Geode Capital Management LLC lowered its position in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 0.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,493,064 shares of the bank's stock after selling 11,694 shares during the quarter. Geode Capital Management LLC owned approximately 2.16% of Ameris Bancorp worth $93,441,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also modified their holdings of the business. Norges Bank purchased a new position in shares of Ameris Bancorp in the 4th quarter valued at approximately $48,380,000. JPMorgan Chase & Co. increased its stake in Ameris Bancorp by 30.7% in 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 during the period. Jennison Associates LLC purchased a new position in Ameris Bancorp during the 4th quarter worth $10,856,000. Barclays PLC boosted its holdings in shares of Ameris Bancorp by 107.7% in the third quarter. Barclays PLC now owns 140,001 shares of the bank's stock valued at $8,735,000 after acquiring an additional 72,599 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in Ameris Bancorp by 2,768.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 68,384 shares of the bank's stock worth $4,292,000 after purchasing an additional 66,000 shares in the last quarter. 91.64% of the stock is currently owned by hedge funds and other institutional investors.
Ameris Bancorp Price Performance
Shares of NASDAQ ABCB traded up $0.85 on Tuesday, hitting $52.53. The company's stock had a trading volume of 116,791 shares, compared to its average volume of 381,363. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. The stock has a 50 day moving average of $59.51 and a 200-day moving average of $63.11. Ameris Bancorp has a 12-month low of $44.23 and a 12-month high of $74.56. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of 10.08 and a beta of 0.87.
Ameris Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend was Monday, March 31st. Ameris Bancorp's payout ratio is 15.36%.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on ABCB shares. Piper Sandler Companies boosted their target price on Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a research report on Monday, April 7th. Piper Sandler assumed coverage on shares of Ameris Bancorp in a research note on Friday, April 4th. They set an "overweight" rating and a $74.00 price target on the stock. Raymond James reiterated an "outperform" rating and issued a $71.00 price objective (up previously from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Finally, Stephens reaffirmed an "equal weight" rating and issued a $71.00 target price on shares of Ameris Bancorp in a report on Friday, January 31st. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $73.43.
Read Our Latest Report on ABCB
Insider Transactions at Ameris Bancorp
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 purchased at an average price of $56.95 per share, with a total value of $56,950.00. Following 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 acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 5.50% of the company's stock.
Ameris Bancorp Profile
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Free Report)
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.
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