Piedmont Investment Advisors LLC Takes $387,000 Position in Ameris Bancorp (ABCB)
Piedmont Investment Advisors LLC acquired a new position in shares of Ameris Bancorp (NASDAQ:ABCB) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 8,028 shares of the bank’s stock, valued at approximately $387,000.
A number of other hedge funds have also made changes to their positions in the stock. BlackRock Inc. grew its holdings in Ameris Bancorp by 83,097.4% during the first quarter. BlackRock Inc. now owns 4,668,206 shares of the bank’s stock worth $215,205,000 after acquiring an additional 4,662,595 shares during the period. Vanguard Group Inc. grew its holdings in Ameris Bancorp by 2.6% during the second quarter. Vanguard Group Inc. now owns 2,588,877 shares of the bank’s stock worth $124,784,000 after acquiring an additional 65,815 shares during the period. Dimensional Fund Advisors LP grew its holdings in Ameris Bancorp by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,559,197 shares of the bank’s stock worth $75,154,000 after acquiring an additional 25,010 shares during the period. State Street Corp grew its holdings in Ameris Bancorp by 7.3% during the second quarter. State Street Corp now owns 1,258,947 shares of the bank’s stock worth $60,687,000 after acquiring an additional 85,137 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Ameris Bancorp by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 1,217,548 shares of the bank’s stock worth $58,686,000 after acquiring an additional 20,713 shares during the period. 82.40% of the stock is currently owned by hedge funds and other institutional investors.
ABCB has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $51.00 price objective on shares of Ameris Bancorp in a report on Monday, June 26th. BidaskClub raised Ameris Bancorp from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Stephens reissued a “buy” rating and issued a $54.00 target price on shares of Ameris Bancorp in a report on Friday, July 21st. Piper Jaffray Companies reissued a “hold” rating and issued a $48.00 target price on shares of Ameris Bancorp in a report on Friday, July 21st. Finally, Zacks Investment Research lowered Ameris Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $51.50.
In other news, Director Leo J. Hill acquired 1,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were bought at an average price of $42.75 per share, with a total value of $42,750.00. Following the purchase, the director now owns 16,629 shares of the company’s stock, valued at $710,889.75. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.63% of the stock is currently owned by insiders.
Shares of Ameris Bancorp (NASDAQ ABCB) opened at 48.25 on Friday. The firm has a 50-day moving average price of $46.49 and a 200 day moving average price of $46.04. Ameris Bancorp has a 12-month low of $35.15 and a 12-month high of $51.28. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 20.73 and a beta of 1.30.
Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.63 EPS for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.02). Ameris Bancorp had a return on equity of 12.12% and a net margin of 21.57%. The firm had revenue of $93.85 million during the quarter, compared to the consensus estimate of $96.89 million. On average, equities research analysts anticipate that Ameris Bancorp will post $2.53 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Thursday, September 28th. Ameris Bancorp’s dividend payout ratio is presently 17.62%.
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Ameris Bancorp Company Profile
Ameris Bancorp is a financial holding company. The Company’s business is conducted through its banking subsidiary, Ameris Bank (the Bank), which provides a range of banking services to its retail and commercial customers. The Company operates through four segments: the Banking Division, the Retail Mortgage Division, the Warehouse Lending Division and the SBA Division.
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