Envestnet Asset Management Inc. Decreases Position in Ameris Bancorp (NASDAQ:ABCB)

Envestnet Asset Management Inc. decreased its position in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 10.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,191 shares of the bank's stock after selling 7,493 shares during the quarter. Envestnet Asset Management Inc. owned 0.09% of Ameris Bancorp worth $3,891,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Ameris Bancorp during the 4th quarter valued at approximately $48,380,000. JPMorgan Chase & Co. lifted its position in shares of Ameris Bancorp by 30.7% during the 4th quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank's stock valued at $59,570,000 after buying an additional 223,805 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Ameris Bancorp during the 4th quarter valued at approximately $10,856,000. Barclays PLC lifted its position in shares of Ameris Bancorp by 107.7% during the 3rd quarter. Barclays PLC now owns 140,001 shares of the bank's stock valued at $8,735,000 after buying an additional 72,599 shares in the last quarter. Finally, Foundry Partners LLC purchased a new position in shares of Ameris Bancorp during the 4th quarter valued at approximately $4,521,000. Institutional investors and hedge funds own 91.64% of the company's stock.

Ameris Bancorp Trading Up 3.6 %

Shares of ABCB stock traded up $2.07 on Tuesday, hitting $59.03. 1,006,107 shares of the stock traded hands, compared to its average volume of 392,474. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. The firm's 50-day moving average price is $56.85 and its two-hundred day moving average price is $62.61. Ameris Bancorp has a twelve month low of $45.89 and a twelve month high of $74.56. The stock has a market capitalization of $4.07 billion, a PE ratio of 11.33 and a beta of 0.87.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The bank reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.12 by $0.16. The business had revenue of $285.86 million during the quarter, compared to the consensus estimate of $276.06 million. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The business's revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.10 EPS. As a group, analysts anticipate that Ameris Bancorp will post 4.99 EPS for the current year.

Ameris Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were issued a dividend of $0.20 per share. The ex-dividend date was Monday, March 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.36%. Ameris Bancorp's dividend payout ratio is currently 15.36%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ABCB shares. Piper Sandler started coverage on Ameris Bancorp in a research report on Friday, April 4th. They set an "overweight" rating and a $74.00 target price on the stock. Raymond James reiterated an "outperform" rating and set a $71.00 target price (up previously from $67.00) on shares of Ameris Bancorp in a research report on Monday, February 3rd. Stephens restated an "equal weight" rating and issued a $63.00 price objective on shares of Ameris Bancorp in a report on Tuesday. Finally, Piper Sandler Companies raised their price objective on Ameris Bancorp to $74.00 and gave the company a "buy" rating in a report on Monday, April 7th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $72.29.

Insider Transactions at Ameris Bancorp

In other news, insider Douglas D. Strange purchased 1,000 shares of the business's stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $56.95 per share, for a total transaction of $56,950.00. Following the acquisition, the insider now directly owns 19,403 shares of the company's stock, valued at approximately $1,105,000.85. This represents a 5.43 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.50% of the company's stock.

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.