Ameris Bancorp $ABCB Stock Position Increased by Congress Asset Management Co.

Congress Asset Management Co. grew its holdings in Ameris Bancorp (NYSE:ABCB) by 0.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,202,889 shares of the bank’s stock after purchasing an additional 10,619 shares during the quarter. Congress Asset Management Co. owned approximately 1.79% of Ameris Bancorp worth $95,654,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ABCB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Ameris Bancorp in the 2nd quarter valued at approximately $34,000. Public Employees Retirement System of Ohio acquired a new stake in Ameris Bancorp during the 2nd quarter valued at $66,000. Allworth Financial LP purchased a new position in Ameris Bancorp during the second quarter worth $67,000. Integrated Wealth Concepts LLC purchased a new position in Ameris Bancorp during the second quarter worth $91,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Ameris Bancorp by 316.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank’s stock worth $79,000 after acquiring an additional 805 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Ameris Bancorp Trading Down 0.6%

Shares of Ameris Bancorp stock traded down $0.45 during trading hours on Tuesday, reaching $79.95. 361,674 shares of the company’s stock were exchanged, compared to its average volume of 506,451. Ameris Bancorp has a 52-week low of $68.80 and a 52-week high of $93.22. The company has a fifty day moving average of $85.33 and a 200-day moving average of $85.14. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $5.37 billion, a price-to-earnings ratio of 14.46 and a beta of 0.96.

Ameris Bancorp (NYSE:ABCB) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $1.60 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.06). Ameris Bancorp had a net margin of 21.98% and a return on equity of 10.62%. The business had revenue of $317.78 million during the quarter, compared to analysts’ expectations of $323.78 million. During the same period in the prior year, the firm earned $1.59 EPS. Sell-side analysts forecast that Ameris Bancorp will post 6.61 EPS for the current fiscal year.

Ameris Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 5th. Investors of record on Wednesday, September 30th were given a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. Ameris Bancorp’s dividend payout ratio (DPR) is currently 14.47%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ABCB shares. Weiss Ratings initiated coverage on Ameris Bancorp in a research report on Wednesday, September 2nd. They issued a “buy (b)” rating on the stock. Wall Street Zen cut Ameris Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, September 26th. Raymond James Financial lowered shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Truist Financial decreased their price target on shares of Ameris Bancorp from $92.00 to $90.00 and set a “hold” rating on the stock in a research note on Tuesday, July 28th. Finally, Morgan Stanley raised shares of Ameris Bancorp to an “overweight” rating in a research note on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ameris Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $91.67.

About Ameris Bancorp

Ameris Bancorp (NYSE: ABCB) is a financial holding company whose principal subsidiary, Ameris Bank, provides banking and financial services to individuals, businesses and institutions. The bank offers deposit accounts, commercial and consumer lending, residential mortgages, treasury and payment services, wealth management and other financial solutions.

Founded in 1971, Ameris Bank has grown from a community banking institution in Georgia into a regional bank serving customers across the southeastern United States.