Rhumbline Advisers Trims Position in Ameris Bancorp (NASDAQ:ABCB)

Rhumbline Advisers lessened its stake in shares of Ameris Bancorp (NASDAQ:ABCB) by 2.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 203,969 shares of the bank’s stock after selling 5,289 shares during the quarter. Rhumbline Advisers owned about 0.30% of Ameris Bancorp worth $12,762,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ABCB. GAMMA Investing LLC boosted its position in shares of Ameris Bancorp by 17.9% during the 4th 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 last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Ameris Bancorp by 2.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 12,503 shares of the bank’s stock valued at $780,000 after acquiring an additional 258 shares during the last quarter. Savant Capital LLC boosted its position in shares of Ameris Bancorp by 3.8% during the 4th quarter. Savant Capital LLC now owns 7,371 shares of the bank’s stock valued at $461,000 after acquiring an additional 267 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Ameris Bancorp by 56.1% during the 4th quarter. Blue Trust Inc. now owns 1,113 shares of the bank’s stock valued at $69,000 after acquiring an additional 400 shares during the last quarter. Finally, Point72 DIFC Ltd boosted its position in shares of Ameris Bancorp by 14.2% during the 3rd quarter. Point72 DIFC Ltd now owns 4,236 shares of the bank’s stock valued at $264,000 after acquiring an additional 526 shares during the last quarter. Hedge funds and other institutional investors own 91.64% of the company’s stock.

Ameris Bancorp Stock Performance

NASDAQ:ABCB opened at $63.39 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. Ameris Bancorp has a 1-year low of $44.22 and a 1-year high of $74.56. The business has a 50 day moving average of $64.31 and a 200 day moving average of $63.83. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of 12.17 and a beta of 1.06.

Ameris Bancorp Increases Dividend

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

Analysts Set New Price Targets

ABCB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their price target on Ameris Bancorp from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Raymond James reiterated an “outperform” rating and set a $71.00 price target (up previously 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 research report on Thursday, October 31st. Truist Financial dropped their target price on Ameris Bancorp from $73.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, October 28th. Finally, Stephens restated an “equal weight” rating and issued a $71.00 target price on shares of Ameris Bancorp in a research report on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.