Cornercap Investment Counsel Inc. Sells 5,492 Shares of Ameris Bancorp (NASDAQ:ABCB)

Cornercap Investment Counsel Inc. lowered its position in Ameris Bancorp (NASDAQ:ABCB) by 46.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 6,315 shares of the bank’s stock after selling 5,492 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Ameris Bancorp were worth $395,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. New Age Alpha Advisors LLC purchased a new stake in shares of Ameris Bancorp during the fourth quarter worth about $594,000. Norges Bank purchased a new stake in Ameris Bancorp during the 4th quarter valued at approximately $48,380,000. JPMorgan Chase & Co. raised its position in shares of Ameris Bancorp by 30.7% during the fourth quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank’s stock valued at $59,570,000 after buying an additional 223,805 shares during the last quarter. Segall Bryant & Hamill LLC lifted its holdings in shares of Ameris Bancorp by 4.2% in the fourth quarter. Segall Bryant & Hamill LLC now owns 697,323 shares of the bank’s stock worth $43,632,000 after buying an additional 28,131 shares in the last quarter. Finally, Congress Wealth Management LLC DE boosted its position in shares of Ameris Bancorp by 5.2% during the fourth quarter. Congress Wealth Management LLC DE now owns 125,442 shares of the bank’s stock worth $7,849,000 after acquiring an additional 6,168 shares during the last quarter. Hedge funds and other institutional investors own 91.64% of the company’s stock.

Ameris Bancorp Stock Down 2.1 %

NASDAQ ABCB opened at $57.13 on Friday. Ameris Bancorp has a 52 week low of $44.23 and a 52 week high of $74.56. The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of 10.97 and a beta of 1.02. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The company has a fifty day moving average of $62.67 and a two-hundred day moving average of $63.91.

Ameris Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be given a dividend of $0.20 per share. The ex-dividend date is Monday, March 31st. This represents a $0.80 annualized dividend and a dividend yield of 1.40%. Ameris Bancorp’s dividend payout ratio (DPR) is presently 15.36%.

Insider Activity

In related news, insider Douglas D. Strange purchased 1,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the completion of the acquisition, the insider now owns 19,403 shares in the company, valued at approximately $1,105,000.85. This trade represents a 5.43 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 5.50% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Stephens reissued an “equal weight” rating and set a $71.00 price objective on shares of Ameris Bancorp in a report on Friday, January 31st. Keefe, Bruyette & Woods raised their price target on Ameris Bancorp from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Raymond James reaffirmed an “outperform” rating and set a $71.00 price objective (up from $67.00) on shares of Ameris Bancorp in a report on Monday, February 3rd. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Ameris Bancorp currently has a consensus 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.