JPMorgan Chase & Co. Boosts Stake in Ameris Bancorp $ABCB

JPMorgan Chase & Co. raised its position in Ameris Bancorp (NASDAQ:ABCB) by 3.2% during the third quarter, Holdings Channel reports. The firm owned 1,258,436 shares of the bank’s stock after buying an additional 39,478 shares during the quarter. JPMorgan Chase & Co.’s holdings in Ameris Bancorp were worth $92,256,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC acquired a new stake in shares of Ameris Bancorp in the third quarter valued at $33,000. Allworth Financial LP boosted its holdings in Ameris Bancorp by 1,567.6% during the 2nd quarter. Allworth Financial LP now owns 567 shares of the bank’s stock valued at $37,000 after acquiring an additional 533 shares during the period. Covestor Ltd grew its position in Ameris Bancorp by 51.5% in the 3rd quarter. Covestor Ltd now owns 547 shares of the bank’s stock valued at $40,000 after acquiring an additional 186 shares in the last quarter. Measured Wealth Private Client Group LLC purchased a new stake in Ameris Bancorp during the third quarter worth about $45,000. Finally, Danske Bank A S acquired a new stake in shares of Ameris Bancorp during the third quarter worth about $51,000. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Ameris Bancorp Stock Down 0.3%

Shares of NASDAQ ABCB opened at $74.97 on Wednesday. The business has a 50-day moving average of $80.39 and a two-hundred day moving average of $76.54. The company has a market capitalization of $5.09 billion, a price-to-earnings ratio of 14.39 and a beta of 0.97. Ameris Bancorp has a 1 year low of $48.27 and a 1 year high of $87.98. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00.

Ameris Bancorp (NASDAQ:ABCB) last issued its earnings results on Thursday, January 29th. The bank reported $1.59 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.03. The business had revenue of $309.92 million for the quarter, compared to analyst estimates of $310.48 million. Ameris Bancorp had a return on equity of 9.57% and a net margin of 21.46%.During the same quarter last year, the company earned $1.38 EPS. On average, analysts forecast that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on ABCB. Keefe, Bruyette & Woods lifted their price objective on shares of Ameris Bancorp from $82.00 to $88.00 and gave the company an “outperform” rating in a report on Monday, February 2nd. DA Davidson set a $94.00 price target on shares of Ameris Bancorp in a research report on Monday, February 2nd. Stephens boosted their price target on shares of Ameris Bancorp from $79.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Monday, February 2nd. Finally, Truist Financial upped their price objective on Ameris Bancorp from $83.00 to $86.00 and gave the stock a “hold” rating in a research report on Monday, February 2nd. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $86.50.

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.