Verition Fund Management LLC Sells 2,124 Shares of Ameris Bancorp (NASDAQ:ABCB)

Posted by Defense World Staff on Mar 9th, 2023

Verition Fund Management LLC decreased its stake in Ameris Bancorp (NASDAQ:ABCB – Get Rating) by 23.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,015 shares of the bank’s stock after selling 2,124 shares during the period. Verition Fund Management LLC’s holdings in Ameris Bancorp were worth $314,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CWM LLC increased its position in Ameris Bancorp by 89.5% in the 3rd quarter. CWM LLC now owns 667 shares of the bank’s stock valued at $30,000 after acquiring an additional 315 shares during the period. Quantbot Technologies LP acquired a new position in Ameris Bancorp in the 2nd quarter valued at approximately $41,000. Lazard Asset Management LLC acquired a new position in Ameris Bancorp in the 2nd quarter valued at approximately $88,000. Point72 Hong Kong Ltd increased its position in Ameris Bancorp by 202.5% in the 1st quarter. Point72 Hong Kong Ltd now owns 2,211 shares of the bank’s stock valued at $97,000 after acquiring an additional 1,480 shares during the period. Finally, Wipfli Financial Advisors LLC acquired a new position in Ameris Bancorp in the 3rd quarter valued at approximately $106,000. Institutional investors own 86.74% of the company’s stock.

Ameris Bancorp Stock Up 0.5 %

Ameris Bancorp stock opened at $44.92 on Thursday. Ameris Bancorp has a 1-year low of $38.22 and a 1-year high of $54.24. The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of 9.00 and a beta of 1.13. The firm’s fifty day moving average price is $47.81 and its two-hundred day moving average price is $48.68. The company has a current ratio of 1.09, a quick ratio of 1.07 and a debt-to-equity ratio of 0.63.

Ameris Bancorp (NASDAQ:ABCB – Get Rating) last released its quarterly earnings data on Friday, January 27th. The bank reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.17). Ameris Bancorp had a net margin of 29.41% and a return on equity of 10.63%. The business had revenue of $272.49 million during the quarter, compared to the consensus estimate of $281.13 million. During the same period last year, the business posted $1.17 earnings per share. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. On average, equities research analysts predict that Ameris Bancorp will post 5.17 earnings per share for the current fiscal year.

Ameris Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 9th. Shareholders of record on Saturday, December 31st were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend was Thursday, December 29th. Ameris Bancorp’s dividend payout ratio (DPR) is 12.02%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Ameris Bancorp from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Tuesday, January 31st. Truist Financial decreased their price objective on shares of Ameris Bancorp from $60.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday, February 1st. DA Davidson restated a “neutral” rating on shares of Ameris Bancorp in a report on Friday, March 3rd. Finally, Piper Sandler restated an “overweight” rating and issued a $62.00 price target on shares of Ameris Bancorp in a report on Monday, December 5th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Ameris Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $55.50.

About Ameris Bancorp

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Ameris Bancorp is a bank holding company, which through the subsidiary, Ameris Bank, engages in the provision of banking services to its retail and commercial customers. It operates through the following business segments: Banking, Retail Mortgage, Warehouse Lending, the SBA and Premium Finance. The Banking segment offers full service financial services to include commercial loans, consumer loans and deposit accounts.