Cibc World Markets Corp Takes $385,000 Position in Ameris Bancorp (NASDAQ:ABCB)

Cibc World Markets Corp acquired a new position in Ameris Bancorp (NASDAQ:ABCB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,160 shares of the bank's stock, valued at approximately $385,000.

Several other hedge funds have also recently bought and sold shares of the business. Principal Financial Group Inc. boosted its stake in shares of Ameris Bancorp by 4.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank's stock worth $78,829,000 after acquiring an additional 55,473 shares in the last quarter. Stifel Financial Corp boosted its position in Ameris Bancorp by 13.9% during the third quarter. Stifel Financial Corp now owns 21,107 shares of the bank's stock worth $1,317,000 after purchasing an additional 2,575 shares during the period. Point72 Asset Management L.P. boosted its position in Ameris Bancorp by 135.5% during the third quarter. Point72 Asset Management L.P. now owns 115,194 shares of the bank's stock worth $7,187,000 after purchasing an additional 66,287 shares during the period. Citigroup Inc. grew its holdings in Ameris Bancorp by 32.5% during the third quarter. Citigroup Inc. now owns 142,122 shares of the bank's stock valued at $8,867,000 after purchasing an additional 34,881 shares during the last quarter. Finally, Algert Global LLC raised its position in shares of Ameris Bancorp by 208.0% in the third quarter. Algert Global LLC now owns 83,393 shares of the bank's stock valued at $5,203,000 after purchasing an additional 56,320 shares during the period. 91.64% of the stock is owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods upped their price objective 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. Raymond James restated an "outperform" rating and set a $71.00 price target (up from $67.00) on shares of Ameris Bancorp in a report on Monday, February 3rd. Finally, Stephens reaffirmed an "equal weight" rating and issued a $71.00 price target on shares of Ameris Bancorp in a research report on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $70.50.

Ameris Bancorp Stock Performance

NASDAQ ABCB traded down $0.54 during midday trading on Thursday, hitting $58.40. The company had a trading volume of 325,654 shares, compared to its average volume of 343,127. The firm has a fifty day simple moving average of $62.93 and a two-hundred day simple moving average of $63.93. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 11.21 and a beta of 1.02. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. Ameris Bancorp has a fifty-two week low of $44.23 and a fifty-two week high of $74.56.

Ameris Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be given a $0.20 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.37%. Ameris Bancorp's dividend payout ratio is currently 15.36%.

Insiders Place Their Bets

In other news, insider Douglas D. Strange bought 1,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the completion of the purchase, the insider now owns 19,403 shares of the company's stock, valued at $1,105,000.85. This trade represents a 5.43 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.50% of the company's stock.

Ameris Bancorp Company 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.