Ameris Bancorp $ABCB Stock: State of Alaska Department of Revenue Reduces Stake

State of Alaska Department of Revenue reduced its stake in Ameris Bancorp (NYSE:ABCB) by 43.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,304 shares of the bank’s stock after selling 10,377 shares during the period. State of Alaska Department of Revenue’s holdings in Ameris Bancorp were worth $1,057,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in ABCB. BlackRock Inc. acquired a new position in shares of Ameris Bancorp during the second quarter valued at approximately $881,798,000. North Reef Capital Management LP lifted its position in Ameris Bancorp by 25.1% in the first quarter. North Reef Capital Management LP now owns 3,423,243 shares of the bank’s stock worth $266,979,000 after purchasing an additional 686,215 shares during the period. Davis Asset Management L.P. acquired a new stake in Ameris Bancorp in the second quarter worth approximately $56,124,000. Bank of New York Mellon Corp acquired a new stake in Ameris Bancorp in the second quarter worth approximately $47,291,000. Finally, The Manufacturers Life Insurance Company bought a new position in Ameris Bancorp during the 2nd quarter valued at $34,419,000. 91.60% of the stock is owned by institutional investors and hedge funds.

Ameris Bancorp Trading Up 1.9%

Shares of ABCB opened at $80.73 on Wednesday. The business’s 50-day moving average price is $83.41 and its 200 day moving average price is $85.37. The stock has a market capitalization of $5.42 billion, a P/E ratio of 14.60 and a beta of 0.96. Ameris Bancorp has a 1-year low of $69.58 and a 1-year high of $93.22. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.34.

Ameris Bancorp (NYSE:ABCB) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.06). Ameris Bancorp had a return on equity of 10.62% and a net margin of 21.98%. The company had revenue of $317.78 million for the quarter, compared to analyst estimates of $323.78 million. During the same quarter in the previous year, the firm posted $1.59 EPS. Analysts expect that Ameris Bancorp will post 6.61 earnings per share for the current year.

Ameris Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 5th. Stockholders of record on Wednesday, September 30th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, September 30th. Ameris Bancorp’s dividend payout ratio (DPR) is 14.47%.

Analyst Ratings Changes

Several brokerages have recently issued reports on ABCB. DA Davidson lifted their price target on Ameris Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Wall Street Zen lowered Ameris Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, September 26th. Truist Financial cut their price objective on Ameris Bancorp from $90.00 to $84.00 and set a “hold” rating for the company in a report on Friday, October 9th. Morgan Stanley raised Ameris Bancorp to an “overweight” rating in a research note on Wednesday, June 24th. Finally, Stephens set a $88.00 target price on Ameris Bancorp in a report on Monday, July 27th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.67.

Ameris Bancorp Profile

Ameris Bancorp (NYSE: ABCB) is a bank holding company and the parent company of Ameris Bank, a full-service financial institution serving individuals, businesses and communities primarily across the southeastern United States.

Ameris Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and industrial lending, commercial real estate financing, treasury management and wealth management services.