CSM Advisors LLC Purchases New Holdings in Ameris Bancorp $ABCB

CSM Advisors LLC purchased a new position in shares of Ameris Bancorp (NASDAQ:ABCB) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 88,734 shares of the bank’s stock, valued at approximately $5,740,000. CSM Advisors LLC owned approximately 0.13% of Ameris Bancorp at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Ameris Bancorp by 101.0% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 61,925 shares of the bank’s stock valued at $4,007,000 after acquiring an additional 31,118 shares during the period. True Wealth Design LLC raised 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 valued at $27,000 after purchasing an additional 393 shares in the last quarter. Bank of Montreal Can lifted its position in Ameris Bancorp by 2.7% during the second quarter. Bank of Montreal Can now owns 14,760 shares of the bank’s stock worth $955,000 after purchasing an additional 384 shares during the period. Keybank National Association OH grew its stake in Ameris Bancorp by 8.7% during the second quarter. Keybank National Association OH now owns 7,853 shares of the bank’s stock worth $508,000 after buying an additional 627 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in Ameris Bancorp by 54.6% during the second quarter. Jennison Associates LLC now owns 777,107 shares of the bank’s stock worth $50,279,000 after buying an additional 274,417 shares in the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

Ameris Bancorp Stock Performance

NASDAQ ABCB opened at $73.61 on Monday. The firm’s fifty day moving average price is $73.53 and its two-hundred day moving average price is $67.86. The stock has a market cap of $5.05 billion, a PE ratio of 14.13 and a beta of 1.04. 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 $48.27 and a fifty-two week high of $76.58.

Ameris Bancorp declared that its Board of Directors has initiated a share repurchase plan on Monday, October 20th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the bank to buy up to 4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Ameris Bancorp Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. 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. Piper Sandler set a $84.00 target price on Ameris Bancorp in a report on Wednesday, October 29th. DA Davidson upgraded Ameris Bancorp to a “strong-buy” rating in a research note on Monday, October 20th. Finally, Keefe, Bruyette & Woods upped their price objective on Ameris Bancorp from $78.00 to $82.00 and gave the stock an “outperform” rating in a research report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Ameris Bancorp currently has a consensus rating of “Buy” and a consensus price target of $77.33.

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.