Intech Investment Management LLC Lowers Position in Ameris Bancorp $ABCB

Intech Investment Management LLC cut its holdings in shares of Ameris Bancorp (NASDAQ:ABCB) by 15.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 39,075 shares of the bank’s stock after selling 7,073 shares during the quarter. Intech Investment Management LLC’s holdings in Ameris Bancorp were worth $2,902,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of ABCB. Sound Income Strategies LLC purchased a new position in shares of Ameris Bancorp during the 4th quarter worth $29,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Ameris Bancorp during the 3rd quarter worth $45,000. Danske Bank A S purchased a new position in shares of Ameris Bancorp during the 3rd quarter worth $51,000. Aster Capital Management DIFC Ltd grew its holdings in shares of Ameris Bancorp by 395.4% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 748 shares of the bank’s stock worth $55,000 after purchasing an additional 597 shares during the period. Finally, Torren Management LLC purchased a new position in shares of Ameris Bancorp during the 4th quarter worth $76,000. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Ameris Bancorp Stock Performance

Shares of Ameris Bancorp stock opened at $84.67 on Wednesday. The business has a 50-day moving average of $82.55 and a 200 day moving average of $79.72. Ameris Bancorp has a 12 month low of $59.54 and a 12 month high of $87.99. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of 16.25 and a beta of 0.93. 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 (NASDAQ:ABCB) last announced its earnings results on Thursday, April 23rd. The bank reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The company had revenue of $314.36 million during the quarter, compared to analysts’ expectations of $309.58 million. During the same period last year, the business posted $1.28 EPS. As a group, sell-side analysts forecast that Ameris Bancorp will post 4.99 earnings per share for the current year.

Ameris Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 6th. Investors of record on Tuesday, March 31st were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Tuesday, March 31st. Ameris Bancorp’s dividend payout ratio (DPR) is 12.58%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ABCB shares. DA Davidson increased their price target on Ameris Bancorp from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Tuesday, April 28th. Raymond James Financial reiterated an “outperform” rating and set a $92.00 price target on shares of Ameris Bancorp in a report on Monday, April 27th. Stephens increased their price target on Ameris Bancorp from $87.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, April 27th. Finally, Truist Financial increased their price target on Ameris Bancorp from $85.00 to $89.00 and gave the stock a “hold” rating in a report on Monday, April 27th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $90.17.

Ameris Bancorp Company Profile

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its principal subsidiary, Ameris Bank, the company offers a broad range of commercial and retail banking services to individuals, small businesses, middle market companies and agricultural customers. Its core business lines encompass deposit services, lending solutions, treasury management, mortgage origination and servicing, insurance products and wealth management.

Ameris Bancorp operates a network of branches and loan production offices across the southeastern United States, including Georgia, Alabama, Florida, North Carolina, South Carolina and Tennessee.