Mutual of America Capital Management LLC Lowers Position in Ameris Bancorp (NASDAQ:ABCB)

Mutual of America Capital Management LLC trimmed its holdings in shares of Ameris Bancorp (NASDAQ:ABCB) by 8.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,729 shares of the bank’s stock after selling 909 shares during the period. Mutual of America Capital Management LLC’s holdings in Ameris Bancorp were worth $607,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in Ameris Bancorp by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 4,374,719 shares of the bank’s stock worth $220,263,000 after acquiring an additional 45,240 shares during the period. Independent Advisor Alliance grew its stake in shares of Ameris Bancorp by 0.8% during the 2nd quarter. Independent Advisor Alliance now owns 2,533,580 shares of the bank’s stock worth $127,566,000 after purchasing an additional 19,287 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Ameris Bancorp by 4.6% in the 3rd quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank’s stock valued at $78,829,000 after purchasing an additional 55,473 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Ameris Bancorp by 1.4% in the third 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 during the period. Finally, Congress Asset Management Co. boosted its holdings in Ameris Bancorp by 2.5% during the third quarter. Congress Asset Management Co. now owns 809,338 shares of the bank’s stock worth $50,495,000 after buying an additional 19,506 shares in the last quarter. 91.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ABCB. StockNews.com raised shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Stephens raised their price objective on Ameris Bancorp from $64.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, October 28th. Raymond James upgraded Ameris Bancorp from a “market perform” rating to an “outperform” rating and set a $67.00 target price on the stock in a research report on Monday, October 28th. Finally, Truist Financial dropped their price target on Ameris Bancorp from $73.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, October 28th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.67.

Ameris Bancorp Trading Down 1.4 %

Shares of Ameris Bancorp stock opened at $71.37 on Wednesday. Ameris Bancorp has a 1 year low of $41.00 and a 1 year high of $74.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.01. The business has a 50 day moving average price of $64.59 and a 200 day moving average price of $57.77. The company has a market capitalization of $4.93 billion, a P/E ratio of 14.85 and a beta of 1.01.

Ameris Bancorp (NASDAQ:ABCB) last released its quarterly earnings results on Thursday, October 24th. The bank reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.13. The company had revenue of $424.86 million during the quarter, compared to analysts’ expectations of $290.60 million. Ameris Bancorp had a return on equity of 9.18% and a net margin of 20.08%. During the same period in the previous year, the firm posted $1.16 earnings per share. Sell-side analysts anticipate that Ameris Bancorp will post 4.83 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 30th were issued a $0.15 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.60 dividend on an annualized basis and a yield of 0.84%. Ameris Bancorp’s dividend payout ratio (DPR) is 12.50%.

Insiders Place Their Bets

In other Ameris Bancorp news, Director Robert Dale Ezzell sold 8,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $69.91, for a total value of $559,280.00. Following the completion of the transaction, the director now directly owns 27,444 shares in the company, valued at approximately $1,918,610.04. The trade was a 22.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 5.50% of the stock is owned by corporate insiders.

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.