AlphaQuest LLC Increases Position in Ameris Bancorp $ABCB

AlphaQuest LLC boosted its stake in shares of Ameris Bancorp (NASDAQ:ABCB) by 346.2% in the third quarter, Holdings Channel reports. The institutional investor owned 65,672 shares of the bank’s stock after purchasing an additional 50,953 shares during the period. Ameris Bancorp accounts for approximately 0.3% of AlphaQuest LLC’s portfolio, making the stock its 15th biggest position. AlphaQuest LLC’s holdings in Ameris Bancorp were worth $4,814,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. KLP Kapitalforvaltning AS increased its holdings in Ameris Bancorp by 7.0% during the second quarter. KLP Kapitalforvaltning AS now owns 13,720 shares of the bank’s stock valued at $890,000 after buying an additional 900 shares during the last quarter. Capital Fund Management S.A. bought a new stake in shares of Ameris Bancorp during the 2nd quarter valued at $1,663,000. Fort Washington Investment Advisors Inc. OH grew its position in shares of Ameris Bancorp by 16.8% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 394,563 shares of the bank’s stock valued at $28,925,000 after acquiring an additional 56,852 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of Ameris Bancorp by 17.9% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 86,422 shares of the bank’s stock worth $6,336,000 after purchasing an additional 13,129 shares in the last quarter. Finally, Congress Asset Management Co. raised its holdings in Ameris Bancorp by 2.8% in the 3rd quarter. Congress Asset Management Co. now owns 969,680 shares of the bank’s stock worth $71,087,000 after purchasing an additional 26,639 shares during the period. Institutional investors own 91.60% of the company’s stock.

Ameris Bancorp Stock Performance

Shares of NASDAQ ABCB opened at $81.29 on Friday. The company has a market cap of $5.55 billion, a P/E ratio of 15.60 and a beta of 0.99. Ameris Bancorp has a 52-week low of $48.27 and a 52-week high of $83.64. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. The firm’s fifty day moving average is $77.57 and its two-hundred day moving average is $73.73.

Ameris Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Wednesday, December 31st were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Wednesday, December 31st. Ameris Bancorp’s payout ratio is currently 13.84%.

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ABCB shares. Truist Financial set a $83.00 price target on Ameris Bancorp in a report on Friday, January 9th. Keefe, Bruyette & Woods raised 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. Raymond James Financial reiterated an “outperform” rating and issued a $80.00 price target (up from $73.00) on shares of Ameris Bancorp in a research report on Wednesday, October 29th. DA Davidson began coverage on shares of Ameris Bancorp in a research report on Tuesday, November 25th. They set a “buy” rating and a $87.00 price objective on the stock. Finally, Piper Sandler set a $84.00 target price on shares of Ameris Bancorp in a research note on Wednesday, October 29th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Ameris Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.83.

Ameris Bancorp Company 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.