Envestnet Asset Management Inc. Sells 13,044 Shares of Ameris Bancorp $ABCB

Envestnet Asset Management Inc. decreased its position in Ameris Bancorp (NASDAQ:ABCB) by 21.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,304 shares of the bank’s stock after selling 13,044 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.07% of Ameris Bancorp worth $3,125,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. American Century Companies Inc. boosted its holdings in shares of Ameris Bancorp by 36.2% during the 1st quarter. American Century Companies Inc. now owns 1,875,194 shares of the bank’s stock worth $107,955,000 after buying an additional 498,604 shares during the period. Nuveen LLC acquired a new position in Ameris Bancorp during the 1st quarter worth $56,202,000. Congress Asset Management Co. boosted its holdings in Ameris Bancorp by 1.0% during the second quarter. Congress Asset Management Co. now owns 943,041 shares of the bank’s stock valued at $61,015,000 after acquiring an additional 9,548 shares during the period. FJ Capital Management LLC boosted its holdings in Ameris Bancorp by 311.3% during the first quarter. FJ Capital Management LLC now owns 785,288 shares of the bank’s stock valued at $45,209,000 after acquiring an additional 594,340 shares during the period. Finally, Northern Trust Corp grew its position in shares of Ameris Bancorp by 2.9% in the first quarter. Northern Trust Corp now owns 731,836 shares of the bank’s stock valued at $42,132,000 after purchasing an additional 20,355 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ABCB has been the subject of several research analyst reports. Piper Sandler set a $84.00 price objective on Ameris Bancorp in a research report on Wednesday, October 29th. Raymond James Financial reaffirmed an “outperform” rating and issued a $80.00 price target (up from $73.00) on shares of Ameris Bancorp in a research report on Wednesday, October 29th. Keefe, Bruyette & Woods increased their price objective on Ameris Bancorp from $78.00 to $82.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Finally, DA Davidson upgraded shares of Ameris Bancorp to a “strong-buy” rating in a research note on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Ameris Bancorp has an average rating of “Buy” and an average price target of $77.33.

Ameris Bancorp Price Performance

Shares of NASDAQ:ABCB opened at $72.84 on Friday. The firm has a market capitalization of $4.98 billion, a PE ratio of 13.98 and a beta of 1.04. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. Ameris Bancorp has a 1-year low of $48.27 and a 1-year high of $76.58. The business’s 50 day moving average is $73.55 and its 200-day moving average is $68.36.

Ameris Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 6th. Shareholders of record on Tuesday, September 30th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, September 30th. Ameris Bancorp’s payout ratio is 13.84%.

Ameris Bancorp declared that its board has approved a share repurchase program on Monday, October 20th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the bank to repurchase up to 4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Ameris Bancorp Company 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.