Ameris Bancorp $ABCB Position Lessened by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lowered its stake in shares of Ameris Bancorp (NASDAQ:ABCB) by 8.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 71,497 shares of the bank’s stock after selling 6,672 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.10% of Ameris Bancorp worth $4,626,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ABCB. KLP Kapitalforvaltning AS increased its holdings in shares of Ameris Bancorp by 7.0% during the second quarter. KLP Kapitalforvaltning AS now owns 13,720 shares of the bank’s stock valued at $890,000 after purchasing an additional 900 shares during the period. Capital Fund Management S.A. bought a new position in Ameris Bancorp in the 2nd quarter valued at about $1,663,000. Jane Street Group LLC bought a new stake in shares of Ameris Bancorp during the 1st quarter worth about $10,528,000. Harbor Capital Advisors Inc. raised its position in shares of Ameris Bancorp by 16,516.1% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 43,368 shares of the bank’s stock worth $2,806,000 after buying an additional 43,107 shares in the last quarter. Finally, Intech Investment Management LLC lifted its stake in shares of Ameris Bancorp by 55.6% in the 1st quarter. Intech Investment Management LLC now owns 62,656 shares of the bank’s stock worth $3,607,000 after acquiring an additional 22,377 shares during the period. 91.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ABCB. Keefe, Bruyette & Woods boosted their target price on Ameris Bancorp from $78.00 to $82.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Raymond James Financial reiterated an “outperform” rating and set a $80.00 price target (up from $73.00) on shares of Ameris Bancorp in a research report on Wednesday, October 29th. Truist Financial started coverage on Ameris Bancorp in a report on Tuesday, November 25th. They issued a “hold” rating and a $80.00 price objective for the company. DA Davidson initiated coverage on Ameris Bancorp in a research note on Tuesday, November 25th. They set a “buy” rating and a $87.00 target price for the company. Finally, Piper Sandler set a $84.00 price target on shares of Ameris Bancorp in a research report on Wednesday, October 29th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $78.57.

Ameris Bancorp Stock Performance

ABCB opened at $77.44 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The firm has a market cap of $5.29 billion, a PE ratio of 14.86 and a beta of 1.00. The business has a fifty day simple moving average of $74.37 and a 200-day simple moving average of $70.87. Ameris Bancorp has a fifty-two week low of $48.27 and a fifty-two week high of $78.99.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 5th. Investors of record on Wednesday, December 31st will be paid a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. Ameris Bancorp’s dividend payout ratio (DPR) is currently 13.84%.

Ameris Bancorp declared that its board has authorized a stock repurchase program on Monday, October 20th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Ameris Bancorp Profile

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its principal subsidiary, Ameris Bank, the company offers a broad range of commercial and retail banking services to individuals, small businesses, middle market companies and agricultural customers. Its core business lines encompass deposit services, lending solutions, treasury management, mortgage origination and servicing, insurance products and wealth management.

Ameris Bancorp operates a network of branches and loan production offices across the southeastern United States, including Georgia, Alabama, Florida, North Carolina, South Carolina and Tennessee.