JPMorgan Chase & Co. Has $78.87 Million Holdings in Ameris Bancorp $ABCB

JPMorgan Chase & Co. boosted its holdings in shares of Ameris Bancorp (NASDAQ:ABCB) by 67.4% in the second quarter, HoldingsChannel reports. The firm owned 1,218,958 shares of the bank’s stock after acquiring an additional 490,602 shares during the period. JPMorgan Chase & Co.’s holdings in Ameris Bancorp were worth $78,867,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of ABCB. True Wealth Design LLC boosted its stake in Ameris Bancorp by 2,311.8% in 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 in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of 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 buying an additional 208 shares during the last quarter. Allworth Financial LP lifted its position in Ameris Bancorp by 1,567.6% during the 2nd quarter. Allworth Financial LP now owns 567 shares of the bank’s stock worth $37,000 after buying an additional 533 shares in the last quarter. Bayforest Capital Ltd bought a new stake in Ameris Bancorp during the 2nd quarter worth about $68,000. Finally, GAMMA Investing LLC increased its position in Ameris Bancorp by 52.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,777 shares of the bank’s stock valued at $115,000 after acquiring an additional 612 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.

Ameris Bancorp Price Performance

ABCB opened at $75.76 on Friday. The company has a fifty day moving average price of $73.43 and a two-hundred day moving average price of $69.25. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. Ameris Bancorp has a 52 week low of $48.27 and a 52 week high of $77.15. The firm has a market capitalization of $5.18 billion, a PE ratio of 14.54 and a beta of 1.04.

Ameris Bancorp declared that its board has authorized a stock repurchase plan on Monday, October 20th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Ameris Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 6th. Investors of record on Tuesday, September 30th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Tuesday, September 30th. Ameris Bancorp’s dividend payout ratio is currently 13.84%.

Analysts Set New Price Targets

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

Ameris Bancorp Company 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.