Bank of New York Mellon Corp Sells 11,205 Shares of Ameris Bancorp (NASDAQ:ABCB)

Bank of New York Mellon Corp decreased its position in Ameris Bancorp (NASDAQ:ABCB) by 2.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 549,740 shares of the bank’s stock after selling 11,205 shares during the quarter. Bank of New York Mellon Corp’s holdings in Ameris Bancorp were worth $31,649,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Captrust Financial Advisors boosted its position in Ameris Bancorp by 4.6% in the fourth quarter. Captrust Financial Advisors now owns 3,975 shares of the bank’s stock valued at $249,000 after buying an additional 175 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in shares of Ameris Bancorp by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,887 shares of the bank’s stock worth $431,000 after buying an additional 218 shares during the last quarter. Synovus Financial Corp raised its stake in shares of Ameris Bancorp by 1.7% during the fourth quarter. Synovus Financial Corp now owns 14,020 shares of the bank’s stock worth $877,000 after buying an additional 235 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Ameris Bancorp by 4.8% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 5,174 shares of the bank’s stock worth $324,000 after buying an additional 238 shares during the last quarter. Finally, KBC Group NV raised its stake in shares of Ameris Bancorp by 8.8% during the first quarter. KBC Group NV now owns 3,251 shares of the bank’s stock worth $187,000 after buying an additional 264 shares during the last quarter. Institutional investors and hedge funds own 91.64% of the company’s stock.

Ameris Bancorp Trading Down 3.8%

ABCB opened at $65.75 on Wednesday. The company’s 50 day moving average is $63.17 and its 200-day moving average is $61.22. Ameris Bancorp has a 1-year low of $48.27 and a 1-year high of $74.56. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The company has a market cap of $4.53 billion, a P/E ratio of 12.62 and a beta of 0.93.

Ameris Bancorp (NASDAQ:ABCB) last posted its earnings results on Monday, April 28th. The bank reported $1.28 EPS for the quarter, topping the consensus estimate of $1.12 by $0.16. Ameris Bancorp had a net margin of 21.46% and a return on equity of 9.57%. The business had revenue of $285.86 million for the quarter, compared to the consensus estimate of $276.06 million. During the same period last year, the company earned $1.10 EPS. The firm’s revenue was up 7.0% compared to the same quarter last year. Equities research analysts predict that Ameris Bancorp will post 4.99 earnings per share for the current fiscal year.

Ameris Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, June 30th. This represents a $0.80 annualized dividend and a yield of 1.22%. Ameris Bancorp’s payout ratio is 14.81%.

Analyst Ratings Changes

Several equities research analysts have commented on ABCB shares. Stephens reaffirmed an “equal weight” rating and issued a $63.00 target price on shares of Ameris Bancorp in a research note on Tuesday, April 29th. Piper Sandler Companies upped their price target on shares of Ameris Bancorp to $74.00 and gave the company a “buy” rating in a report on Monday, April 7th. Piper Sandler initiated coverage on shares of Ameris Bancorp in a report on Friday, April 4th. They set an “overweight” rating and a $74.00 target price for the company. Finally, Raymond James Financial reduced their target price on shares of Ameris Bancorp from $71.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Ameris Bancorp has an average rating of “Moderate Buy” and a consensus price target of $71.43.

About Ameris Bancorp

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.