.50% 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.