Corient Private Wealth LP Buys Shares of 29,505 Ameris Bancorp $ABCB

Corient Private Wealth LP bought a new position in Ameris Bancorp (NASDAQ:ABCB) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 29,505 shares of the bank’s stock, valued at approximately $2,663,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of America Corp DE purchased a new position in shares of Ameris Bancorp during the second quarter valued at $28,309,000. Jupiter Topco LLC purchased a new stake in Ameris Bancorp in the second quarter worth about $23,167,000. Legal & General Group Plc purchased a new stake in Ameris Bancorp in the second quarter worth about $13,077,000. The Manufacturers Life Insurance Company bought a new position in Ameris Bancorp during the 2nd quarter worth about $34,419,000. Finally, Cullen Capital Management LLC bought a new position in Ameris Bancorp during the 2nd quarter worth about $825,000. Institutional investors own 91.60% of the company’s stock.

Ameris Bancorp Stock Down 1.1%

NASDAQ:ABCB opened at $83.32 on Wednesday. The company’s 50-day simple moving average is $88.63 and its 200-day simple moving average is $84.51. 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 $68.80 and a fifty-two week high of $93.22. The stock has a market capitalization of $5.59 billion, a P/E ratio of 15.99 and a beta of 0.92.

Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $1.60 EPS for the quarter, missing the consensus estimate of $1.66 by ($0.06). Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.The firm had revenue of $317.78 million for the quarter, compared to the consensus estimate of $323.78 million. During the same quarter last year, the firm earned $1.59 EPS. On average, equities analysts anticipate 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, July 6th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Tuesday, June 30th. Ameris Bancorp’s dividend payout ratio is currently 14.47%.

Analysts Set New Price Targets

A number of research analysts have commented on ABCB shares. DA Davidson raised their target price on shares of Ameris Bancorp from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Raymond James Financial downgraded shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Morgan Stanley upgraded Ameris Bancorp to an “overweight” rating in a report on Wednesday, June 24th. Piper Sandler dropped their target price on Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating on the stock in a research report on Monday, July 27th. Finally, Truist Financial cut their price target on Ameris Bancorp from $92.00 to $90.00 and set a “hold” rating on the stock in a report on Tuesday, July 28th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $91.67.

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.