Legal & General Group Plc Boosts Stake in Ameris Bancorp $ABCB

Legal & General Group Plc lifted its holdings in shares of Ameris Bancorp (NASDAQ:ABCB) by 0.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 176,643 shares of the bank’s stock after acquiring an additional 1,369 shares during the quarter. Legal & General Group Plc owned 0.26% of Ameris Bancorp worth $11,407,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. SageView Advisory Group LLC increased its holdings in Ameris Bancorp by 2.5% during the 1st quarter. SageView Advisory Group LLC now owns 7,107 shares of the bank’s stock worth $409,000 after purchasing an additional 176 shares during the last quarter. State of Wyoming grew its position in shares of Ameris Bancorp by 8.3% during the first quarter. State of Wyoming now owns 2,346 shares of the bank’s stock worth $135,000 after buying an additional 179 shares in the last quarter. Verdence Capital Advisors LLC increased its stake in shares of Ameris Bancorp by 1.9% in the second quarter. Verdence Capital Advisors LLC now owns 9,535 shares of the bank’s stock worth $617,000 after buying an additional 181 shares during the last quarter. Yousif Capital Management LLC raised its holdings in Ameris Bancorp by 0.8% in the second quarter. Yousif Capital Management LLC now owns 24,303 shares of the bank’s stock valued at $1,572,000 after acquiring an additional 187 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Ameris Bancorp by 73.2% in the second quarter. Farther Finance Advisors LLC now owns 492 shares of the bank’s stock valued at $32,000 after acquiring an additional 208 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. DA Davidson assumed coverage on shares of Ameris Bancorp in a report on Tuesday, November 25th. They set a “buy” rating and a $87.00 price objective for the company. Truist Financial started coverage on Ameris Bancorp in a research note on Tuesday, November 25th. They issued a “hold” rating and a $80.00 price target for the company. Raymond James Financial restated an “outperform” rating and set a $80.00 price objective (up previously from $73.00) on shares of Ameris Bancorp in a research note on Wednesday, October 29th. Piper Sandler set a $84.00 target price on Ameris Bancorp in a report on Wednesday, October 29th. Finally, Keefe, Bruyette & Woods boosted their price target on Ameris Bancorp from $78.00 to $82.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.57.

Ameris Bancorp Stock Performance

Shares of ABCB stock opened at $75.76 on Monday. The company has a market cap of $5.18 billion, a P/E ratio of 14.54 and a beta of 1.04. The business has a 50 day moving average of $73.43 and a two-hundred day moving average of $69.33. Ameris Bancorp has a 52 week low of $48.27 and a 52 week high of $77.15. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11.

Ameris Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 6th. Shareholders of record on Tuesday, September 30th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.80 annualized dividend and a yield of 1.1%. Ameris Bancorp’s dividend payout ratio (DPR) is currently 13.84%.

Ameris Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Monday, October 20th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the bank to buy up to 4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

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.