Glenmede Trust Co. NA Trims Holdings in Ameris Bancorp (NASDAQ:ABCB)

Glenmede Trust Co. NA lowered its holdings in Ameris Bancorp (NASDAQ:ABCB) by 1.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 323,649 shares of the bank’s stock after selling 4,465 shares during the period. Glenmede Trust Co. NA’s holdings in Ameris Bancorp were worth $20,192,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. boosted its holdings in Ameris Bancorp by 1.6% in the second quarter. Victory Capital Management Inc. now owns 851,240 shares of the bank’s stock valued at $42,860,000 after acquiring an additional 13,418 shares in the last quarter. Choreo LLC purchased a new stake in Ameris Bancorp in the second quarter worth about $1,059,000. Sequoia Financial Advisors LLC bought a new stake in Ameris Bancorp during the 3rd quarter valued at approximately $233,000. Algert Global LLC grew its holdings in shares of Ameris Bancorp by 208.0% during the 3rd quarter. Algert Global LLC now owns 83,393 shares of the bank’s stock worth $5,203,000 after acquiring an additional 56,320 shares during the period. Finally, Blue Trust Inc. raised its position in shares of Ameris Bancorp by 249.5% in the 3rd quarter. Blue Trust Inc. now owns 713 shares of the bank’s stock worth $44,000 after acquiring an additional 509 shares in the last quarter. Hedge funds and other institutional investors own 91.64% of the company’s stock.

Insider Activity

In other Ameris Bancorp news, Director Robert Dale Ezzell sold 8,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $69.91, for a total value of $559,280.00. Following the transaction, the director now directly owns 27,444 shares in the company, valued at approximately $1,918,610.04. This trade represents a 22.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.50% of the company’s stock.

Ameris Bancorp Price Performance

Shares of ABCB opened at $70.89 on Thursday. The firm has a 50 day moving average of $64.78 and a 200 day moving average of $57.92. The company has a quick ratio of 1.01, a current ratio of 1.03 and a debt-to-equity ratio of 0.13. Ameris Bancorp has a twelve month low of $41.86 and a twelve month high of $74.56. The company has a market capitalization of $4.90 billion, a P/E ratio of 14.77 and a beta of 1.01.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings data on Thursday, October 24th. The bank reported $1.38 EPS for the quarter, topping the consensus estimate of $1.25 by $0.13. The company had revenue of $424.86 million during the quarter, compared to the consensus estimate 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 company earned $1.16 EPS. As a group, equities research analysts anticipate that Ameris Bancorp will post 4.83 earnings per share for the current fiscal year.

Ameris Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 30th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.60 dividend on an annualized basis and a yield of 0.85%. Ameris Bancorp’s dividend payout ratio is presently 12.50%.

Analyst Ratings Changes

A number of analysts have recently commented on ABCB shares. Raymond James upgraded shares of Ameris Bancorp from a “market perform” rating to an “outperform” rating and set a $67.00 target price on the stock in a report on Monday, October 28th. Truist Financial decreased their target price on shares of Ameris Bancorp from $73.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, October 28th. StockNews.com upgraded shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Stephens raised their price objective on Ameris Bancorp from $64.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.67.

Ameris Bancorp Company Profile

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.