Public Sector Pension Investment Board Acquires 30,533 Shares of Ameris Bancorp $ABCB

Public Sector Pension Investment Board grew its stake in shares of Ameris Bancorp (NASDAQ:ABCB) by 13.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 250,505 shares of the bank’s stock after buying an additional 30,533 shares during the period. Public Sector Pension Investment Board owned 0.37% of Ameris Bancorp worth $18,365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of ABCB. True Wealth Design LLC increased its holdings in Ameris Bancorp by 2,311.8% in the 2nd quarter. True Wealth Design LLC now owns 410 shares of the bank’s stock valued at $27,000 after acquiring an additional 393 shares during the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Ameris Bancorp in the third quarter worth about $33,000. Allworth Financial LP increased its holdings in shares of Ameris Bancorp by 1,567.6% in the second quarter. Allworth Financial LP now owns 567 shares of the bank’s stock worth $37,000 after purchasing an additional 533 shares during the last quarter. Covestor Ltd lifted its position in shares of Ameris Bancorp by 51.5% in the third quarter. Covestor Ltd now owns 547 shares of the bank’s stock worth $40,000 after buying an additional 186 shares in the last quarter. Finally, Bayforest Capital Ltd bought a new position in Ameris Bancorp during the second quarter valued at approximately $68,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Ameris Bancorp Stock Up 0.9%

NASDAQ ABCB opened at $83.99 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 company has a fifty day moving average of $79.27 and a two-hundred day moving average of $75.05. The firm has a market capitalization of $5.74 billion, a price-to-earnings ratio of 16.12 and a beta of 0.99. Ameris Bancorp has a 52 week low of $48.27 and a 52 week high of $87.98.

Ameris Bancorp (NASDAQ:ABCB) last announced its earnings results on Thursday, January 29th. The bank reported $1.59 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.03. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The business had revenue of $309.92 million for the quarter, compared to the consensus estimate of $310.48 million. During the same quarter in the prior year, the firm posted $1.38 earnings per share. On average, analysts predict that Ameris Bancorp will post 4.99 earnings per share for the current year.

Ameris Bancorp announced that its Board of Directors has authorized a stock repurchase program on Monday, October 20th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Ameris Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Wednesday, December 31st were paid a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.80 annualized dividend and a yield of 1.0%. Ameris Bancorp’s dividend payout ratio (DPR) is presently 13.33%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ABCB. Truist Financial lifted their price objective on Ameris Bancorp from $83.00 to $86.00 and gave the stock a “hold” rating in a research note on Monday, February 2nd. Raymond James Financial restated an “outperform” rating and issued a $80.00 price target (up previously from $73.00) on shares of Ameris Bancorp in a research report on Wednesday, October 29th. Piper Sandler set a $84.00 price target on shares of Ameris Bancorp in a research note on Wednesday, October 29th. DA Davidson set a $94.00 price objective on shares of Ameris Bancorp in a research report on Monday, February 2nd. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Ameris Bancorp from $82.00 to $88.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $86.50.

Ameris Bancorp Company 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.