Raymond James Financial Inc. Buys New Stake in Ameris Bancorp (NASDAQ:ABCB)

Raymond James Financial Inc. bought a new position in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 32,219 shares of the bank's stock, valued at approximately $2,016,000.

Other large investors have also added to or reduced their stakes in the company. Picton Mahoney Asset Management grew its position in shares of Ameris Bancorp by 2,436.8% during the fourth quarter. Picton Mahoney Asset Management now owns 482 shares of the bank's stock worth $30,000 after buying an additional 463 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Ameris Bancorp in the 4th quarter valued at about $51,000. Blue Trust Inc. lifted its position in shares of 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 buying an additional 400 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Ameris Bancorp by 17.9% during the fourth 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 last quarter. Finally, Smartleaf Asset Management LLC grew its stake in shares of Ameris Bancorp by 167.5% in the fourth 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. 91.64% of the stock is owned by institutional investors and hedge funds.

Ameris Bancorp Price Performance

ABCB stock traded up $1.52 on Friday, hitting $60.46. 390,805 shares of the company's stock traded hands, compared to its average volume of 396,908. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of 11.61 and a beta of 0.87. Ameris Bancorp has a 1-year low of $45.89 and a 1-year high of $74.56. 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 fifty day moving average of $56.62 and a 200-day moving average of $62.50.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The bank reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.16. The business had revenue of $285.86 million for the quarter, compared to analyst estimates of $276.06 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The firm's revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.10 earnings per share. On average, analysts forecast that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Ameris Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend was Monday, March 31st. Ameris Bancorp's dividend payout ratio is currently 14.81%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ABCB. Piper Sandler began coverage on shares of Ameris Bancorp in a report on Friday, April 4th. They issued an "overweight" rating and a $74.00 price objective for the company. Piper Sandler Companies upped their price target on shares of Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a research note on Monday, April 7th. Stephens reiterated an "equal weight" rating and set a $63.00 price objective on shares of Ameris Bancorp in a research note on Tuesday. Finally, Raymond James cut their target price on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday. Two 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, Ameris Bancorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.43.

Insider Transactions at Ameris Bancorp

In other Ameris Bancorp news, insider Douglas D. Strange purchased 1,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were bought at an average price of $56.95 per share, for a total transaction of $56,950.00. Following the purchase, the insider now directly owns 19,403 shares in the company, valued at $1,105,000.85. This trade represents a 5.43 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.50% of the stock is currently owned by company insiders.

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.