Allspring Global Investments Holdings LLC Lowers Position in Ameris Bancorp $ABCB

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Ameris Bancorp (NASDAQ:ABCB) by 23.5% during the 1st quarter, Holdings Channel reports. The fund owned 270,762 shares of the bank’s stock after selling 83,312 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Ameris Bancorp were worth $21,255,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Ameris Bancorp during the 4th quarter valued at $62,673,000. North Reef Capital Management LP raised its stake in shares of Ameris Bancorp by 38.2% in the fourth quarter. North Reef Capital Management LP now owns 2,737,028 shares of the bank’s stock worth $203,279,000 after purchasing an additional 755,967 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in Ameris Bancorp in the first quarter valued at approximately $42,270,000. Invesco Ltd. increased its holdings in Ameris Bancorp by 134.7% in the 3rd quarter. Invesco Ltd. now owns 931,911 shares of the bank’s stock worth $68,318,000 after buying an additional 534,830 shares during the period. Finally, Jennison Associates LLC lifted its stake in Ameris Bancorp by 31.3% during the 4th quarter. Jennison Associates LLC now owns 1,741,214 shares of the bank’s stock valued at $129,320,000 after acquiring an additional 414,920 shares during the period. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Ameris Bancorp Stock Performance

ABCB opened at $90.88 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The company has a market cap of $6.12 billion, a price-to-earnings ratio of 17.44 and a beta of 0.91. Ameris Bancorp has a 52-week low of $64.64 and a 52-week high of $93.22. The firm’s fifty day simple moving average is $87.30 and its two-hundred day simple moving average is $82.92.

Ameris Bancorp (NASDAQ:ABCB) last released its earnings results on Thursday, April 23rd. The bank reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The business had revenue of $314.36 million during the quarter, compared to analysts’ expectations of $309.58 million. During the same quarter in the previous year, the company earned $1.28 earnings per share. Equities analysts anticipate that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Ameris Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Tuesday, June 30th were issued a $0.20 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Ameris Bancorp’s dividend payout ratio (DPR) is presently 12.58%.

Analyst Upgrades and Downgrades

ABCB has been the topic of several recent research reports. Stephens upped their price objective on shares of Ameris Bancorp from $87.00 to $90.00 and gave the company an “equal weight” rating in a report on Monday, April 27th. DA Davidson boosted their price objective on Ameris Bancorp from $94.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Piper Sandler downgraded Ameris Bancorp from an “overweight” rating to a “neutral” rating and set a $96.00 target price on the stock. in a research note on Sunday, July 12th. Truist Financial raised their price objective on shares of Ameris Bancorp from $89.00 to $92.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Finally, Morgan Stanley upgraded shares of Ameris Bancorp to an “overweight” rating in a research note on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $92.67.

About Ameris Bancorp

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.