The Manufacturers Life Insurance Company Has $30.57 Million Position in Ameris Bancorp $ABCB

The Manufacturers Life Insurance Company trimmed its stake in shares of Ameris Bancorp (NASDAQ:ABCB) by 2.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 391,908 shares of the bank’s stock after selling 11,050 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.58% of Ameris Bancorp worth $30,565,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Royal Bank of Canada raised its position in shares of Ameris Bancorp by 9.5% in the first quarter. Royal Bank of Canada now owns 29,288 shares of the bank’s stock valued at $1,687,000 after purchasing an additional 2,546 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Ameris Bancorp by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,181 shares of the bank’s stock worth $2,256,000 after buying an additional 1,703 shares during the period. NewEdge Advisors LLC grew its stake in Ameris Bancorp by 36.7% in the 1st quarter. NewEdge Advisors LLC now owns 11,651 shares of the bank’s stock valued at $671,000 after buying an additional 3,129 shares during the last quarter. United Services Automobile Association acquired a new position in Ameris Bancorp in the 1st quarter valued at about $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Ameris Bancorp by 7.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 187,024 shares of the bank’s stock valued at $10,767,000 after acquiring an additional 13,633 shares during the period. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Truist Financial cut their price objective on shares of Ameris Bancorp from $92.00 to $90.00 and set a “hold” rating for the company in a research report on Tuesday. Morgan Stanley raised Ameris Bancorp to an “overweight” rating in a research report on Wednesday, June 24th. Stephens set a $88.00 target price on Ameris Bancorp in a research note on Monday. Piper Sandler dropped their price target on Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating for the company in a report on Monday. Finally, DA Davidson boosted their price target on Ameris Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Ameris Bancorp presently has an average rating of “Hold” and a consensus price target of $91.67.

Ameris Bancorp Price Performance

Shares of Ameris Bancorp stock opened at $87.41 on Friday. Ameris Bancorp has a twelve month low of $65.43 and a twelve month high of $93.22. 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 50-day simple moving average of $88.11 and a two-hundred day simple moving average of $83.62. The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of 16.78 and a beta of 0.91.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $1.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.06). Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The business had revenue of $317.78 million during the quarter, compared to the consensus estimate of $323.78 million. During the same period in the prior year, the firm earned $1.59 EPS. Analysts forecast that Ameris Bancorp will post 4.99 EPS for the current year.

Ameris Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Tuesday, June 30th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Ameris Bancorp’s payout ratio is presently 14.47%.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its principal subsidiary, Ameris Bank, the company offers a broad range of commercial and retail banking services to individuals, small businesses, middle market companies and agricultural customers. Its core business lines encompass deposit services, lending solutions, treasury management, mortgage origination and servicing, insurance products and wealth management.

Ameris Bancorp operates a network of branches and loan production offices across the southeastern United States, including Georgia, Alabama, Florida, North Carolina, South Carolina and Tennessee.