Principal Financial Group Inc. Has $75.72 Million Stock Position in Ameris Bancorp (NASDAQ:ABCB)

Principal Financial Group Inc. trimmed its holdings in shares of Ameris Bancorp (NASDAQ:ABCB - Free Report) by 4.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,210,170 shares of the bank's stock after selling 53,317 shares during the period. Principal Financial Group Inc. owned approximately 1.75% of Ameris Bancorp worth $75,721,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Blue Trust Inc. grew its position in Ameris Bancorp by 249.5% in the 3rd quarter. Blue Trust Inc. now owns 713 shares of the bank's stock valued at $44,000 after buying an additional 509 shares in the last quarter. R Squared Ltd bought a new position in shares of Ameris Bancorp in the fourth quarter valued at approximately $51,000. GAMMA Investing LLC increased its stake in shares of Ameris Bancorp by 17.9% during the fourth quarter. GAMMA Investing LLC now owns 1,332 shares of the bank's stock valued at $83,000 after acquiring an additional 202 shares during the period. USA Financial Formulas bought a new stake in Ameris Bancorp during the fourth quarter worth approximately $98,000. Finally, US Bancorp DE lifted its position in Ameris Bancorp by 3,396.4% in the third quarter. US Bancorp DE now owns 1,923 shares of the bank's stock worth $120,000 after purchasing an additional 1,868 shares during the period. 91.64% of the stock is owned by institutional investors and hedge funds.

Ameris Bancorp Trading Down 2.2 %

ABCB stock traded down $1.45 during mid-day trading on Friday, reaching $63.39. 320,671 shares of the stock traded hands, compared to its average volume of 352,974. Ameris Bancorp has a 52-week low of $44.22 and a 52-week high of $74.56. The stock's fifty day moving average is $64.31 and its 200-day moving average is $63.78. The company has a market cap of $4.38 billion, a P/E ratio of 12.17 and a beta of 1.06. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11.

Ameris Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Tuesday, December 31st were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Tuesday, December 31st. This is an increase from Ameris Bancorp's previous quarterly dividend of $0.15. Ameris Bancorp's dividend payout ratio is 15.36%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ABCB shares. Stephens reissued an "equal weight" rating and issued a $71.00 price objective on shares of Ameris Bancorp in a research note on Friday, January 31st. Keefe, Bruyette & Woods boosted their price target on shares of Ameris Bancorp from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. StockNews.com upgraded shares of Ameris Bancorp from a "sell" rating to a "hold" rating in a research report on Thursday, October 31st. Truist Financial lowered their price objective on shares of Ameris Bancorp from $73.00 to $68.00 and set a "buy" rating on the stock in a research note on Monday, October 28th. Finally, Raymond James reissued an "outperform" rating and set a $71.00 target price (up from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Ameris Bancorp currently 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.