Harbor Capital Advisors Inc. Trims Stock Holdings in Ameris Bancorp $ABCB

Harbor Capital Advisors Inc. reduced its holdings in shares of Ameris Bancorp (NASDAQ:ABCB) by 71.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 12,226 shares of the bank’s stock after selling 31,142 shares during the period. Harbor Capital Advisors Inc.’s holdings in Ameris Bancorp were worth $896,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. SageView Advisory Group LLC grew its position in Ameris Bancorp by 2.5% in the 1st quarter. SageView Advisory Group LLC now owns 7,107 shares of the bank’s stock valued at $409,000 after acquiring an additional 176 shares during the last quarter. State of Wyoming boosted its stake in shares of Ameris Bancorp by 8.3% during the first quarter. State of Wyoming now owns 2,346 shares of the bank’s stock valued at $135,000 after purchasing an additional 179 shares during the period. Verdence Capital Advisors LLC boosted its stake in shares of Ameris Bancorp by 1.9% during the second quarter. Verdence Capital Advisors LLC now owns 9,535 shares of the bank’s stock valued at $617,000 after purchasing an additional 181 shares during the period. Yousif Capital Management LLC increased its stake in Ameris Bancorp by 0.8% in the 2nd quarter. Yousif Capital Management LLC now owns 24,303 shares of the bank’s stock worth $1,572,000 after buying an additional 187 shares during the period. Finally, Journey Strategic Wealth LLC increased its stake in Ameris Bancorp by 5.0% in the 2nd quarter. Journey Strategic Wealth LLC now owns 4,095 shares of the bank’s stock worth $265,000 after buying an additional 194 shares during the period. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Ameris Bancorp Trading Down 0.7%

Shares of NASDAQ:ABCB opened at $76.07 on Friday. The company has a market capitalization of $5.20 billion, a PE ratio of 14.60 and a beta of 1.00. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. Ameris Bancorp has a 12-month low of $48.27 and a 12-month high of $78.99. The business’s fifty day simple moving average is $74.81 and its 200-day simple moving average is $71.38.

Ameris Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 5th. Shareholders of record on Wednesday, December 31st will be issued a $0.20 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. Ameris Bancorp’s payout ratio is currently 13.84%.

Ameris Bancorp declared that its board has approved a stock repurchase program on Monday, October 20th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the bank to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ABCB. Keefe, Bruyette & Woods upped their target price on shares of Ameris Bancorp from $78.00 to $82.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Truist Financial initiated coverage on Ameris Bancorp in a report on Tuesday, November 25th. They issued a “hold” rating and a $80.00 price target for the company. Piper Sandler set a $84.00 price objective on Ameris Bancorp in a report on Wednesday, October 29th. Raymond James Financial reaffirmed an “outperform” rating and set a $80.00 target price (up from $73.00) on shares of Ameris Bancorp in a research report on Wednesday, October 29th. Finally, DA Davidson assumed coverage on Ameris Bancorp in a research report on Tuesday, November 25th. They set a “buy” rating and a $87.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Ameris Bancorp has an average rating of “Moderate Buy” and a consensus price target of $78.57.

Ameris Bancorp Profile

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.