JPMorgan Chase & Co. Raises Stake in Ameris Bancorp (NASDAQ:ABCB)

JPMorgan Chase & Co. raised its stake in shares of Ameris Bancorp (NASDAQ:ABCB) by 30.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 952,058 shares of the bank’s stock after buying an additional 223,805 shares during the quarter. JPMorgan Chase & Co.’s holdings in Ameris Bancorp were worth $59,570,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Picton Mahoney Asset Management grew its stake in Ameris Bancorp by 2,436.8% during the fourth quarter. Picton Mahoney Asset Management now owns 482 shares of the bank’s stock valued at $30,000 after acquiring an additional 463 shares in the last quarter. R Squared Ltd bought a new position in Ameris Bancorp in the 4th quarter valued at $51,000. Blue Trust Inc. grew its position in shares of Ameris Bancorp by 56.1% during the 4th quarter. Blue Trust Inc. now owns 1,113 shares of the bank’s stock valued at $69,000 after purchasing an additional 400 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Ameris Bancorp by 17.9% in the fourth quarter. GAMMA Investing LLC now owns 1,332 shares of the bank’s stock worth $83,000 after purchasing an additional 202 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in shares of Ameris Bancorp by 167.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,431 shares of the bank’s stock worth $90,000 after buying an additional 896 shares in the last quarter. 91.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Ameris Bancorp

In other Ameris Bancorp news, insider Douglas D. Strange purchased 1,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the completion of the transaction, the insider now directly owns 19,403 shares in the company, valued at approximately $1,105,000.85. This represents a 5.43 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 5.50% of the company’s stock.

Ameris Bancorp Price Performance

ABCB opened at $50.64 on Friday. 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 stock has a market capitalization of $3.50 billion, a P/E ratio of 9.72 and a beta of 1.02. The stock has a 50-day moving average price of $61.70 and a 200-day moving average price of $63.70. Ameris Bancorp has a 12-month low of $44.23 and a 12-month high of $74.56.

Ameris Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.58%. The ex-dividend date is Monday, March 31st. Ameris Bancorp’s dividend payout ratio is currently 15.36%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ABCB shares. Piper Sandler began coverage on Ameris Bancorp in a research report on Friday. They set an “overweight” rating and a $74.00 target price for the company. Stephens reissued an “equal weight” rating and set a $71.00 price objective on shares of Ameris Bancorp in a report on Friday, January 31st. Finally, Raymond James reaffirmed an “outperform” rating and issued a $71.00 target price (up from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.33.

Ameris Bancorp Company 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.