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

Allspring Global Investments Holdings LLC cut its stake in Ameris Bancorp (NASDAQ:ABCB) by 5.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 392,587 shares of the bank’s stock after selling 23,970 shares during the period. Allspring Global Investments Holdings LLC owned about 0.57% of Ameris Bancorp worth $19,767,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in Ameris Bancorp in the fourth quarter valued at $39,787,000. Victory Capital Management Inc. increased its stake in Ameris Bancorp by 50.4% in the fourth quarter. Victory Capital Management Inc. now owns 845,390 shares of the bank’s stock valued at $44,848,000 after purchasing an additional 283,138 shares during the period. Hsbc Holdings PLC increased its stake in Ameris Bancorp by 4,193.6% in the fourth quarter. Hsbc Holdings PLC now owns 229,408 shares of the bank’s stock valued at $12,163,000 after purchasing an additional 224,065 shares during the period. Dimensional Fund Advisors LP increased its stake in Ameris Bancorp by 5.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,193,610 shares of the bank’s stock valued at $222,473,000 after purchasing an additional 205,750 shares during the period. Finally, Independent Advisor Alliance increased its stake in Ameris Bancorp by 8.7% in the fourth quarter. Independent Advisor Alliance now owns 2,514,293 shares of the bank’s stock valued at $133,383,000 after purchasing an additional 201,644 shares during the period. 91.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on ABCB. Keefe, Bruyette & Woods lifted their price objective on shares of Ameris Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Stephens boosted their price target on shares of Ameris Bancorp from $52.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. DA Davidson boosted their price target on shares of Ameris Bancorp from $61.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Truist Financial boosted their price target on shares of Ameris Bancorp from $54.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Ameris Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.20.

Ameris Bancorp Trading Up 1.0 %

Shares of ABCB opened at $61.11 on Thursday. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 0.30. The firm’s 50-day moving average is $55.68 and its two-hundred day moving average is $50.32. Ameris Bancorp has a twelve month low of $34.26 and a twelve month high of $64.88. The firm has a market capitalization of $4.22 billion, a P/E ratio of 14.87 and a beta of 1.04.

Ameris Bancorp (NASDAQ:ABCB) last issued its earnings results on Thursday, July 25th. The bank reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.03. Ameris Bancorp had a net margin of 19.28% and a return on equity of 8.97%. The company had revenue of $436.03 million for the quarter, compared to analyst estimates of $273.67 million. During the same period in the prior year, the business posted $0.91 earnings per share. On average, research analysts predict that Ameris Bancorp will post 4.67 earnings per share for the current fiscal year.

Ameris Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Sunday, June 30th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.60 annualized dividend and a yield of 0.98%. Ameris Bancorp’s payout ratio is currently 14.60%.

About Ameris Bancorp

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.