Allspring Global Investments Holdings LLC Cuts Stock Holdings in Ameris Bancorp (NASDAQ:ABCB)

Allspring Global Investments Holdings LLC lessened its stake in Ameris Bancorp (NASDAQ:ABCB) by 2.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 238,057 shares of the bank’s stock after selling 5,367 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Ameris Bancorp were worth $12,629,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Captrust Financial Advisors boosted its holdings in Ameris Bancorp by 3.1% in the third quarter. Captrust Financial Advisors now owns 6,691 shares of the bank’s stock valued at $299,000 after acquiring an additional 202 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Ameris Bancorp by 1.4% during the 4th quarter. Raymond James & Associates now owns 16,791 shares of the bank’s stock worth $891,000 after purchasing an additional 235 shares during the period. AQR Capital Management LLC increased its position in Ameris Bancorp by 3.3% during the 3rd quarter. AQR Capital Management LLC now owns 7,668 shares of the bank’s stock worth $294,000 after purchasing an additional 246 shares in the last quarter. Arizona State Retirement System raised its holdings in Ameris Bancorp by 1.4% in the third quarter. Arizona State Retirement System now owns 18,765 shares of the bank’s stock valued at $720,000 after buying an additional 251 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in Ameris Bancorp by 2.3% during the second quarter. PNC Financial Services Group Inc. now owns 11,111 shares of the bank’s stock valued at $380,000 after buying an additional 251 shares in the last quarter. 91.64% of the stock is owned by hedge funds and other institutional investors.

Ameris Bancorp Stock Performance

Ameris Bancorp stock opened at $45.05 on Tuesday. Ameris Bancorp has a 12-month low of $28.33 and a 12-month high of $53.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.03 and a quick ratio of 1.02. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 11.55 and a beta of 1.05. The firm’s fifty day moving average price is $46.75 and its 200 day moving average price is $45.74.

Ameris Bancorp (NASDAQ:ABCB) last announced its earnings results on Thursday, January 25th. The bank reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.05). Ameris Bancorp had a return on equity of 8.30% and a net margin of 17.67%. The business had revenue of $262.35 million for the quarter, compared to analysts’ expectations of $267.23 million. On average, research analysts forecast that Ameris Bancorp will post 4.47 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 8th. Shareholders of record on Sunday, March 31st were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Wednesday, March 27th. Ameris Bancorp’s payout ratio is 15.38%.

Insider Activity

In related news, insider Jon S. Edwards sold 7,500 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $47.35, for a total value of $355,125.00. Following the sale, the insider now directly owns 59,691 shares of the company’s stock, valued at $2,826,368.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. DA Davidson reissued a “buy” rating on shares of Ameris Bancorp in a research report on Monday, January 15th. StockNews.com downgraded Ameris Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. Stephens restated an “equal weight” rating and set a $53.00 price objective on shares of Ameris Bancorp in a research note on Tuesday, January 30th. Finally, Truist Financial lowered their target price on Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Ameris Bancorp has a consensus rating of “Hold” and an average target price of $50.25.

Ameris Bancorp Profile

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.