CIBC Asset Management Inc Takes Position in Ameris Bancorp (NASDAQ:ABCB)

CIBC Asset Management Inc acquired a new stake in Ameris Bancorp (NASDAQ:ABCBFree Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 6,596 shares of the bank’s stock, valued at approximately $350,000.

Several other hedge funds also recently modified their holdings of ABCB. Norges Bank bought a new stake in shares of Ameris Bancorp in the 4th quarter valued at $39,787,000. Victory Capital Management Inc. increased its stake in Ameris Bancorp by 50.4% during the 4th quarter. Victory Capital Management Inc. now owns 845,390 shares of the bank’s stock valued at $44,848,000 after purchasing an additional 283,138 shares in the last quarter. Hsbc Holdings PLC increased its stake in Ameris Bancorp by 4,193.6% during the 4th quarter. Hsbc Holdings PLC now owns 229,408 shares of the bank’s stock valued at $12,163,000 after purchasing an additional 224,065 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Ameris Bancorp by 5.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,193,610 shares of the bank’s stock valued at $222,473,000 after purchasing an additional 205,750 shares in the last quarter. Finally, Independent Advisor Alliance increased its stake in Ameris Bancorp by 8.7% during the 4th quarter. Independent Advisor Alliance now owns 2,514,293 shares of the bank’s stock valued at $133,383,000 after purchasing an additional 201,644 shares in the last quarter. Institutional investors own 91.64% of the company’s stock.

Ameris Bancorp Stock Performance

NASDAQ ABCB opened at $46.93 on Tuesday. The company has a fifty day moving average price of $47.87 and a 200-day moving average price of $48.28. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.04 and a quick ratio of 1.02. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of 11.42 and a beta of 1.06. Ameris Bancorp has a 1 year low of $32.74 and a 1 year high of $53.99.

Ameris Bancorp (NASDAQ:ABCBGet Free Report) last issued its quarterly earnings results on Friday, April 26th. The bank reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. The company had revenue of $267.27 million for the quarter, compared to the consensus estimate of $258.05 million. Ameris Bancorp had a net margin of 18.06% and a return on equity of 8.62%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 EPS. As a group, equities research analysts predict that Ameris Bancorp will post 4.59 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Sunday, March 31st were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend was Wednesday, March 27th. Ameris Bancorp’s dividend payout ratio (DPR) is currently 14.60%.

Analyst Ratings Changes

ABCB has been the subject of a number of recent research reports. Piper Sandler boosted their price target on shares of Ameris Bancorp from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Monday, April 29th. Stephens reiterated an “equal weight” rating and issued a $53.00 target price on shares of Ameris Bancorp in a research note on Friday, April 26th. StockNews.com upgraded shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Finally, Truist Financial reduced their target price on shares of Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, April 1st. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $52.00.

Read Our Latest Stock Report on ABCB

About Ameris Bancorp

(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.

See Also

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

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