Cullen Capital Management LLC Makes New Investment in Ameris Bancorp $ABCB

Cullen Capital Management LLC acquired a new stake in shares of Ameris Bancorp (NASDAQ:ABCB) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 9,142 shares of the bank’s stock, valued at approximately $825,000.

Other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in shares of Ameris Bancorp by 9.5% in the 1st quarter. Royal Bank of Canada now owns 29,288 shares of the bank’s stock valued at $1,687,000 after purchasing an additional 2,546 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Ameris Bancorp by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,181 shares of the bank’s stock valued at $2,256,000 after purchasing an additional 1,703 shares in the last quarter. NewEdge Advisors LLC grew its stake in Ameris Bancorp by 36.7% in the first quarter. NewEdge Advisors LLC now owns 11,651 shares of the bank’s stock worth $671,000 after purchasing an additional 3,129 shares during the period. United Services Automobile Association purchased a new stake in Ameris Bancorp in the first quarter worth $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Ameris Bancorp by 7.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 187,024 shares of the bank’s stock worth $10,767,000 after purchasing an additional 13,633 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.

Analyst Upgrades and Downgrades

ABCB has been the subject of several recent research reports. Stephens set a $88.00 price objective on Ameris Bancorp in a research report on Monday, July 27th. DA Davidson upped their target price on shares of Ameris Bancorp from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Piper Sandler decreased their price target on shares of Ameris Bancorp from $96.00 to $92.00 and set a “neutral” rating for the company in a research note on Monday, July 27th. Raymond James Financial cut shares of Ameris Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Finally, Morgan Stanley raised shares of Ameris Bancorp to an “overweight” rating in a research note on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Ameris Bancorp currently has an average rating of “Hold” and a consensus price target of $91.67.

Ameris Bancorp Stock Down 0.2%

ABCB stock opened at $86.00 on Tuesday. The business has a 50 day moving average of $88.93 and a 200 day moving average of $84.50. The firm has a market cap of $5.77 billion, a PE ratio of 16.51 and a beta of 0.92. Ameris Bancorp has a twelve month low of $68.80 and a twelve month high of $93.22. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.11.

Ameris Bancorp (NASDAQ:ABCB) last released its earnings results 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 company had revenue of $317.78 million during the quarter, compared to the consensus estimate of $323.78 million. During the same period last year, the firm posted $1.59 earnings per share. On average, research analysts forecast that Ameris Bancorp will post 4.99 EPS for the current fiscal year.

Ameris Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 30th were paid 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 payout ratio is presently 14.47%.

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.