Ameris Bancorp (ABCB) Position Raised by Lord Abbett & CO. LLC
Lord Abbett & CO. LLC increased its position in shares of Ameris Bancorp (NASDAQ:ABCB) by 5.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 55,025 shares of the bank’s stock after purchasing an additional 3,025 shares during the period. Lord Abbett & CO. LLC owned 0.15% of Ameris Bancorp worth $2,652,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. increased its position in Ameris Bancorp by 8.4% during the second quarter. Ameritas Investment Partners Inc. now owns 3,188 shares of the bank’s stock worth $154,000 after purchasing an additional 248 shares during the last quarter. Riverhead Capital Management LLC increased its position in Ameris Bancorp by 119.8% during the second quarter. Riverhead Capital Management LLC now owns 3,297 shares of the bank’s stock worth $159,000 after purchasing an additional 1,797 shares during the last quarter. Victory Capital Management Inc. increased its position in Ameris Bancorp by 17.7% during the second quarter. Victory Capital Management Inc. now owns 4,125 shares of the bank’s stock worth $199,000 after purchasing an additional 619 shares during the last quarter. Flinton Capital Management LLC increased its position in Ameris Bancorp by 101.6% during the second quarter. Flinton Capital Management LLC now owns 4,250 shares of the bank’s stock worth $205,000 after purchasing an additional 2,142 shares during the last quarter. Finally, Amalgamated Bank acquired a new stake in Ameris Bancorp during the first quarter worth about $210,000. Hedge funds and other institutional investors own 82.66% of the company’s stock.
Several equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods restated a “hold” rating and set a $52.00 price objective on shares of Ameris Bancorp in a research report on Thursday, October 26th. Piper Jaffray Companies set a $50.00 price objective on shares of Ameris Bancorp and gave the stock a “hold” rating in a research report on Monday, October 23rd. BidaskClub cut shares of Ameris Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Stephens restated a “buy” rating and set a $52.00 price objective on shares of Ameris Bancorp in a research report on Thursday, September 28th. Finally, Zacks Investment Research upgraded shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, October 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $52.25.
Shares of Ameris Bancorp (ABCB) opened at 47.90 on Wednesday. The firm has a market capitalization of $1.78 billion, a PE ratio of 20.58 and a beta of 1.30. Ameris Bancorp has a 52-week low of $35.15 and a 52-week high of $51.28. The company’s 50-day moving average is $47.46 and its 200 day moving average is $46.25.
Ameris Bancorp (NASDAQ:ABCB) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.63 EPS for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.02). Ameris Bancorp had a net margin of 21.57% and a return on equity of 12.12%. The company had revenue of $93.85 million for the quarter, compared to analyst estimates of $96.89 million. Equities analysts expect that Ameris Bancorp will post $2.48 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date was Thursday, September 28th. Ameris Bancorp’s dividend payout ratio is currently 17.62%.
In related news, Director Leo J. Hill acquired 1,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was bought at an average price of $42.75 per share, with a total value of $42,750.00. Following the purchase, the director now directly owns 16,629 shares in the company, valued at approximately $710,889.75. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.63% of the company’s stock.
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About Ameris Bancorp
Ameris Bancorp is a financial holding company. The Company’s business is conducted through its banking subsidiary, Ameris Bank (the Bank), which provides a range of banking services to its retail and commercial customers. The Company operates through four segments: the Banking Division, the Retail Mortgage Division, the Warehouse Lending Division and the SBA Division.
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