CIBC Asset Management Inc Trims Position in Ameris Bancorp (NASDAQ:ABCB)

CIBC Asset Management Inc decreased its stake in shares of Ameris Bancorp (NASDAQ:ABCB) by 28.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,437 shares of the bank’s stock after selling 1,787 shares during the quarter. CIBC Asset Management Inc’s holdings in Ameris Bancorp were worth $278,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of Ameris Bancorp by 4.6% during the third quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank’s stock valued at $78,829,000 after acquiring an additional 55,473 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Ameris Bancorp by 9.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 907,140 shares of the bank’s stock worth $56,596,000 after purchasing an additional 79,060 shares during the period. Victory Capital Management Inc. raised its position in Ameris Bancorp by 1.4% during the 3rd quarter. Victory Capital Management Inc. now owns 863,294 shares of the bank’s stock valued at $53,861,000 after purchasing an additional 12,054 shares in the last quarter. Congress Asset Management Co. lifted its holdings in shares of Ameris Bancorp by 1.5% in the 4th quarter. Congress Asset Management Co. now owns 821,554 shares of the bank’s stock worth $51,405,000 after buying an additional 12,216 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Ameris Bancorp by 9.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 728,253 shares of the bank’s stock worth $45,436,000 after buying an additional 60,448 shares in the last quarter. 91.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ABCB has been the subject of several recent research reports. Truist Financial decreased their price objective on Ameris Bancorp from $73.00 to $68.00 and set a “buy” rating for the company in a report on Monday, October 28th. StockNews.com upgraded shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Stephens reiterated an “equal weight” rating and set a $71.00 price objective on shares of Ameris Bancorp in a research note on Friday, January 31st. Raymond James reissued an “outperform” rating and issued a $71.00 price objective (up previously from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Finally, Keefe, Bruyette & Woods upped their target price on Ameris Bancorp from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Ameris Bancorp has an average rating of “Moderate Buy” and an average target price of $70.50.

Ameris Bancorp Trading Down 0.3 %

Shares of NASDAQ:ABCB opened at $63.29 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.00. The firm has a market capitalization of $4.37 billion, a P/E ratio of 12.15 and a beta of 1.06. The business’s 50-day moving average is $64.24 and its 200 day moving average is $63.94. Ameris Bancorp has a 1 year low of $44.22 and a 1 year high of $74.56.

Ameris Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Tuesday, December 31st were given a $0.20 dividend. This is a positive change from Ameris Bancorp’s previous quarterly dividend of $0.15. This represents a $0.80 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend was Tuesday, December 31st. Ameris Bancorp’s dividend payout ratio (DPR) is presently 15.36%.

Ameris Bancorp Profile

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides range of banking services to retail and commercial customers. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. The company offers commercial and retail checking, regular interest-bearing savings, money market, individual retirement, and certificates of deposit accounts.