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Wellington Management Group LLP Reduces Holdings in Ameris Bancorp (NASDAQ:ABCB)

Ameris Bancorp logo with Finance background

Wellington Management Group LLP cut its stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 7.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,562,166 shares of the bank's stock after selling 269,009 shares during the period. Wellington Management Group LLP owned approximately 5.16% of Ameris Bancorp worth $222,244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. 1620 Investment Advisors Inc. acquired a new position in Ameris Bancorp in the second quarter valued at approximately $33,000. Blue Trust Inc. lifted its holdings 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. GAMMA Investing LLC lifted its holdings in Ameris Bancorp by 66.1% in the second quarter. GAMMA Investing LLC now owns 819 shares of the bank's stock valued at $41,000 after acquiring an additional 326 shares during the last quarter. CWM LLC lifted its holdings in Ameris Bancorp by 33.5% in the second quarter. CWM LLC now owns 1,310 shares of the bank's stock valued at $66,000 after acquiring an additional 329 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in Ameris Bancorp by 3,396.4% in the third quarter. US Bancorp DE now owns 1,923 shares of the bank's stock valued at $120,000 after acquiring an additional 1,868 shares during the last quarter. 91.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on ABCB shares. Raymond James upgraded Ameris Bancorp from a "market perform" rating to an "outperform" rating and set a $67.00 price objective on the stock in a report on Monday, October 28th. StockNews.com upgraded Ameris Bancorp from a "sell" rating to a "hold" rating in a research note on Thursday, October 31st. Truist Financial decreased their price target on Ameris Bancorp from $73.00 to $68.00 and set a "buy" rating on the stock in a research note on Monday, October 28th. Keefe, Bruyette & Woods upped their price target on Ameris Bancorp from $70.00 to $80.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Finally, Stephens upped their price target on Ameris Bancorp from $64.00 to $67.00 and gave the stock an "equal weight" rating in a research note on Monday, October 28th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $69.17.

Read Our Latest Stock Analysis on ABCB

Ameris Bancorp Stock Down 2.2 %

Shares of NASDAQ ABCB traded down $1.50 during mid-day trading on Monday, hitting $67.89. The company had a trading volume of 258,605 shares, compared to its average volume of 361,667. The company has a market capitalization of $4.69 billion, a PE ratio of 14.70 and a beta of 1.03. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.01. Ameris Bancorp has a 1-year low of $44.00 and a 1-year high of $74.56. The business's 50-day simple moving average is $65.90 and its 200 day simple moving average is $59.04.

Ameris Bancorp (NASDAQ:ABCB - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.13. The business had revenue of $424.86 million for the quarter, compared to analysts' expectations of $290.60 million. Ameris Bancorp had a return on equity of 9.18% and a net margin of 20.08%. During the same period last year, the firm earned $1.16 earnings per share. On average, analysts predict that Ameris Bancorp will post 4.83 earnings per share for the current year.

Ameris Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 30th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend was Monday, September 30th. Ameris Bancorp's payout ratio is currently 12.50%.

Insider Activity at Ameris Bancorp

In related news, Director Robert Dale Ezzell sold 8,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $69.91, for a total value of $559,280.00. Following the transaction, the director now owns 27,444 shares of the company's stock, valued at $1,918,610.04. This represents a 22.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 5.50% of the stock is currently owned by corporate insiders.

Ameris Bancorp Company Profile

(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.

Further Reading

Institutional Ownership by Quarter for Ameris Bancorp (NASDAQ:ABCB)

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