Renaissance Technologies LLC Raises Holdings in Ameris Bancorp $ABCB

Renaissance Technologies LLC boosted its position in Ameris Bancorp (NASDAQ:ABCB) by 129.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 44,069 shares of the bank’s stock after purchasing an additional 24,900 shares during the quarter. Renaissance Technologies LLC’s holdings in Ameris Bancorp were worth $3,437,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sound Income Strategies LLC purchased a new stake in shares of Ameris Bancorp during the fourth quarter worth $29,000. Measured Wealth Private Client Group LLC acquired a new position in Ameris Bancorp during the third quarter worth about $45,000. Danske Bank A S purchased a new stake in Ameris Bancorp during the 3rd quarter valued at about $51,000. Torren Management LLC acquired a new stake in Ameris Bancorp in the 4th quarter valued at about $76,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Ameris Bancorp by 316.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank’s stock worth $79,000 after purchasing an additional 805 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on ABCB. Morgan Stanley upgraded Ameris Bancorp to an “overweight” rating in a research report on Wednesday, June 24th. Truist Financial lowered their price objective on Ameris Bancorp from $92.00 to $90.00 and set a “hold” rating on the stock in a research note on Tuesday, July 28th. Piper Sandler dropped their target price on Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating for the company in a report on Monday, July 27th. Stephens set a $88.00 target price on Ameris Bancorp in a research note on Monday, July 27th. Finally, Raymond James Financial lowered Ameris Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Ameris Bancorp has an average rating of “Hold” and a consensus target price of $91.67.

Ameris Bancorp Stock Down 0.5%

Shares of NASDAQ ABCB opened at $87.79 on Friday. The company has a 50 day simple moving average of $88.47 and a 200-day simple moving average of $83.93. The company has a market capitalization of $5.91 billion, a P/E ratio of 16.85 and a beta of 0.92. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. Ameris Bancorp has a 1 year low of $65.98 and a 1 year high of $93.22.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $1.60 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 analyst estimates of $323.78 million. During the same quarter in the prior year, the company posted $1.59 earnings per share. On average, equities research analysts predict that Ameris Bancorp will post 4.99 earnings per share for the current year.

Ameris Bancorp Announces Dividend

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