Ameris Bancorp $ABCB Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC trimmed its position in shares of Ameris Bancorp (NASDAQ:ABCB) by 26.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 46,340 shares of the bank’s stock after selling 16,316 shares during the period. Intech Investment Management LLC’s holdings in Ameris Bancorp were worth $2,998,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its position in Ameris Bancorp by 47.0% during the second quarter. SG Americas Securities LLC now owns 23,229 shares of the bank’s stock valued at $1,503,000 after buying an additional 7,429 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Ameris Bancorp by 7.0% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,566 shares of the bank’s stock worth $1,072,000 after acquiring an additional 1,087 shares during the period. Jacksonville Wealth Management LLC purchased a new stake in shares of Ameris Bancorp during the 2nd quarter worth about $208,000. Police & Firemen s Retirement System of New Jersey grew its position in shares of Ameris Bancorp by 6.0% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 14,862 shares of the bank’s stock valued at $962,000 after acquiring an additional 843 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Ameris Bancorp by 0.8% during the 2nd quarter. Geode Capital Management LLC now owns 1,573,486 shares of the bank’s stock valued at $101,815,000 after acquiring an additional 11,909 shares during the period. 91.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ABCB. Raymond James Financial reiterated an “outperform” rating and set a $80.00 price target (up previously from $73.00) on shares of Ameris Bancorp in a research report on Wednesday, October 29th. Keefe, Bruyette & Woods upped their target price on Ameris Bancorp from $78.00 to $82.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. DA Davidson raised shares of Ameris Bancorp to a “strong-buy” rating in a research note on Monday, October 20th. Finally, Piper Sandler set a $84.00 price objective on shares of Ameris Bancorp in a research report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Ameris Bancorp currently has a consensus rating of “Buy” and a consensus target price of $77.33.

Ameris Bancorp Stock Performance

NASDAQ ABCB opened at $71.93 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. The stock’s 50 day simple moving average is $73.41 and its 200-day simple moving average is $68.61. The company has a market cap of $4.91 billion, a PE ratio of 13.81 and a beta of 1.04. Ameris Bancorp has a 1-year low of $48.27 and a 1-year high of $76.58.

Ameris Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 6th. Shareholders of record on Tuesday, September 30th were issued a $0.20 dividend. The ex-dividend date 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 (DPR) is presently 13.84%.

Ameris Bancorp announced that its board has initiated a share buyback program on Monday, October 20th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the bank to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are 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.