Point72 Asset Management L.P. Buys 173,106 Shares of Ameris Bancorp (NASDAQ:ABCB)

Point72 Asset Management L.P. raised its stake in Ameris Bancorp (NASDAQ:ABCB) by 150.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 288,300 shares of the bank’s stock after buying an additional 173,106 shares during the period. Point72 Asset Management L.P. owned about 0.42% of Ameris Bancorp worth $18,039,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ABCB. Picton Mahoney Asset Management boosted its holdings in Ameris Bancorp by 2,436.8% in the fourth quarter. Picton Mahoney Asset Management now owns 482 shares of the bank’s stock valued at $30,000 after acquiring an additional 463 shares during the last quarter. R Squared Ltd acquired a new position in shares of Ameris Bancorp in the 4th quarter worth approximately $51,000. Blue Trust Inc. lifted its position in shares of Ameris Bancorp by 56.1% in the 4th quarter. Blue Trust Inc. now owns 1,113 shares of the bank’s stock worth $69,000 after purchasing an additional 400 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of Ameris Bancorp by 167.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,431 shares of the bank’s stock valued at $90,000 after purchasing an additional 896 shares during the last quarter. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Ameris Bancorp during the fourth quarter worth $105,000. Institutional investors own 91.64% of the company’s stock.

Analysts Set New Price Targets

ABCB has been the topic of a number of research analyst reports. Piper Sandler Companies upped their price target on shares of Ameris Bancorp to $74.00 and gave the company a “buy” rating in a research report on Monday, April 7th. Piper Sandler started coverage on Ameris Bancorp in a research note on Friday, April 4th. They issued an “overweight” rating and a $74.00 price objective on the stock. Raymond James decreased their target price on Ameris Bancorp from $71.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Finally, Stephens reissued an “equal weight” rating and issued a $63.00 price target on shares of Ameris Bancorp in a research note on Tuesday, April 29th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $71.43.

Insider Activity

In other Ameris Bancorp news, insider Douglas D. Strange purchased 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $56.95 per share, with a total value of $56,950.00. Following the transaction, the insider now owns 19,403 shares in the company, valued at $1,105,000.85. The trade was a 5.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.40% of the company’s stock.

Ameris Bancorp Stock Up 0.3%

ABCB stock opened at $63.44 on Friday. The stock’s 50 day simple moving average is $56.80 and its 200 day simple moving average is $62.40. The company has a market cap of $4.37 billion, a P/E ratio of 12.18 and a beta of 0.91. 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 fifty-two week low of $45.89 and a fifty-two week high of $74.56.

Ameris Bancorp (NASDAQ:ABCB) last issued its earnings results on Monday, April 28th. The bank reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.16. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%. The company had revenue of $285.86 million for the quarter, compared to analyst estimates of $276.06 million. During the same period in the prior year, the firm earned $1.10 earnings per share. Ameris Bancorp’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, research analysts expect that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Ameris Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend was Monday, March 31st. Ameris Bancorp’s dividend payout ratio (DPR) is 14.81%.

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.