Jennison Associates LLC Buys Shares of 173,494 Ameris Bancorp (NASDAQ:ABCB)

Jennison Associates LLC acquired a new stake in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 173,494 shares of the bank's stock, valued at approximately $10,856,000. Jennison Associates LLC owned about 0.25% of Ameris Bancorp at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Principal Financial Group Inc. boosted its holdings in shares of Ameris Bancorp by 4.6% in the 3rd quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank's stock valued at $78,829,000 after purchasing an additional 55,473 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Ameris Bancorp by 9.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 907,140 shares of the bank's stock worth $56,596,000 after buying an additional 79,060 shares during the period. Victory Capital Management Inc. grew its position in Ameris Bancorp by 1.4% during the third quarter. Victory Capital Management Inc. now owns 863,294 shares of the bank's stock valued at $53,861,000 after acquiring an additional 12,054 shares during the period. Congress Asset Management Co. increased its stake in Ameris Bancorp by 2.5% during the third quarter. Congress Asset Management Co. now owns 809,338 shares of the bank's stock worth $50,495,000 after acquiring an additional 19,506 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Ameris Bancorp by 9.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 728,253 shares of the bank's stock worth $45,436,000 after purchasing an additional 60,448 shares during the period. 91.64% of the stock is owned by institutional investors and hedge funds.

Ameris Bancorp Stock Down 0.3 %

Shares of ABCB stock traded down $0.23 during mid-day trading on Friday, reaching $68.24. 570,036 shares of the company were exchanged, compared to its average volume of 398,807. 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 business's 50 day simple moving average is $64.73 and its 200 day simple moving average is $63.34. The company has a market capitalization of $4.71 billion, a P/E ratio of 13.10 and a beta of 1.06. Ameris Bancorp has a fifty-two week low of $44.22 and a fifty-two week high of $74.56.

Ameris Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Tuesday, December 31st were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.80 annualized dividend and a dividend yield of 1.17%. This is an increase from Ameris Bancorp's previous quarterly dividend of $0.15. Ameris Bancorp's payout ratio is presently 15.36%.

Analyst Upgrades and Downgrades

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

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.