Choreo LLC Has $1.19 Million Position in Ameris Bancorp (NASDAQ:ABCB)

Choreo LLC reduced its stake in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 17.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,003 shares of the bank's stock after selling 3,919 shares during the quarter. Choreo LLC's holdings in Ameris Bancorp were worth $1,193,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Handelsbanken Fonder AB boosted its stake in Ameris Bancorp by 26.0% in the third quarter. Handelsbanken Fonder AB now owns 15,530 shares of the bank's stock valued at $969,000 after acquiring an additional 3,200 shares during the last quarter. GAMMA Investing LLC boosted its stake in Ameris Bancorp by 38.0% in the third quarter. GAMMA Investing LLC now owns 1,130 shares of the bank's stock valued at $71,000 after acquiring an additional 311 shares during the last quarter. CWM LLC boosted its stake in Ameris Bancorp by 105.8% in the third quarter. CWM LLC now owns 2,696 shares of the bank's stock valued at $168,000 after acquiring an additional 1,386 shares during the last quarter. Blue Trust Inc. boosted its stake in Ameris Bancorp by 249.5% in the third quarter. Blue Trust Inc. now owns 713 shares of the bank's stock valued at $44,000 after acquiring an additional 509 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in Ameris Bancorp in the third quarter valued at approximately $233,000. 91.64% of the stock is owned by institutional investors.

Ameris Bancorp Stock Down 2.4 %

Shares of NASDAQ:ABCB traded down $1.62 during midday trading on Wednesday, reaching $66.69. 246,805 shares of the company were exchanged, compared to its average volume of 408,389. Ameris Bancorp has a fifty-two week low of $44.22 and a fifty-two week high of $74.56. 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 stock has a fifty day simple moving average of $64.68 and a two-hundred day simple moving average of $63.45. The firm has a market cap of $4.61 billion, a PE ratio of 12.80 and a beta of 1.06.

Ameris Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Tuesday, December 31st were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.20%. This is a positive change from Ameris Bancorp's previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, December 31st. Ameris Bancorp's dividend payout ratio (DPR) is presently 15.36%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of Ameris Bancorp from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Stephens reiterated an "equal weight" rating and issued a $71.00 target price on shares of Ameris Bancorp in a report on Friday, January 31st. Raymond James reiterated an "outperform" rating and issued a $71.00 target price (up from $67.00) on shares of Ameris Bancorp in a report on Monday, February 3rd. StockNews.com upgraded shares of Ameris Bancorp from a "sell" rating to a "hold" rating in a report on Thursday, October 31st. Finally, Truist Financial cut their target price on shares of Ameris Bancorp from $73.00 to $68.00 and set a "buy" rating on the stock in a report on Monday, October 28th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $70.50.

Ameris Bancorp 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.