State of Tennessee Department of Treasury Has $2.04 Million Holdings in Ameris Bancorp (NASDAQ:ABCB)

State of Tennessee Department of Treasury grew its position in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 94.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,637 shares of the bank's stock after buying an additional 15,842 shares during the quarter. State of Tennessee Department of Treasury's holdings in Ameris Bancorp were worth $2,042,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. lifted its stake in Ameris Bancorp by 4.5% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 3,880 shares of the bank's stock worth $243,000 after purchasing an additional 167 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Ameris Bancorp by 17.9% during the 4th quarter. GAMMA Investing LLC now owns 1,332 shares of the bank's stock worth $83,000 after buying an additional 202 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in shares of Ameris Bancorp by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 6,887 shares of the bank's stock worth $431,000 after buying an additional 218 shares during the last quarter. Synovus Financial Corp boosted its stake in Ameris Bancorp by 1.7% in the fourth quarter. Synovus Financial Corp now owns 14,020 shares of the bank's stock valued at $877,000 after buying an additional 235 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in Ameris Bancorp by 4.8% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 5,174 shares of the bank's stock valued at $324,000 after acquiring an additional 238 shares during the last quarter. Institutional investors own 91.64% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Raymond James reduced their price target 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. Piper Sandler Companies raised their target price on shares of Ameris Bancorp to $74.00 and gave the company a "buy" rating in a research report on Monday, April 7th. Piper Sandler began coverage on shares of Ameris Bancorp in a report on Friday, April 4th. They set an "overweight" rating and a $74.00 price target for the company. Finally, Stephens reissued an "equal weight" rating and set a $63.00 price objective on shares of Ameris Bancorp in a report on Tuesday, April 29th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Ameris Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $71.43.

Insider Activity

In other Ameris Bancorp news, insider Douglas D. Strange bought 1,000 shares of the business's stock in a transaction that occurred on 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 transaction, the insider now directly owns 19,403 shares in the company, valued at approximately $1,105,000.85. This trade represents a 5.43 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.50% of the company's stock.

Ameris Bancorp Trading Up 2.6 %

NASDAQ ABCB traded up $1.52 on Friday, reaching $60.46. The company had a trading volume of 390,805 shares, compared to its average volume of 397,229. The firm has a market cap of $4.17 billion, a price-to-earnings ratio of 11.61 and a beta of 0.87. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. Ameris Bancorp has a fifty-two week low of $45.89 and a fifty-two week high of $74.56. The business has a 50 day moving average of $56.62 and a two-hundred day moving average of $62.50.

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

Ameris Bancorp Dividend Announcement

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

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.