Ameris Bancorp (NASDAQ:ABCB) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 1.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 445,668 shares of the bank's stock after selling 7,974 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.65% of Ameris Bancorp worth $27,885,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Norges Bank bought a new position in Ameris Bancorp in the fourth quarter worth about $48,380,000. JPMorgan Chase & Co. grew its position in shares of Ameris Bancorp by 30.7% in the 4th quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank's stock worth $59,570,000 after buying an additional 223,805 shares during the last quarter. North Reef Capital Management LP raised its stake in shares of Ameris Bancorp by 8.9% during the 4th quarter. North Reef Capital Management LP now owns 2,533,000 shares of the bank's stock worth $158,490,000 after acquiring an additional 208,000 shares in the last quarter. Jennison Associates LLC purchased a new stake in Ameris Bancorp during the fourth quarter valued at approximately $10,856,000. Finally, Barclays PLC boosted its stake in Ameris Bancorp by 107.7% in the third quarter. Barclays PLC now owns 140,001 shares of the bank's stock valued at $8,735,000 after acquiring an additional 72,599 shares in the last quarter. 91.64% of the stock is owned by institutional investors.

Ameris Bancorp Stock Performance

NASDAQ:ABCB traded down $0.37 during midday trading on Monday, hitting $60.11. The company's stock had a trading volume of 289,093 shares, compared to its average volume of 396,797. Ameris Bancorp has a fifty-two week low of $45.89 and a fifty-two week high of $74.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. The firm has a market cap of $4.14 billion, a P/E ratio of 11.54 and a beta of 0.87. The firm's 50 day moving average is $56.62 and its 200-day moving average is $62.47.

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

Ameris Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.80 annualized dividend and a dividend yield of 1.33%. Ameris Bancorp's dividend payout ratio (DPR) is presently 14.81%.

Insider Transactions at Ameris Bancorp

In other news, insider Douglas D. Strange purchased 1,000 shares of the company'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 completion of the transaction, the insider now owns 19,403 shares in the company, valued at $1,105,000.85. This represents a 5.43 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 5.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ABCB shares. Raymond James reduced their price target on Ameris Bancorp from $71.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Stephens reiterated an "equal weight" rating and issued a $63.00 price target on shares of Ameris Bancorp in a research note on Tuesday, April 29th. Piper Sandler initiated coverage on Ameris Bancorp in a research note on Friday, April 4th. They set an "overweight" rating and a $74.00 price target on the stock. Finally, Piper Sandler Companies upped their price objective 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 issued a buy rating to the company's stock. According to MarketBeat.com, Ameris Bancorp has an average rating of "Moderate Buy" and a consensus price target of $71.43.

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.