Jennison Associates LLC Invests $10.86 Million in Ameris Bancorp (NASDAQ:ABCB)

Jennison Associates LLC purchased a new stake in Ameris Bancorp (NASDAQ:ABCB) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 173,494 shares of the bank’s stock, valued at approximately $10,856,000.

A number of other hedge funds have also bought and sold shares of the business. Principal Financial Group Inc. grew its position in shares of Ameris Bancorp by 4.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank’s stock worth $78,829,000 after purchasing an additional 55,473 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Ameris Bancorp by 9.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 907,140 shares of the bank’s stock worth $56,596,000 after buying an additional 79,060 shares in the last quarter. Victory Capital Management Inc. increased its stake in Ameris Bancorp by 1.4% during the 3rd quarter. Victory Capital Management Inc. now owns 863,294 shares of the bank’s stock worth $53,861,000 after acquiring an additional 12,054 shares during the period. Congress Asset Management Co. raised its holdings in Ameris Bancorp by 2.5% in the 3rd quarter. Congress Asset Management Co. now owns 809,338 shares of the bank’s stock valued at $50,495,000 after acquiring an additional 19,506 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted 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 valued at $45,436,000 after acquiring an additional 60,448 shares during the period. 91.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ABCB has been the subject of a number of analyst reports. Raymond James reaffirmed an “outperform” rating and issued a $71.00 price target (up previously from $67.00) on shares of Ameris Bancorp in a research note on Monday. Stephens restated an “equal weight” rating and issued a $71.00 target price on shares of Ameris Bancorp in a research report on Friday, January 31st. Keefe, Bruyette & Woods increased their price target on shares of Ameris Bancorp from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Truist Financial lowered their price objective on shares of Ameris Bancorp from $73.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, October 28th. Finally, StockNews.com raised Ameris Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Ameris Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.50.

Ameris Bancorp Price Performance

ABCB stock opened at $67.88 on Thursday. The stock has a market cap of $4.69 billion, a price-to-earnings ratio of 13.03 and a beta of 1.06. 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 company has a 50 day simple moving average of $64.82 and a 200 day simple moving average of $63.23. Ameris Bancorp has a 1 year low of $44.22 and a 1 year high of $74.56.

Ameris Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Tuesday, December 31st were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.18%. This is a boost from Ameris Bancorp’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, December 31st. Ameris Bancorp’s dividend payout ratio is presently 15.36%.

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.