Rhumbline Advisers Boosts Stake in Ameris Bancorp $ABCB

Rhumbline Advisers increased its stake in Ameris Bancorp (NASDAQ:ABCB) by 1.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 199,416 shares of the bank’s stock after acquiring an additional 2,504 shares during the period. Rhumbline Advisers owned about 0.29% of Ameris Bancorp worth $12,902,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ABCB. True Wealth Design LLC lifted its stake in Ameris Bancorp by 2,311.8% during the second quarter. True Wealth Design LLC now owns 410 shares of the bank’s stock worth $27,000 after purchasing an additional 393 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Ameris Bancorp by 73.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 492 shares of the bank’s stock valued at $32,000 after buying an additional 208 shares in the last quarter. Allworth Financial LP lifted its position in Ameris Bancorp by 1,567.6% in the 2nd quarter. Allworth Financial LP now owns 567 shares of the bank’s stock worth $37,000 after buying an additional 533 shares during the last quarter. Bayforest Capital Ltd purchased a new stake in Ameris Bancorp in the second quarter worth approximately $68,000. Finally, GAMMA Investing LLC boosted its stake in Ameris Bancorp by 52.5% in the second quarter. GAMMA Investing LLC now owns 1,777 shares of the bank’s stock worth $115,000 after buying an additional 612 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.

Ameris Bancorp Price Performance

ABCB stock opened at $75.76 on Monday. The stock has a market capitalization of $5.18 billion, a price-to-earnings ratio of 14.54 and a beta of 1.04. The firm’s 50-day moving average price is $73.43 and its two-hundred day moving average price is $69.33. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. Ameris Bancorp has a 12-month low of $48.27 and a 12-month high of $77.15.

Ameris Bancorp announced that its Board of Directors has authorized a share buyback program on Monday, October 20th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Ameris Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 6th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. Ameris Bancorp’s dividend payout ratio is presently 13.84%.

Analyst Upgrades and Downgrades

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

Ameris Bancorp 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.